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Diamond Offshore Moves Rig to Egypt From Gulf Waters

Diamond Offshore Drilling Inc., the largest U.S. deep-water oil driller, said one of its rigs is moving to Egypt from the Gulf of Mexico, as the company seeks other international contracts after BP Plc’s crude spill.

The Ocean Endeavor, capable of drilling in water as deep as 8,000 feet (2,438 meters), has been hired by an Egyptian company, Diamond Offshore said in a statement today. The rig owner will get about $100 million in revenue for the move, including a $31 million early-termination fee paid by the prior lessee, said Les Van Dyke, a spokesman for Diamond Offshore.