Santa Fe International Corporation Receives Apache Contract Termination Notice
What will this do to the value of the stock?
DALLAS--(BUSINESS WIRE)--Nov. 13, 1997--Santa Fe International Corporation
(NYSE:SDC - news) today reports having received a notice of termination of a drilling contract
from Apache Darag Corporation, LDC, an affiliate of Apache Corporation (NYSE:APA - news).
The contract concerns the Key Hawaii, a 300' cantilever jackup rig located offshore Egypt. The
contract with Apache was for a term of two wells in the Gulf of Suez, approximately a three
month period, at a dayrate of $43,000.
Richard Hoffman, Santa Fe's Vice President, Investor Relations, stated, ''The notice is being
evaluated and we are presently reviewing opportunities for other potential contracts for this rig.
Until we thoroughly review these opportunities, it is impossible to determine what, if any, the
economic impact will be.''
Santa Fe International Corporation is a leading international offshore and land contract driller.
The Company owns and operates a high quality, technologically advanced fleet of 26 marine
drilling rigs and 28 land drilling rigs located in 16 countries and is a leading provider of drilling
related services to the petroleum industry worldwide. |
