Saturday, July 17, 2010

Obama's offshore drilling ban makes American company leave for Egypt.

Awesome, Obama making jobs leave America that no one can do anymore.

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.

President Barack Obama in May suspended permits for new wells in waters deeper than 500 feet after a BP well blowout on April 20 that led to the nation’s biggest oil spill. The administration has appealed a June 22 court order overturning the ban.

“As a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed,” Larry Dickerson, chief executive officer of Houston-based Diamond Offshore, said in the statement. “We greatly regret the loss of U.S. jobs that will result from this rig relocation.”

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