GlobalSantaFe to suspend drilling operations in Kuwait

By OGJ editors
HOUSTON, Mar. 14 -- GlobalSantaFe Corp. Thursday reported the voluntary suspension of all six of its land rigs currently drilling in Kuwait due to "potentially imminent military conflict with Iraq."

The Houston-based drilling contractor's rigs will cease operations by Mar. 17 and will not resume work "until the political climate in the area stabilizes," the company said.

"While our decision is voluntary and may have a financial impact," said Jon Marshall, chief operating officer, "our paramount concern is the safety and well being of our employees." The company employs 432 workers in the Middle Eastern country and said it would evacuate 386 nonresident employees by the idle date.

Suspension of the rigs should not have a "material impact" on the company's first quarter financials, GlobalSantaFe said.