Forex

Transocean Sedco Forex Inc. revealed yesterday that Marathon Oil has decided to back out of an 18-month drilling deal because it believes Transocean hasn’t lived up to its end of the bargain. The contract is for Transocean’s recently constructed, ultra-deepwater semisubmersible Cajun Express drill ship. Marathon gave notice it wants out of the deal apparently in response to incidents of downtime relating to equipment failures. Transocean said it strongly disputes that Marathon has the right to terminate the contract and intends to “vigorously pursue all available remedies.”