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said a jackup rig was damaged while preloading offshore Vietnam and will be out of service for 60 days.

The Dallas-based company says repair costs above a $5.5 million deductible will be covered by insurance. It is expected that the rig will move to the Keppel FELS shipyard in Singapore for repairs.

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The rig is under contract to Korean National Oil for a seven-well program offshore Vietnam.

The incident is not expected to have a material impact upon Ensco's results of operations, the company said.

This story was created through a joint venture between and IRIS.