Cobalt International Energy, Inc. (CIE) Invokes Force Majeure On Drilling Contract
Cobalt International Energy, Inc. disclosed that the company had invoked the force majeure clause in its contract for the lease of an offshore drilling rig located in the Gulf of Mexico. Force majeure is a French term that means “greater force,” and the clause excuses parties to a contract from liability due to acts beyond its control. These acts can be natural disasters, war or acts of God. Cobalt International Energy, Inc. said that the contract was for the lease of the Ocean Monarch drilling rig owned by the Diamond Offshore Company (DO). The rig was set to begin drilling…