Diamond Offshore Drilling Inc, the drilling contractor company, is planning to move away its deep water Ocean Endeavor rig to Egypt. The company is taking this step since there is rising uncertainty about the drilling moratorium in the Gulf of Mexico that is controlled by US.

The Houstan-based company said that it does not want to be uncertain about these things and so it has shifted its base all together. Contract related to Mexico was terminated before tune and so early termination fees of $31 million was received by Diamond from Devon Energy Corp.

The new contract extends up to June 30, 2011 and has been entered into along with Burullus Gas Company S. A. E. In a press release, Larry Dickerson, chief executive of Diamond Offshore said that they are actively looking out for overseas opportunities and want that all their rigs should be fully employed at all points of time.

He further added that while the company was not happy because many US jobs were lost, there was no other option left in front of it. Estimates show that the early termination will be resulting in an increase of income up to $100 million for Diamond Offshore.