Moratorium Forces Oil Rig Closure

Diamond Offshore Drilling, a Houston Company is moving a rig out of the Gulf because of the moratorium on deepwater drilling. The Ocean Endeavor has a new drilling contract in Egypt. Diamond has six other rigs in the Gulf that are sitting idle because of the ban.

The move means 30 workers from Louisiana and Mississippi will lose their jobs. Those positions will go to Egyptians.

Diamond reports that there's a good chance it will move a few more rigs and that when it's all said and done, 400 jobs could be lost.