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Ensco finalizes definitive drilling contract for ultra-deepwater semisubmersible rig ENSCO 8502 (ESV) 56.20 +1.05 : Co announces that one of its subsidiaries has entered into a definitive drilling contract for ENSCO 8502 with Nexen Petroleum U.S.A., a subsidiary of Nexen Inc. (NXY). The drilling contract calls for a minimum two-year primary term in the Gulf of Mexico, which can be converted to a three or four year term by Nexen prior to commencement of operations. The aggregate day rate rev for the two-year term is expected to be approx $340 mln. The day rate will decrease slightly should the primary term be extended. Any other contract extensions will be at mutually agreed rates and terms. The expected contract term commencement is in the second quarter of 2010.