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I came across this article from last week. Looks like the Romanians absconded with a different oil rig, the "Fortuna", and the Iranians are holding this one, the "Orizont", hostage.

Iran calls on UAE to help return "Persian Gulf hijacked drilling rig"
Aug 15, 2006
AFP

The state-owned Petroiran oil company on Tuesday urged the United Arab Emirates to help return an offshore drilling rig it says was "hijacked from Iranian waters". "We call on the UAE officials to prevent the 'Fortuna' from entering the UAE in order to respect recognized international commercial ties and to prepare the ground for returning the oil rig to Iran," Petroiran managing director Mostafa Khoee said.

"Petroiran will pursue the matter by taking legal measures," he added.

Khoee said the Fortuna, owned by Romania's Grup Servicii Petroliere, had been rented by Iran's Oriental Oil Kish for two years.

But the two companies are involved in a legal dispute for return of the rig, which Iran claims is still under rental contract.

"A vessel on its way to Al-Fujayrah (UAE) illegally entered waters of Iran's Hangam gas field and towed the oil rig out of Iranian waters," Khoee said.

Hangam field is in the Strait of Hormoz, 20 kilometers south of Qeshm island in the Persian Gulf. The field, shared jointly with Oman, is the subject of studies to draw up a master plan for its development.

Exploitation of the Hangam gas field has been delayed because the necessary drilling equipment to sink appraisal wells was not procured on time.

Just four foreign-owned rigs are currently active in Iranian oil projects.

"Exploitation of the Hangam gas field has been delayed because the necessary drilling equipment to sink appraisal wells was not procured on time.

Just four foreign-owned rigs are currently active in Iranian oil projects."

This is all you need to know about the so called "business dispute". Hardly any foreign-owned rigs are willing to risk operating in Iranian controlled oil fields for fear of exactly what is happening to the Romanian company right now. That their rigs will be stolen by Iran.

Obviously, unless you think the Iranian government would never lie, the two year contract was up and the Romanians were using the opportunity to get their oil rigs away from Iran when this occurred. The Iranians probably expected them to renew their contracts, but the Romanians declined.

Not that I feel a great deal of pity for the Romanians. They knew they were dealing with the devil whey they signed the original contracts. It is almost poetic justice that they should be burned by their business partners.

One final note. If any other oil service companies were considering doing business with Iran, Iran has just made sure that they have changed their minds. Hell will freeze over before anyone else takes a chance on operating in Iran.