The Dallas company said recent talks with Petrosucre, a unit of Venezuelan state oil company PDVSA, were not fruitful so it has filed a termination notice with the company.

In January 2009, Ensco suspended drilling operations after Petrosucre failed to pay past-due invoices. In response, Petrosucre seized the rig and restarted drilling with its own employees.

So how does this work? Can this rig be moved to a new location? Does Ensco go in with hired guns blazing to take back their property?