UPDATE 2-Ensco ends Venezuela rig deal with PDVSA unit

* Ensco says move to hurt Q2 results by $0.15/shr

* Cites payment defaults, says to seek damages

* Says received notice that rig will not be returned

* Shares pare early losses (Recasts, adds details, background)

June 8 (Reuters) - Ensco International Inc (ESV.N) said it terminated a jackup drilling rig contract with a unit of Venezuelan state oil company PDVSA for failing to pay past dues and taking control of the rig as part of President Hugo Chavez's nationalization drive.

Ensco said it will seek legal remedy for damages from Petrosucre, a PDVSA unit, which has not returned the rig to Ensco and has notified the company that it will continue to operate it.

Ensco said its second-quarter results would be down by 15 cents a share as a result of the net receivable of $16.9 million from Petrosucre.

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

On May 11, Ensco said it filed a termination notice with Petrosucre after negotiations with the company failed.

"The notice period has ended and the contract between Ensco and Petrosucre is now terminated," Ensco said in a statement on Monday, adding it removed all its remaining employees from the rig.

PDVSA has also fallen behind in payments worth hundreds of millions of dollars with other major oil service companies such as Halliburton (HAL.N) and the world's largest oil service company, Schlumberger Ltd (SLB.N).

Venezuelan President Chavez started his nationalization drive in 2007 during a five-year oil boom, when bulging state coffers allowed him to buy majority stakes in oil projects run by foreign companies such as Total (TOTF.PA) and worth billions of dollars.

The government has not said what assets it may be eyeing next, even as Venezuela's National Assembly is preparing a law to nationalize petrochemical projects to aid a socialist revolution in the OPEC country. Last month, Chavez seized a major gas injection project belonging to Williams Companies (WMB.N) and a range of assets from local service companies.

Other companies with assets in Venezuela include Baker Hughes (BHI.N), the world's third-largest oil services firm, chemical maker FMC Corp (FMC.N), privately held Koch Industries and Japan's Mitsui (8031.T) and Mitsubishi Corp (8058.T). (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Jarshad Kakkrakandy and Gopakumar Warrier)