Diamond Offshore in double rig stack and scrap

Ocean Star

Drilling contractor Diamond Offshore has decided to cold stack one semi-submersible drilling rig and one jack-up rig, and scrap two semi-subs. 

The company said on Monday in its 2Q 2016 report it decided to cold stack the semi-sub Ocean Endeavor and jack-up rig Ocean Scepter.

The Ocean Endeavor, built in 2007, is located in Italy, and the Ocean Scepter, built in 2008, is located in the U.S. Gulf of Mexico.

The company’s decision was guided by its desire to minimize costs associated with the rigs, while ensuring the rigs are preserved in such a manner as to enable a quick reactivation when the market recovers, Diamond said.

Additionally, the company said it intends to scrap two semi-sub rigs, the 1973-built Ocean Quest and 1997-built Ocean Star. The rigs are located in Malaysia and the U.S. Gulf of Mexico, respectively.

Furthermore, Diamond reported in its fleet status report on Monday it received a three-month contract extension from Woodside Energy in Australia for the 2014-built semi-sub Ocean Apex. The extension is from mid-November 2017 till mid-February 2018, with a dayrate of $205,000.

The company fell to red during the second quarter of 2016 impacted by impairment charges and related taxes of $612 million.

Offshore Energy Today Staff

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