Ocean Monarch semi-sub stays busy in Australia

U.S. driller Diamond Offshore is keeping its Ocean Monarch semi-submersible drilling rig busy in Australia.

In its latest fleet status report, the company has confirmed earlier reports that it had secured a contract with BHP Billiton for 13 wells + unpriced option. The dayrate is undisclosed. The rig will start drilling in June, and will stay with BHP till late September 2017.

What is more, Diamond has managed to score two more contracts for the 2008-built rig.

First, in March 2018 the Ocean Monarch will start a contract with Cooper Energy in Australia, for an undisclosed fee. This contract will run until late June 2018.

After this, the rig will remain in Australia, as it should start another contract immediately after the Cooper Energy one expires.

Namely, Diamond Offshore has shared that starting late June 2018, the Ocean Monarch will go on a four-well contract with Origin Energy, keeping the rig on hire until late November 2018.

Prior to the BHP Billiton contract, the semi-sub worked for Quadrant Energy on its drilling program offshore Australia, including Roc-2 and Phoenix appraisal well, under a $410,000 dayrate. The ultra deepwater rig, of an Enhanced Victory Class, was built in 1974 and upgraded in 2008.

Additionally, Diamond Offshore has executed a new two-year term contract with Apache for the Ocean Patriot in the North Sea. The rig is scheduled to start  its new program in the second quarter of 2018.

As of March 31, 2017, Diamond Offshore’s contracted backlog was $3.2 billion, which, according to the company, represents 23 rig years of work.

For the first quarter of the year, Diamond posted a profit of $23,5 million, a drop from $87,4 million in 1Q 2016.

Offshore Energy Today Staff

 

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