USA: Diamond Offshore Signs Term Contract Worth $100 Million. Ocean Endeavor Moves to Egypt


Diamond Offshore Drilling, Inc. today announced that a subsidiary of the Company has entered into a term contract ending June 30, 2011, plus option, with Burullus Gas Company S.A.E. that will immediately mobilize the Ocean Endeavor from the Gulf Of Mexico (GOM) to Egypt.

Diamond Offshore President and CEO, Larry Dickerson, noted, “With new contracting severely restricted in the GOM as a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed. This new contract for the Endeavor will help us preserve backlog, and will allow the previous operator of the rig to satisfy its contractual obligations which extended until June 30, 2011. We greatly regret the loss of U.S. jobs that will result from this rig relocation.”

The new contract, combined with a $31 million early termination fee paid by the previous operator of the rig, is expected to generate combined maximum total revenue of approximately $100 million.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. Maximum contract revenue as stated above assumes 100% rig utilization. Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs, maintenance and weather.

Source: Diamondoffshore,July 9, 2010;

Share this article

Follow Offshore Energy Today

One thought on “USA: Diamond Offshore Signs Term Contract Worth $100 Million. Ocean Endeavor Moves to Egypt”

  1. Pingback: Oil Spill News

Comments are closed.

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

Executive Oil Conference & Expo 2019

Executive Oil Conference and Exhibition is a unique opportunity to meet with all of the region’s…

read more >

Oil & Gas Vietnam 2019

Oil & Gas Vietnam (OGAV) 2019 is the only specialized oil & gas event in Vietnam that brings together an international congregation of both upstream and downstream oil and gas companies and also its supporting industries gathered in the heart of Vietnam’s oil and gas industry in Vung Tau, to showcase the latest developments in the oil and gas industry.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply