CATEGORIZED | News

Diamond Offshore buys PetroRig II

Posted on 08 October 2009

 Diamond Offshore Drilling has acquired from PetroRig II Pte Ltd the construction contract to purchase the newbuild 7,500-ft, dynamically positioned semisubmersible PetroRig II. The rig is to be renamed the Ocean Valor.

The aggregate amount of the consideration paid to acquire the construction contract and the remaining payment due to Jurong Shipyard under the construction contract is approximately $490 million exclusive of initial mobilization costs, final commissioning, drillstring and necessary spares.

In late June, in an unrelated transaction, Diamond Offshore purchased the newbuild dynamically positioned semi-submersible offshore drilling unit PetroRig I and renamed that unit the Ocean Courage.

Diamond Offshore president and chief executive officer Larry Dickerson noted that “in keeping with the company’s long history of value creation for our shareholders, we were able to acquire this rig without waiting three years for construction and at a substantial discount from peak pricing of approximately $750 million. We believe there are multiple opportunities to employ this highly capable rig in our pursuit of future deepwater projects.”

Leave a Reply

*

FEATURED MICROSITES


Recent Drilling News

  • 01 August 2014

    Fugro’s real-time helideck monitoring aids operational planning, safety

    Fugro has developed and delivered a new fully integrated helideck monitoring system to Diamond Offshore’s Ocean Guardian in the North Sea. Severe...

  • 31 July 2014

    Eni discovers gas and condensates offshore Gabon

    Eni has made a gas and condensates discovery in the Nyonie Deep exploration prospect in block D4, approximately 13 km offshore Gabon and 50 km from the capital city Libreville...

  • 31 July 2014

    Blue Ocean Technologies: Subsea well intervention completed in 6,700- ft record depth

    Blue Ocean Technologies has set multiple records in subsea well intervention by intervening in, and subsequently plugging and abandoning, a production gas...

  • 30 July 2014

    Fugro’s DeepData pod provides data for deepwater riser monitoring

    Fugro has delivered a motion dataset from the BOP stack and lower riser of two deepwater wells in the Barents Sea using its DeepData pods. The DeepData pods...

  • 28 July 2014

    SDI completes 500th MagTraC MWD Ranging project

    Scientific Drilling International (SDI) has completed the 500th MagTraC MWD Ranging project. MagTraC was introduced in 1998 to target challenging applications...

  • Read more news