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

  • 24 October 2014

    GDF SUEZ, BP discover new Central North Sea Field

    “This is an encouraging exploration discovery in a part of the Central North Sea that needs additional volumes of hydrocarbons to open up development options…

  • 24 October 2014

    Chevron, BP discover oil in deepwater US Gulf of Mexico

    The discovery well, on Keathley Canyon Block 10, was drilled by operator Chevron on behalf of the Guadalupe co-owners. The well encountered significant oil pay…

  • 22 October 2014

    Shell discovers gas in pre-salt reservoir offshore Gabon

    Shell announced a frontier exploration discovery offshore Gabon, West Africa. The well Leopard-1 encountered a substantial gas column with around 200 m net gas pay…

  • 22 October 2014

    Statoil proves new oil resources near Grane field in North Sea

    Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 m in the Heimdal Formation. The estimated volume of the discovery…

  • 21 October 2014

    IADC Cybersecurity Task Group to provide industry guidance to assess risks

    The oil and gas industry is not immune to cybersecurity threats, from computer viruses and malware to targeted attacks. The IADC Advanced Rig Technology (ART) Committee…

  • Read more news