Diamond Offshore Says 2 Rig Contracts with Petrobras Terminated

Reuters

Nov 2 (Reuters) - Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, said contracts for two rigs with Brazil's Petrobras had ended ahead of schedule.

The company said it had secured an 875-day extension on another rig working for the Brazilian oil and gas producer in exchange for the terminations.

Diamond also reported a 159 percent rise in third-quarter profit to $136.4 million, helped mainly by lower expenses. In the year-earlier period, the company had taken an asset impairment charge of $109.5 million.

(Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Ted Kerr)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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