Diamond Offshore Drilling has begun a major upgrade of the Victory-class semisubmersible Garden Banks, which has been renamed Ocean Monarch.
The modernized rig will be designed to operate in up to 10,000 ft. of
water in a moored configuration and will be among the most capable of
the Company's upgraded Victory-class units. The project is budgeted at
$300 million including capitalized overhead and interest, spares,
testing and delivery, mobilization to Singapore, and all other
associated expenditures. The rig, which is the fourth in a series of
5th generation Victory-class upgrades that includes the Ocean
Baroness, Ocean Rover and Ocean Endeavor, is expected to be ready for
service in the fourth quarter of 2008.
The Monarch, currently cold stacked in the Gulf of Mexico, is
expected to be mobilized to Keppel-FELS Ltd.'s shipyard in Singapore
in mid 2006.
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