Petrobras Puts Diamond to Work

Diamond Offshore has received notifications of award for four drilling contracts from Petrobras in Brazil. The commitments for the four semisubmersible drilling rigs could generate combined maximum total revenue of approximately $2.3 billion, in addition to potential performance bonus payments, and represent 22 years of contract drilling backlog.

New Contract:

The Ocean Worker received a six-year commitment that could earn maximum total revenue of approximately $591 million, in addition to a mobilization fee and a potential 10% performance bonus. The rig, which is currently working in Tobago on a six-month contract, is expected to begin work in Brazil in the third quarter of 2008.

Extensions:

The Ocean Yatzy received a five-year commitment under which the unit could earn maximum total revenue of approximately $447 million, in addition to a potential 10% performance bonus, for work expected to continue until the fourth quarter of 2014.

The Ocean Winner received a five-year commitment under which the rig could earn maximum total revenue of approximately $493 million, in addition to a potential 10% performance bonus, for work expected to continue until the first quarter of 2015.

The Ocean Alliance received a six-year commitment under which the unit could earn maximum total revenue of approximately $748 million, in addition to a potential 15% performance bonus, for work expected to continue until the third quarter of 2015.

Diamond Offshore President and Chief Operating Officer, Larry Dickerson, commented: "We are pleased to build on our history of over 20 years' service to Petrobras and the Brazilian oil industry and look forward to participating with Petrobras in their quest to increase Brazilian oil production."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
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