Diamond Offshore Inks $900MM in LOIs for 4 Semis



Diamond Offshore Drilling announced that it has received Letters of Intent (LOIs) for four semisubmersible rigs that could earn maximum revenue, excluding un-priced options, totaling approximately $900 million and provide 6.5 rig years of work. The LOIs, which are subject to customary conditions, including the execution of a definitive agreement, include:


International

  • Ocean Ambassador – three years, plus un-priced option, commencing June 2009. Maximum total revenue $285 million.


U.S. Gulf of Mexico

  • Ocean Star – 18 months commencing November 2008. Maximum total revenue $285 million.
  • Ocean America – one year commencing July 2009. Maximum total revenue $190 million.
  • Ocean Victory – one year minimum term commencing May 2009. Maximum total revenue $197 million.
     

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