Signal Selected to Upgrade Ocean Ambassador for $6.6MM

Signal International Ltd. has announced the award of the $6.6 million ABS Special Survey and repairs to the semi-submersible drilling rig Ocean Ambassador. The rig is owned and operated by Diamond Offshore Drilling, Inc. and will be towed from its current drilling location to Signal International, expecting to arrive August 2008 for a 75 calendar day in-yard project.

Richard Marler, President and CEO of Signal, stated that, at the peak, the repair effort will utilize more than 300 Signal skilled personnel to perform the work which will include: an ABS Special Survey; replacement of ballast system; vents and sounding tube piping. Additionally, the rig is slated for surface preparation/painting of the derrick, drill floor sub-structure and all six columns.

Signal International will complete the work at their Pascagoula, Mississippi East Yard facility while also performing repairs and modifications to the Celtic Sea semisubmersible for Transocean Offshore and the Frontier Driller semisubmersible for Frontier Drilling.


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