Total Taps Diamond Offshore's Ocean Valiant for 2 Years

Diamond Offshore Drilling, Inc.

Diamond Offshore has signed a two-year contract with Total E&P Angola in Angola for the 4th generation semisubmersible Ocean Valiant that could earn maximum revenue, excluding mobilization fees, totaling approximately $452 million.

The contract is convertible into either a 2-1/2 year or a three-year agreement at the option of the operator at dayrates that could earn maximum total revenue, excluding mobilization fees, totaling between $552 million and $646 million.

Currently located in the Gulf of Mexico, the Ocean Valiant is an Ocean Odyssey-design semisubmersible built in 1988. Rated to work in water depths up to 5,000 feet, the rig can drill to depths of 30,000 feet.