HOUSTON--(BUSINESS WIRE)--Mar. 21, 2012--
Diamond Offshore Drilling, Inc. (NYSE:DO) announced today the
execution of a definitive agreement to sell its subsidiary’s jack-up
drilling rig, Ocean Columbia, to a subsidiary of Hercules
Offshore, Inc. (NASDAQ: HERO) for a sale price of $40 million in cash.
The transaction is expected to close in May 2012, subject to customary
closing conditions.
After the transaction closes, employees currently working on the rig
will have opportunities to remain with Diamond Offshore, where they may
be reassigned within the fleet. Additionally, our current newbuild
projects, three ultra-deepwater drillships and a deepwater
semisubmersible rig, will create significant employment opportunities as
the rigs are delivered from the shipyards in 2013 and 2014.
“Hercules approached us with an offer to acquire the Ocean Columbia,
and we found the terms to be compelling,” said Larry Dickerson,
President and Chief Executive Officer of Diamond Offshore. “We are
principally a floater company, and this transaction will further augment
our funds for potential investments in deepwater and ultra-deepwater
assets.”
ABOUT DIAMOND OFFSHORE
Diamond Offshore provides contract drilling services to the energy
industry and is a leader in deepwater drilling. Diamond Offshore’s fleet
of offshore drilling rigs consists of 32 semisubmersibles, 13 jack-ups,
and one drillship, in addition to three ultra-deepwater drillships
currently under construction. For additional information and access to
SEC filings, please visit the Company’s website at www.diamondoffshore.com.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release which are not historical
facts are “forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements include, without limitation,
statements concerning the future closing of the sale transaction, future
employment opportunities and reassignments, future rig deliveries and
future investments, and are inherently uncertain and subject to a
variety of risks that could cause actual results to differ materially
from those expected by management of the Company. A discussion of the
important risk factors and other considerations that could materially
impact these matters as well as the Company’s overall business and
financial performance can be found in the Company’s reports filed with
the Securities and Exchange Commission and readers of this release are
urged to review those reports carefully when considering these
forward-looking statements. Copies of these reports are available
through the Company’s website www.diamondoffshore.com.
Given these risk factors, investors and analysts should not place undue
reliance on forward-looking statements. Any such forward-looking
statements speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement to reflect any
change in the Company’s expectations with regard thereto or any change
in events, conditions or circumstances on which any forward-looking
statement is based.
Source: Diamond Offshore Drilling, Inc.
Diamond Offshore
Darren Daugherty, 281-492-5370
Director,
Investor Relations
