HOUSTON--(BUSINESS WIRE)--Aug. 14, 2012--
Diamond Offshore Drilling, Inc. (NYSE:DO) today announced that a
subsidiary has entered into a contract with Jurong Shipyard of Singapore
to build a moored semisubmersible rig with delivery scheduled for the
second quarter of 2014. Total cost for the project is expected to be
approximately $370 million, including commissioning, spares and project
management, but excluding capitalized interest.
The rig, to be named the Ocean Apex, will be capable of
operations in water depths up to 6,000 feet. Design specifications also
include a variable deck load of 7,000 long tons, a maximum hook-load
capacity of two million pounds, a 15K five-ram blowout preventer, crew
quarters capacity for 140 personnel, and a deck area among the largest
of any semisubmersible rig in the world.
“We continue to see significant opportunities for moored deepwater
units, as evidenced by the contract recently awarded to the Ocean Onyx,
our other deepwater semisubmersible currently under construction,” said
Larry Dickerson, President and Chief Executive Officer of Diamond
Offshore. “This project marks the continuation of Diamond’s ongoing
fleet renewal program, which includes four ultra-deepwater drillships
and now two deepwater semis currently on order.”
“We will construct the Ocean Apex utilizing an existing hull from
a Diamond Offshore cold stacked unit. Upon delivery, we will have a rig
that exceeds the specifications of a fourth-generation newbuild unit;
however, it will have been constructed in approximately half the time
and for a significantly lower cost. This addition to our fleet is
consistent with Diamond Offshore’s long-term strategy of enhancing our
fleet at attractive capital costs.”
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 30 semisubmersibles, seven
jack-ups and one drillship, in addition to four ultra-deepwater
drillships and two deepwater semisubmersibles currently under
construction. For additional information and access to SEC filings,
please visit the Company’s website at www.diamondoffshore.com.
Diamond Offshore is a 50.4% owned subsidiary of Loews Corporation
(NYSE:L).
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 future costs, sources of funds, timing of
construction and delivery, rig design and capabilities, future returns
and future utilization and profitability, 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
press 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 Drilling, Inc.
Darren Daugherty, (281) 492-5370
Director,
Investor Relations
