Petrobras awards Diamond Offshore three term contracts
Offshore staff
HOUSTON -- Petrobras has awarded Diamond Offshore three term drilling contracts for work offshore Brazil, worth approximately $1.4 billion combined.
The DP semisubmersible Ocean Valor received a three-year commitment. Preparations are under way to mobilize the rig from Singapore to Brazil, with work expected to begin in the middle of this year. Petrobras has the right to convert the contract to five years anytime during the first year of operation, with a slight reduction in day rate.
The semisubmersible Ocean Baroness secured a three-year commitment as well. Preparations are under way to mobilize the rig from the Gulf of Mexico to Brazil, with work expected to start in the third quarter of this year. Petrobras can convert the contract, similar to the arrangement with Ocean Valor.
The DP drillship Ocean Clipper won a five-year contract. The rig is currently working for Petrobras under a contract that extends until mid-December.
Additionally, Diamond says that Petrobras will initially deploy the Ocean Courage in Brazil beginning late in the second quarter of this year, rather than the GoM as previously anticipated. The rig is currently under contact with Petrobras for five years extending until mid-February 2015.
The rigs Valor and Courage were purchased out of bankruptcy by subsidiaries of Diamond Offshore in late 2009.
3/2/2010
