(US, GoM) - Diamond Offshore Drilling, Inc says it has initiated the upgrade of the Victory-class semisubmersibleGarden Banks, renamed Ocean Monarch, which has been cold-stacked in the GoM.
Diamond says the upgraded rig will be capable of operating in up to 10,000 ft. of water in a moored configuration and will be among the most capable of the company's upgraded Victory-class units.
The project is budgeted at $300 million including capitalized overhead and interest, spares, testing and delivery, mobilization to Singapore, and all other associated expenditures.
The rig, which is the fourth in a series of 5th generation Victory-class upgrades that includes theOcean Baroness, Ocean Rover and Ocean Endeavor, is expected to be ready for service in 4Q 2008.
TheOcean Monarch is scheduled to be mobilized to Keppel-FELS Ltd.'s shipyard in Singapore in mid-2006.