Diamond Offshore to fight for Ocean Vanguard contract

Diamond Offshore Drilling, Inc. has confirmed that Statoil has cancelled the Ocean Vanguard rig contract, but it doesn’t agree with the reasons behind the move.

The Houston-based drilling contractor said that its subsidiary has received notice of termination of its drilling contract for the mid-water semisubmersible Ocean Vanguard.

The contract provides for a dayrate of approximately $454,000 and was estimated to conclude in accordance with its terms in late February 2015.

“Diamond Offshore disputes Statoil’s basis for terminating the contract and intends to defend its rights under the drilling contract,” Diamond Offshore said in a press release.

To remind, Statoil’s spokesperson yesterday told Reuters that the contract had been terminated “due to technical aspects of the rig.”

The Ocean Vanguard is registered in the Marshall Islands with Det Norske Veritas as the classification society. Ocean Vanguard was built in 1982 and received Acknowledgement of Compliance (AoC) from the Petroleum Safety Authority in Norway in July 2004.