Hyundai Heavy to Build Moss CS60E Semisubmersible Rig

Diamond Offshore Drilling, Inc. today announced an agreement with Hyundai Heavy Industries Co., Ltd. to build a new Moss CS60E design harsh environment semisubmersible drilling rig.

Projected capital cost of the unit including spares, commissioning and shipyard supervision is approximately $755 million.

The company also announced that a three-year drilling contract has been entered into with a subsidiary of BP plc to utilize the rig for initial operations off the coast of South Australia.

“We are pleased to have been selected by BP for this important work,” commented Larry Dickerson, Diamond Offshore’s CEO. “Our Company, and its predecessors, have been continuously active in Australia since 1982, drilling over 600 wells; far more than any other drilling contractor. We believe that this market-leading experience should enable Diamond Offshore to play a key role in our customer’s exploration efforts and we look forward to this opportunity.”

The 10,000’ dynamically positioned rig is expected to be delivered after November 2015.

[mappress]

Press Release, May 29, 2013