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The New Rig from the Project Signed Between Petrobras and Diamond Offshore is Called Ocean Courage and the Value of the Agreement Exceeds US$ 400 Million
As the fundamentals of the offshore drilling market continue to improve, Diamond Offshore signed a contract for a new drilling program with Petrobras in Brazil for the Ocean Courage rig.
In its Q3 2022 report on Monday, Diamond Offshore stated that the semi-submersible platform Ocean Courage received a four-year contract with a priced option for an additional four years.
The total estimated investment for the project is approximately US$ 429 million, including a mobilization fee and the provision of certain additional services.
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Contract Expected to be Signed Soon
The new contract is expected to be signed soon by Petrobras and Diamond and to take effect at the end of the fourth quarter of 2023 following the completion of the current offshore rig contract and the new contract preparations. The rig built in 2009 has been working for Petrobras since June 2021.
Bernie Wolford, Jr., President and CEO, says: “This agreement is a testament to the exceptional performance of our teams and allows Diamond to continue serving the world’s largest deep-water drilling operator. This program is an addition to the US$ 1.6 billion backlog we reported on October 1, 2022.”
Investments
The drilling revenue from the contracted rig of Diamond Offshore and Petrobras for the third quarter totaled US$ 190 million compared to US$ 177 million in the second quarter of 2022.
The increase in revenue was particularly driven by the start of work on the Ocean BlackHawk for Woodside in Senegal during the quarter, with both the Ocean Apex and the Ocean Patriot benefiting from a full quarter of utilization, and the Ocean Patriot operating under the terms of a contract extension with a favorable daily rate increase.
These increases in contract drilling earnings for Diamond were partially offset by the completion of the Ocean Onyx contract in Australia, which is currently stacked in Western Australia, while the company continues to seek prospects in the region.
