Diamond Offshore Drilling, Inc. (NYSE: DO) announced that a subsidiary has received notice of termination of its drilling contract for the mid-water semisubmersible Ocean Vanguard from Statoil ASA, its customer for the rig, the Company said in a press release.
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.
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe with a total fleet of 45 offshore drilling rigs, including five rigs under construction. Diamond Offshore's fleet consists of 33 semisubmersibles, two of which are under construction, five dynamically positioned drillships, three of which are under construction, and seven jack-ups. Diamond Offshore is owned 51% by Loews Corporation (NYSE: L).
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