|Diamond Offshore Drilling, Inc. Announces Three New Term Floater Commitments|
|HOUSTON, Mar 02, 2010 (BUSINESS WIRE) -- Diamond Offshore Drilling, Inc. (NYSE:DO) today announced that
the Company has received notifications of award for three term drilling
contracts from Petrobras in Brazil. The commitments for the three
floating drilling rigs would generate combined maximum total revenue of
approximately $1.4 billion, excluding potential performance bonus
payments and any potential contract extensions, and represent at least
11 years of contract drilling backlog.
The rigs Valor and Courage are ultra-deep water semi-submersibles purchased out of bankruptcy by subsidiaries of Diamond Offshore in late 2009. Upon delivery by the shipyard, the Company completed initial commissioning procedures for both rigs.
Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. Maximum contract revenue as stated above assumes 100% rig utilization. Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs, maintenance and weather. Additional information on Diamond Offshore Drilling, Inc. and access to the Company's SEC filings is available on the Internet at www.diamondoffshore.com.
Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website www.diamondoffshore.com. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
SOURCE: Diamond Offshore Drilling, Inc.
Diamond Offshore Drilling, Inc.