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Diamond Offshore Places $300 Million Order For Semisubmersible Rig

DOW JONES NEWSWIRES Diamond Offshore Drilling Inc. (DO) ordered a moored semisubmersible rig from Keppel AmFELS shipyard in Brownsville, Texas, at an estimated cost of $300 million. The rig, to be named the Ocean Onyx, will be able to operate in water as much as 6,000 feet deep and is scheduled for delivery in the third quarter of 2013. The offshore drilling sector has had a challenging time since 2010's Deepwater Horizon disaster in the Gulf of Mexico, when a rig explosion killed 11 men and triggered a massive oil spill. U.S. authorities began approving deep-water drilling projects in February of last year, though the government's official moratorium was previously lifted. The construction will use a Diamond Offshore cold-stacked unit--an existing rig that was shut down and put in storage--which should allow the Ocean Onyx to be built and placed into service in about half the time and at half the cost of current newly built rigs. "No new capacity targeting the standard midwater and deepwater markets is currently under construction, and this rig should be ideally suited to meet emerging demand in this segment," said President and Chief Executive Larry Dickerson. The oil driller reported in October its third-quarter earnings rose 29% as higher average day and utilization rates for high-specification floaters helped boost revenue 9.8%. Shares closed Friday at $56.28 and were inactive premarket. The stock has fallen 20% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

Stock News for Diamond Offshore Drilling (DO)
DateTimeHeadline
06/24/201616:37:00Amended Statement of Beneficial Ownership (sc 13d/a)
06/21/201608:24:07Current Report Filing (8-k)
06/20/201608:45:00Basic Materials Sector Equities Coverage -- Agnico Eagle Mines...
06/15/201610:14:08Annual Report of Employee Stock Plans (11-k)
06/14/201609:00:00Diamond Offshore to Present at the 2016 Wells Fargo West Coast...
06/13/201609:00:00Diamond Offshore Signs Joint Development Agreement with Trelleborg...
06/02/201611:59:21Statement of Changes in Beneficial Ownership (4)
05/18/201616:07:06Current Report Filing (8-k)
05/17/201615:00:00Loews Corporation CEO James S. Tisch to Speak at the Bernstein...
05/10/201610:40:00Loews Corporation Announces Quarterly Dividend On Common Stock
05/06/201616:30:00Loews Corporation Trades Shares Of Nautilus Mineral Inc.
05/04/201615:22:12Initial Statement of Beneficial Ownership (3)
05/02/201614:53:02Quarterly Report (10-q)
05/02/201611:40:00Diamond Offshore, Helmerich Revenue Declines Not as Bad as Feared
05/02/201607:49:00Loews Corp. Revenue Hurt by Investment Returns
05/02/201606:34:34Current Report Filing (8-k)
05/02/201606:31:31Current Report Filing (8-k)
05/02/201606:05:00Diamond Offshore Names Kelly Youngblood as Senior Vice President...
05/02/201606:00:00Diamond Offshore Announces First Quarter 2016 Results
05/02/201606:00:00Loews Corporation Reports Net Income Of $102 Million For The...

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