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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
02/13/201409:35:30U.S. Hot Stocks: Hot Stocks to Watch
02/12/201417:10:10Diamond Offshore Names Halliburton Executive Next CEO
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
07/29/201309:17:34U.S. HOT STOCK FUTURES: HOT STOCKS TO WATCH
07/25/201307:07:12Diamond Offshore 2nd-Quarter Net Down 8% Absent Gain; Revenue...
02/05/201318:43:03U.S. HOT STOCKS: Zynga, Take-Two, Shutterfly Active in Late Trading
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02/05/201307:14:11Diamond Offshore 4th-Quarter Net Falls 17% Amid Lower Day Rates
10/18/201206:56:25Diamond Offshore 3rd-Quarter Net Falls 31% on Lower Day Rates
09/18/201219:13:14Seven Oil-Related Stocks See Unusual Late-Day Price Spikes
08/14/201220:06:11Sembcorp Marine: Unit Gets US$135 Million Rig Order From Diamond...
07/19/201207:26:16Diamond Offshore 2nd-Quarter Profit Drops 24% Amid Lower Revenue
06/28/201213:27:06Moody's Upgrades Diamond Offshore on Lower Debt Levels Amid Fleet...
04/19/201206:51:21Diamond Offshore 1Q Profit Falls 26% On Lower Revenue, Higher...
03/20/201218:44:33Hercules Offshore To Offer Debt, Stock To Repay Loan, Fund Rig...
02/02/201207:12:06Diamond Offshore 4Q Net Down 22% On Softer Revenue, Utilization...
01/09/201209:07:39US Stock Futures: HOT STOCKS TO WATCH

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