Diamond Offshore In Two Term Drilling Pacts With Anadarko

Date : 05/17/2011 @ 8:13AM
Source : Dow Jones News
Stock : Diamond Offshore Drilling, Inc. (DO)
Quote : 12.15  -0.14 (-1.14%) @ 4:30PM

Diamond Offshore In Two Term Drilling Pacts With Anadarko

Diamond Offshore Drilling (NYSE:DO)
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Diamond Offshore Drilling Inc. (DO) signed two drilling contracts with Anadarko Petroleum Corp. (APC) that are expected to generate up to $1.8 billion in revenue.

The contracts represent 10 years of contract drilling backlog and will use two drillships to be built by Hyundai Heavy Industries Co. (009540.SE) at its South Korean shipyard.

Each drillship is contracted for five years. One begins in late 2013 and the other in early 2014.

In addition, Anadarko and Diamond have mutually agreed to dismiss all claims related to the Ocean Monarch contract Anadarko terminated in September. The company had canceled the contract because of the U.S. government's deepwater-drilling moratorium in the wake of the Gulf of Mexico oil spill.

Diamond Offshore reported in April its first-quarter earnings fell 14%, but beat analysts' consensus estimate, as the oil driller posted better-than-expected revenue on lower day rates but higher utilization rates for its deep-water vessels.

Anadarko Petroleum's first-quarter earnings declined 70% as the oil-and-gas producer reported derivative losses and lower natural gas prices, while total production was flat.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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