HOUSTON,
Feb. 8,
2024 /PRNewswire/ -- Diamond Offshore Drilling, Inc.
(NYSE: DO) today announced that it has executed a two-year contract
extension with a subsidiary of bp in the U.S. Gulf of Mexico for the Ocean
BlackLion, commencing in September
2024 in direct continuation of the rig's current contract.
This contract extension represents approximately $350 million dollars of additional backlog.
Additionally, the Company has entered into a
drilling contract with Serica Energy (UK) Limited to utilize the
Ocean Patriot for two plug and abandonment (P&A) wells
in the U.K. North Sea. The program is estimated to commence in
March 2024 and to continue for
approximately 60 days. The contract represents over $10 million of additional backlog, excluding
mobilization.
Bernie Wolford,
Jr., President and Chief Executive Officer, commented,
"These awards reflect the continuing strength of the drillship
market and the improving moored floater market in the U.K. North
Sea while highlighting the exceptional work of our crews across
these regions."
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing
innovation, thought leadership and contract drilling services to
solve complex deepwater challenges around the globe. Additional
information and access to the Company's SEC filings are available
at http://www.diamondoffshore.com/.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release that are not historical
facts are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements include, but are not limited to, any
statement that may project, indicate or imply future results,
events, performance or achievements, including statements relating
to future financial results; expectations regarding the Company's
plans, strategies and opportunities; expectations regarding the
Company's business or financial outlook; expected utilization,
dayrates, revenues, operating expenses, rig commitments and
availability, cash flows, contract status, terms and duration,
contract backlog, and customer drilling programs. Forward-looking
statements are inherently uncertain and subject to a variety of
assumptions, risks and uncertainties that could cause actual
results to differ materially from those anticipated or expected by
management of the Company. A discussion of certain of the 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 most recent annual report
on Form 10-K and the Company's other reports filed with the
Securities and Exchange Commission, and readers of this press
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 at
www.diamondoffshore.com. These risk factors include, among others,
risks associated with worldwide demand for drilling services,
levels of activity in the oil and gas industry, renewing or
replacing expired or terminated contracts, contract cancellations
and terminations, maintenance and realization of backlog,
competition and industry fleet capacity, impairments and
retirements, operating risks, litigation and disputes, permits and
approvals for drilling operations, the COVID-19 pandemic and
related disruptions to the global economy, supply chain and normal
business operations across sectors and countries, changes in tax
laws and rates, regulatory initiatives and compliance with
governmental regulations, casualty losses, and various other
factors, many of which are beyond the Company's control. Given
these risk factors and other considerations, investors and analysts
should not place undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of this press
release, and 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.
Contact:
Kevin Bordosky
Senior Director
Investor Relations
(281) 647- 4035
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SOURCE Diamond Offshore Drilling, Inc.