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Friday, January 19, 2018

Diamond Offshore Services News

Keppel Wins $85M Rig Upgrade

Keppel FELS Ltd., a unit of Keppel Corporation Limited through Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract from Diamond Offshore Services Company, a subsidiary of Diamond Offshore Drilling, Inc. (Diamond Offshore), to upgrade semisubmersible rig Ocean Endeavor for US$85 million. Completion of the upgrade is scheduled for fourth quarter 2006. Ocean Endeavor will be capable of drilling down to 35,000 feet and be fully outfitted for 8,000 feet moored operations, with design capabilities to operate in up to 10,000 feet of water. In addition, the rig will have increased crew quarters to accommodate up to 140 personnel, over 6,000 tons of operating variable deck load and increased usable deck space.

Keppel Secures Contracts

Keppel Singmarine Pte Ltd (Keppel Singmarine), a wholly owned subsidiary of Keppel Offshore & Marine Limited (Keppel O&M), has secured a repeat contract from Greatship Global Offshore Services Pte Ltd (Greatship) to build two platform supply vessels (PSVs). Deliveries for these two PSVs will be between end 2009 and the first quarter of 2010. The vessels are similar to the two PSVs ordered by Greatship, a Singapore registered company headquartered in India, two weeks ago. At 308 ft. in length, each vessel is to be equipped with electric propulsion system powered by 8160kw (total) generators, a dynamically positioned system (ll) provided by 2 x 2600kw steerable thrusters and 2 x 1050kw tunnel thrusters.

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling. Contract drillers face a tough year as vessels ordered during boom times are delivered just as energy companies are tightening spending on offshore exploration. Diamond Offshore, whose competitors include Ensco Plc , Transocean Ltd and Helmerich & Payne Inc , has two rigs due for delivery in 2014 but has yet to land contracts for them. While the fall in rig demand and utilization is likely to affect the entire sector, analysts expect Diamond Offshore to fare worse than rivals, given the age of its fleet.

FirstWave/Newpark Lands Diamond Offshore Job

FirstWave/Newpark Shipbuilding has been awarded a contract by Diamond Offshore Drilling of Houston, Texas for completion of upgrades to the drillship Ocean Clipper, which returned to Galveston for the additional upgrades on August 16. "We're pleased that Diamond brought Ocean Clipper back to our yard for this project," said Francis Fair, FirstWave's executive vice president Galveston Operations. "FirstWave performed work on Clipper earlier this year, and we appreciate Diamond's confidence in us to provide additional services for the vessel."

Fugro Achieves Innovation through Integration

Photo courtesy of Fugro

When Aberdeen-based Diamond Offshore wanted to add new functionality to the existing helideck monitoring system on the Ocean Guardian drilling rig in the North Sea, Fugro developed and delivered a fully integrated, user-friendly solution to fulfill the requirements. Severe weather conditions in the North Sea can cause major disruption to offshore operations so Diamond Offshore and its client wanted to better understand the direct correlation between the wind, waves and the performance of the rig anchoring system, as well as accurate station keeping, particularly during storm events.

Diamond Offshore Third Order for Ultra-Deepwater Drillship

Diamond Offshore Drilling, Inc. (NYSE:DO) today announced that a subsidiary, Diamond Offshore Drilling Limited, has exercised its option to build a third ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. with delivery scheduled for the second quarter of 2014. Total cost, including commissioning, spares and project management, is estimated to be approximately $610 million and is anticipated to be paid out of cash flow and available funds. Like its previously announced sister drillships…

Hydril Receives Order From Diamond Offshore

Hydril Company announced it has received another order for the purchase of a blowout preventer multiplex control system from a subsidiary of Diamond Offshore Drilling, Inc. Delivery of the system will be in 2003 for use within the Diamond Offshore fleet of rigs. Chris Seaver, president and CEO of Hydril Company said "This is the third deepwater blowout preventer multiplex control system Diamond Offshore has ordered from Hydril since the third quarter of last year. We are pleased to be selected to assist Diamond in their on-going program to upgrade their deepwater fleet of rigs."

Keppel FELS Signs Contracts with Diamond Offshore

Keppel FELS Limited (KFELS), the offshore arm of the Keppel Group has secured contracts worth a total of $77 million from Diamond Offshore Drilling Inc for the upgrades of a semi-submersible, Ocean Rover and a jack-up rig, Ocean Tower. This comes after a $34 million contract from Diamond Offshore for the upgrading of four jack-up rigs in July this year. These contracts were secured as a result of KFELS’ services and the outstanding work it is performing on Ocean Baroness, presently in the final stages of an extremely challenging deepwater upgrade in KFELS’ Pioneer Yard in Singapore. Tong Chong Heong, managing director of KFELS said, “We are very pleased that Diamond Offshore has chosen us to be a partner in the enhancement of their fleet of vessels.

Diamond Offshore Drilling, Two New-Build Drillships

Diamond Offshore Drilling, Inc. (NYSE:DO) today announced that a subsidiary of the company has entered into two term drilling contracts with Anadarko Petroleum Corporation. The contracts, which will utilize Diamond Offshore's two new-build drillships now on order, are expected to generate combined maximum total revenue of approximately $1.8 billion and represent 10 years of contract drilling backlog. In addition, Anadarko and Diamond have mutually agreed to dismiss all claims related to the Ocean Monarch.

Keppel AmFELS Contracts with Diamond Offshore

Keppel AmFELS to Construct and Upgrade Deepwater Semisubmersible for Diamond Offshore for US$150 million. Keppel AmFELS LLC, a US wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract from Diamond Offshore to construct and upgrade a moored semisubmersible rig with delivery scheduled for 3Q 2013. The estimated shipyard contract price is approximately US$150 million. The rig, to be named Ocean Onyx, will be constructed from an existing hull from a Diamond Offshore cold stacked unit, which previously operated as the Ocean Voyager. Keppel AmFELS' scope of work on the Ocean Onyx includes the reconstruction of the rig…

Korean Shipyard Gets Drillship Order from Diamond Offshore

Diamond Offshore Drilling, Inc. announce that a subsidiary, Diamond Offshore Drilling Limited, has entered into a turnkey contract with Hyundai Heavy Industries Co., Ltd. for construction of a new ultra-deepwater drillship with delivery scheduled in the fourth quarter of 2014. Total cost, including commissioning, spares and project management, but excluding capitalized interest, is expected to be approximately $655 million. The new drillship, to be named Ocean BlackLion, will be of the same design as Diamond Offshore’s three units currently on order with Hyundai. Design specifications include dynamic-positioning…

Diamond Offshore Order New Rig, Charter it Out

Diamond Offshore Drilling order Moss CS60E design harsh environment semi-submersible drilling rig from Hyundai Heavy Industries, & charter it out to BP subsidiary. The 10,000 ft. dynamically positioned rig is expected to be delivered after November 2015. Projected capital cost of the unit including spares, commissioning and shipyard supervision is approximately $755 million. The company also announced that a three-year drilling contract has been entered into with a subsidiary of BP plc to utilize the rig for initial operations off the coast of South Australia. The initial operating dayrate under the drilling contract is $585,000 per day and is subject to upward adjustment for certain increased operating costs and equipment modifications.

SBM Offshore Hands over FPSO Turritella to Shell

Turritella (Photo: Shell)

SBM Offshore said it has completed the transaction related to the sale of floating production storage and offloading (FPSO) vessel Turritella to Shell E and P Offshore Services B.V.   Shell exercised an option to purchase the FPSO from SBM Offshore in summer 2017.    The Turritella FPSO is contracted for the Stones deepwater development in the Gulf of Mexico, which began production in 2016.   The vessel has a daily production capacity of approximately 60,000 barrels of oil and 15 million cubic feet of natural gas.

Diamond Offshore Receives MMS National SAFE Award

Diamond Offshore Drilling Inc. has been named the recipient of the U.S. Department of Interior's Minerals Management Service (MMS) 2001 National SAFE Award (Safety Award for Excellence) for Drilling Contractors. The award, which recognizes outstanding performance in safety and environmental protection, is presented annually to one company in each of four categories: operator with high activity, operator with moderate activity, drilling contractor and production contractor. Drilling contractors are made finalists for the MMS National Award by winning District Safe Awards from the MMS. For 2001, Diamond Offshore was awarded three of the five Gulf of Mexico District SAFE Awards for drilling contractors.

Diamond Offshore Shares Buoyant

As the offshore energy market continues to search for signs of recovery, latest news from Diamond Offshore points to better times ahead. On Monday, October 30, 2017 Diamond Offshore reported better-than-expected quarterly profits, in part driven by additional deals won for its deep-water drilling rigs at better rate, sending its shares up 8.3% at the time of reporting.. While Diamond Offshore CEO Marc Edwards was not prepared to call the bottom of the market, the news certainly bodes well for a global industry collectively looking for any light at the end of a nearly four year oil downturn turnnel. "The number of tenders has increased, albeit from a very low platform and customer inquiries have picked up, although also starting from a low base.

ABS Elects New Council and Committee Members

•  Angeliki N. •  Michael Wyllie, Offshore Energy Development Corporation/SBM Offshore N.V. •  William T. •  Capt. •  Dr. Bo Cerup-Simonsen, A.P. •  Joseph J. •  Soli Engineer, Executive Director, Great Offshore Ltd. •  RADM Philip H. Greene, Jr., Superintendent, U.S. •  Hiroshi Kato, President, Toyo Shipping Line Co., Ltd. •  Naresh Kumar, Chairman & Managing Director, Deepwater Drilling & Industries Ltd. •  Lee, Jai-Seong, President & CEO, Hyundai Heavy Industries Co., Ltd. •  VADM H. S. Malhi, AVSM, VSM, Chairman & Managing Director, Mazagon Dock Ltd. •  John “Jack” D. •  Ted C. •  Capt.

Diamond Offshore Shares on the Rise

Photo courtesy Diamond Offshore

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices, sending its shares up as much as 10.5 percent. The company - owned 50.4 percent by hotel, energy and financial services conglomerate Loews Corp - also said it would pay a special cash dividend of 75 cents per share on top of its regular quarterly dividend of 13 cents. Diamond Offshore, which has one of the oldest fleet of rigs…

Semi-submersible Rig Contracted to Drill North Sea Well

Ocean-type rig: Wiki CCL 'Tm'

Iona Energy announce that it has entered into an agreement with Diamond Offshore Drilling (UK) Limited for the provision of its semi-submersible drilling rig,  Ocean Nomad, for drilling of one well within the Staffa Oil Field in Block 3/8d of the UK North Sea. Dave Sherrard, Iona's Chief Development Officer commented "We are delighted to have contracted Diamond Offshore's Ocean Nomad for the near-term drilling of Iona's first well in the re-development of the Staffa Oil Field.

Diamond Offshore Completes Rig Acquisition

Diamond Offshore Drilling Inc. reported that its subsidiary, Diamond Offshore Drilling Limited, completed the previously announced acquisition of the third-generation semisubmersible drilling rig West Vanguard. The rig, purchased for $68.5 million, has been renamed Ocean Vanguard. In accordance with the sales agreement, the rig has been bareboat chartered to the seller for the completion of ongoing work in Norway. Diamond Offshore is a leader in deep water drilling. The Company's fleet of 46 offshore drilling rigs currently consists of 31 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.

Diamond Offshore Meets Requirements

ABS recently awarded Diamond Offshore Drilling, Inc. an International Safety Management (ISM) Document of Compliance certificate. The ISM certification is a requirement of the United Nations-led International Maritime Organization's (IMO) Safety of Life at Sea (SOLAS) regulation, which became mandatory for all self-propelled offshore drilling vessels operating under member-state flags on July 1, 2002. prevention and the safe management of ship operations. management system designed to protect not only the vessel, but also the offshore personnel and marine environment where the vessel operates. Mexico; and the Ocean Alliance, Ocean Clipper and Ocean Yatzy, each currently operating off the coast of Brazil.

Diamond Offshore Raised To

Deutsche Banc Alex. Brown reportedly raised its investment rating on shares of Diamond Offshore Drilling Inc. to strong buy from market perform. Said in a note, "Diamond's quarterly EPS have likely bottomed in (second quarter 2000), and should increase sequentially over the next (8-plus) quarters." The analyst set the target price at $42 per share.

Diamond Offshore Drilling's CDS Widen 47%

Image courtesy Diamond Offshore

Reuters - (The following statement was released by rating agency RPT-Fitch Solutions) Credit default swaps (CDS) on Diamond Offshore Drilling Inc. (Diamond) have widened 47% over the past month, according to Fitch Solutions. Diamond's CDS significantly underperformed the 3.4% CDS tightening for the broader North America oil and gas sector over the same time period. Additionally, the cost of credit protection on Diamond's debt has been climbing steadily since late January. After trading consistently at 'A/A+' levels since November 2013…

Diamond Offshore Scraps Special Dividend on Weak Market

Ocean Endeavor (Photo:  Diamond Offshore)

Rig contractor Diamond Offshore Drilling Inc said it expected a significant number of ultra-deepwater rigs to be idled across the industry by year-end as oil producers' capital budget is likely to be lowered by a fifth this year. The company also said it would not pay a special dividend as it had been doing since 2006 to save cash to take advantage of opportunities in a distressed market. "...This action saves the company about $415 million over the next year, potentially equivalent to the cost of an ultra-deepwater asset," Evercore ISI analyst James West wrote in a note.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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