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Diamond Offshore sells Ocean Shield


Published Jul 12, 2010
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Diamond Offshore - Ocean Shield

Diamond Offshore Drilling reported the sale of the 350-ft. high-specification jack-up Ocean Shield to Ensco plc. Sale price of the rig is $186 million. The Shield is currently working under a term contract for Apache Corp. in Australia, which Ensco will assume.

Larry Dickerson, Diamond Offshore president and CEO, noted, "This opportunistic transaction involving a single rig will further augment our funds for potential investment in deepwater assets, such as last year's purchase of the Ocean Valor and OceanCourage." The Shield is a sister rig to the Ocean Scepter, which is contracted to OGX for a one-year term in Brazil. The Scepter is not for sale.

Tags: Diamond Offshore Drilling



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