Britain To Build A ‘National Flagship’ To Promote Maritime Trade
by Alistair Smout (Reuters) – Britain is to build a new flagship to promote its business and trade interests around the world, the government said on Saturday, in a move it...
Diamond’s rig rates over the past three months were still down 20% from a year earlier within the deepwater floater sector, and were mostly even within the Ultra-Deepwater, Mid-water, and Jack-up sectors. Utilization within Diamond’s Ultra-deepwater fleet fell to 75%, or 14% lower than the previous quarter. 3 year rates for the ultra-deepwater market are hovering around the $600k rate, while 5-year rates are in the $500k range. In West Africa, rates are slightly higher.
In the US Gulf of Mexico, the offshore drilling market remains steady, if not slightly increasing according to Diamond Offshore’s SVP of Marketing and Contracts, Michael Acuff.
“We posted excellent operating results for the quarter and announced several new contracts at strong dayrates across all ranges of water depths,” said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore. “Our results for the quarter benefited from lower than anticipated operating expense, primarily owing to our continued emphasis on controlling costs.”
“During the quarter, we entered into a $750 million revolving credit facility, which will provide additional flexibility to our already strong balance sheet, as we complete construction of six new rigs over the next two years,” said Dickerson. “Among our industry peers, Diamond Offshore’s balance sheet is the least levered, and we enjoy the highest credit ratings.”
Diamond currently has 4 ultra-deepwater rigs under construction at Hyundai Heavy Industries, and 2 midwater floaters being built at Keppel AMFELS in Brownsville, Texas and Jurong Shipyard in Singapore.
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