Diamond Offshore Secures $350M Contract Extension With BP For Ocean BlackLion Rig

Author: Benzinga Newsdesk | February 08, 2024 04:11am

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.

Posted In: BP DO