Diamond Offshore Nets $350M for Ocean BlackHawk Drillship Contract Extension

Thursday, May 16, 2024

U.S.-based offshore drilling company Diamond Offshore has secured a contract extension with Anadarko Petroleum, a wholly owned subsidiary of Occidental, for Ocean BlackHawk drillship in the U.S. Gulf of Mexico.

The two-year contract extension starts in November 2024 in direct continuation of the rig’s current contract.

The extension represents approximately $350 million dollars of additional backlog for Diamond Offshore, excluding any managed pressure drilling services, and replaces the one-year priced option that was agreed in May 2023.

Anadarko retains three one-year unpriced options, according to Diamond Offshore.

“This extension is a testament to the safe performance of our crews and provides further visibility to our earnings and cash flow streams for 2025 and 2026. Combined with our previous awards, this brings our total contract backlog to approximately $2.1 billion,” said Bernie Wolford, Jr., President and Chief Executive Officer.

Categories: Drilling Industry News Activity North America Drillships Oil and Gas

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