The Faber Report
- Wealth Funds May Invest if Europe Finds Debt Solution: China Fund Exec
- Economist Nouriel Roubini's Firm Is For Sale
- Outcome of Euro Zone Crisis Still Impossible to Predict
- Energy Sector Has Undergone 'Tectonic Change': CEO
- Netflix's Self-Inflicted Wound
- Why BofA Is Exiting HCA Stake
- Yahoo Hires UBS, Allen to Navigate Tough Times
- Bartz Ouster From Yahoo Comes with a Bad Quarter
- Euphoria Over Buffett's $5 Billion BofA Investment Subsides
- Has Hewlett-Packard Made Itself a Takeover Target?
FABER REPORT VIDEO
Faber Report: Eaton Acquiring Cooper 
21 May 2012
Coty Withdraws Avon Offer 15 May 2012
Faber Report: Elliot Notifies BMC It Intends to Nominate 5 Board Members 14 May 2012
Faber Report: News Corp Boosts Buybacks 10 May 2012
Faber Report: Hostiles Gone Bad 07 May 2012
Faber Report: Viacom & Cablevision 03 May 2012
RSS FEED
COMMUNITY
RECENT POSTS: THE STRATEGY SESSION
Diamond Offshore Moves Another Rig Out of Gulf
Text Size 
Diamond Offshore Drilling [DO
Loading...
()
] announced this morning they are moving a deepwater drilling rig, Ocean Confidence, to the Republic of Congo and have suspended a Gulf of Mexico contract with Murphy Exploration and Production Company.
The remaining one-year Gulf of Mexico commitment and new international commitment, according to the press release, are expected to generate approximately $234 million.
This comes after Diamond announced last week that it will "immediately mobilize" the Ocean Endeavor from the Gulf of Mexico to Egypt. According to the press release the new contract—combined with a $31 million early termination fee paid by the previous operator of the rig—is expected to generate a total revenue of $100 million.
The President and CEO of Diamond Offshore, Larry Dickerson, said, "With new contracting severely restricted in the GOM (Gulf of Mexico) as a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed."
In terms of a moratorium on offshore drilling, the political fight is heating up. On Monday, the Obama administration issued a new order banning deep-water drilling until November 30. This comes after a federal judge last month blocked a previous White House six-month moratorium on new offshore drilling projects.
We'll keep you posted on the outcome.
Related Links:
- Diamond Offshore Drilling: Press Release Rig Relocation to the Congo
- Diamond Offshore Drilling: Press Release Rig Relocation to Egypt
- Diamond Moves Second Drilling Rig Out of Gulf
_____________________________
_____________________________
More from The Faber Report:
thefaberreport.cnbc.com and now on Twitter @DAVIDFABER_CNBC
Questions? Comments? Write to .
Data is a real-time snapshot *Data is delayed at least 15 minutes
