Diamond Offshore stacks two rigs, scrapping another two

Diamond Offshore stacks two rigs, scrapping another two

Houston-based offshore driller Diamond Offshore has revealed that it has stacked two rigs in the last quarter and that it intends to scrap another two.

In its quarterly results, Diamond said that semi-submersible rig Ocean Endeavor and jackup rig Ocean Sceptre have been stacked to minimise costs, “while ensuring the rigs are preserved in such a manner as to enable a quick reactivation when the market recovers”.

The company also revealed that it intends to scrap semi-submersible rigs Ocean Quest and Ocean Star, both of which are currently cold stacked.

Diamond Offshore reported a loss of $589.9m for the quarter caused by impairment charges and related taxes of $612m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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