AmericasFinance and InsuranceOffshore

Petrobras terminates drilling contract with Diamond Offshore

Brazil’s Petrobras has terminated its contract for Diamond Offshore’s semi-submersible drilling rig Ocean Valor two years early and the owner says legal proceedings could follow.

“The company does not believe that Petrobras had a valid or lawful basis for terminating the contract, and the company intends to defend the rights of its subsidiary under the contract,” NYSE-listed Diamond Offshore said in a filing to the US SEC today.

The drilling contract was extended in 2014 and had been scheduled to terminate in October 2018.

The rig had been earning $455,000 per day during the extension period.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
Back to top button