Drilling services company Diamond Offshore Drilling Inc said Friday that its subsidiary entered into a term contract ending June 30, 2011 for the Ocean Endeavor rig, reported Trading Matters.com.
The agreement was signed with Burullus Gas Company SAE. Ocean Endeavor will now be immediately mobilized from the Gulf of Mexico to Egypt, the company said in a statement.
Diamond Offshore’s president and CEO, Larry Dickerson, said, "With new contracting severely restricted in the [Gulf of Mexico] a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed."
The new contract, together with a $31 million early termination fee paid by the previous operator of the rig, is expected to generate combined maximum total revenue of approximately $100 million.
