Diamond Offshore wins £39million rig extension on North Sea with Apache

A new £39million extension with Apache has been announced by Diamond Offshore in the North Sea, following the £480million of new work that was secured in 2019.

The Ocean Patriot vessel has since obtained a 12-month extension with the US company, which is currently working in the Beryl Area, north-east of Aberdeen.

On top of this, Diamond won an extension with Shell contracted until March 2021 on the Ocean Valiant rig.

In the meantime, the world’s largest semisubmersible rig, the Ocean Great White, is currently being warm-stacked after having carried out work for Siccar Point and another operator, which remains unnamed, in 2019.

In 2018, Diamond secured £1.5bn total, and then secured £480m of backlog in 2019, taking the total to £1.2b which ran slightly short from the previous year.

Revealing its outcomes for the year ending December 31, pre-tax losses stood at £311million, increasing the shortage from 2018’s year-end loss of £175million.

Incomes dropped by £96m to £723m as average day rates also declined from £244,000 to £204,000 between the fourth quarters of 2018 and 2019.

For Now, the company additionally took other losses related to foreign currency exchanges and the sales of mooring equipment.