Diamond will build ultra-deepwater drillship for $590 million

Diamond Offshore’s subsidiary Diamond Offshore Drilling Ltd, has exercised its option to build a second ultra-deepwater drillship with Hyundai Heavy Industries. Total cost, including commissioning, spares and project management, is expected to be around $590 million. Delivery of the ship is expected in Q4 2013. When completed, the new drillship will bring to 16 the total number of deepwater rigs deployed by Diamond Offshore.

The drillship will be dynamically-positioned, have a seven ram blowout preventer, dual activity capability, five mud pumps and a maximum hook-load capacity of 1,250 tons. The unit will be designed for operations in up to 12,000 ft of water.

Diamond Offshore has also obtained a fixed-price option for the purchase of a third drillship which the company has the right to exercise at any time before the end of the Q1 2011. The two new drillships will be named Ocean BlackHawk and Ocean BlackHornet.