Diamond Offshore to modify contract for Ocean Confidence
Company News - July 28, 2000
Diamond Offshore Drilling has announced that an agreement has been reached with a subsidiary of BP Amoco (BP) which provides for a modification to the contract covering the Ocean Confidence.The modification provides for an extension of the delivery date from 01 July to 01 December 2000. The extension will allow Diamond Offshore additional time to complete and test the rig for performance in waters of up to 7,500ft.
Diamond Offshore will accrue a penalty based upon the delivery date of the rig and has agreed to accrue an additional obligation to BP for certain types of downtime, which could occur during the first two wells of the drilling contract.
These accruals would incrementally reduce revenue payments from BP to Diamond Offshore during the five-year contract term of the Ocean Confidence.
The company currently expects the Ocean Confidence to be delivered by September 30, 2000. Based upon the expected delivery date, future revenue would be reduced by approximately $3.6 million.Should the delivery occur on December 1, 2000, the maximum such reduction would be approximately $6.1 million.
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