Diamond Offshore Bags $350MM BP Contract Extension in GOM
Diamond Offshore Drilling, Inc. has closed a two-year contract extension with a subsidiary of BP plc in the US Gulf of Mexico.
The contract extension is for the Ocean BlackHornet rig, which begins in February 2025 in direct continuation of the rig’s current contract. The extension represents approximately $350 million dollars of additional backlog, Diamond said in a news release Sunday.
“This contract deepens our relationship with a key client in the US Gulf of Mexico and is a testament to the great work the men and women of Diamond do for our customers day in and day out. This award, along with the recent Ocean BlackLion award, contributes significantly to our 2025 and 2026 backlog and future cash flows,” Diamond President and CEO Bernie Wolford, Jr. said.
Diamond also entered into a drilling contract with Serica Energy (UK) Limited to utilize the Ocean Patriot for two plug and abandonment wells in the United Kingdom (UK) North Sea.
The program is expected to start in March and to continue for approximately 60 days, Diamond said in a separate news release. The contract represents over $10 million of additional backlog, excluding mobilization, according to the release.
“These awards reflect the continuing