Diamond To Pay Keppel $150M To Build Deepwater Rig

Law360, New York (January 9, 2012, 4:40 PM EST) -- A subsidiary of Diamond Offshore Drilling Inc. has agreed to pay a Keppel Corp. Ltd.-operated shipyard in Brownsville, Texas, $150 million to construct an offshore deepwater drilling rig, both companies announced Monday.

Diamond said the semisubmersible rig will be named the Ocean Onyx and should be completed at the Keppel shipyard, operated by Keppel AmFELS LLC, by the third quarter of 2013. The project will be financed using available funds, the Houston-based energy company said.

Keppel said that the estimated shipyard contract price is $150 million....
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