Salvage Co. Says Diamond Killed $258M Rig Leasing Venture

Law360, Houston (December 12, 2012, 7:43 PM EST) -- Industrial salvage company PRC Environmental Inc. on Wednesday hit Diamond Offshore Drilling Inc. with a suit in Texas federal court, alleging the drilling services contractor made false claims about an offshore oil rig, killing leasing deals worth $258 million.

PRC claims that after it entered into a joint venture to refurbish and market for lease an offshore drilling rig once owned by Diamond, the drilling contractor publicly made claims that the rig could only legally be sold for scrap and could not be put back into service. 

"Such interference has caused PRC to suspend its rig refurbishment project, including negotiations with...

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