$350 Drillship Deal with BP Sealed by Diamond Offshore

AI generated image of a modern drillship
Updated Published

Diamond Offshore Drilling, based in Houston, has been awarded a two-year extension for its contract with a BP subsidiary in the US Gulf of Mexico for its seventh-generation drillship, the Ocean BlackHornet.

The company, which is listed on the New York Stock Exchange, announced that the extended operation for the drillship, built in 2014, is scheduled to begin next February, immediately following the end of its current contract.

The extension is expected to generate an additional revenue of roughly $350 million.

Bernie Wolford, the president and CEO of Diamond Offshore, stated, "This award, along with the recent Ocean BlackLion award, contributes significantly to our 2025 and 2026 backlog and future cash flows."

The Ocean BlackLion, a drillship constructed in 2015, is preparing to embark on its new two-year contract with BP starting in September, which is similarly valued at approximately $350 million.