Diamond Offshore Drilling Inc. Announces Drilling Contract.HOUSTON--(BUSINESS WIRE)--June 17, 1999-- Diamond Offshore Drilling Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the energy industry. The company's headquarters are located in Houston, Texas, but they have offices in Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and Inc. (NYSE NYSE See: New York Stock Exchange :DO), has signed a letter of intent for a three-year contract for its 7,500-foot, dynamically positioned drillship "Ocean Clipper clipper, type of sailing ship, designed for speed. Long and narrow, the clipper had the greatest beam aft of the center; the bow cleaved the waves; and the ship carried, besides topgallant and royal sails, skysails and moonrakers—a veritable cloud of sails. " to drill offshore Brazil in 1,500 meters of water. The contract will commence at the end of the fourth quarter of 1999 and is expected to generate revenues of approximately $103 million. Additional payments will be made if the rig works in water deeper than 1,500 meters or earns bonuses that are available under the contract. Diamond Offshore is a leader in deepwater drilling. The Company's fleet of 46 offshore drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. rigs consists of 30 semisubmersibles, 15 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents. When included herein, the words "expects," "intends," "plans," "anticipates," "estimates," and analogous analogous /anal·o·gous/ (ah-nal´ah-gus) resembling or similar in some respects, as in function or appearance, but not in origin or development. a·nal·o·gous adj. expressions are intended to identify forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements, as well as any other forward-looking statements, inherently are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include, among others, general economic and business conditions, industry fleet capacity, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preferences and various other matters, many of which are beyond the Company's control. |
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