Diamond Offshore (DO) Announces Termination of Ocean Valor Contract with Petrobras (PBR)

September 1, 2016 6:17 AM EDT

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Diamond Offshore Drilling (NYSE: DO) disclosed the following in an SEC filing on Thursday:

Item 7.01. Regulation FD Disclosure

On August 30, 2016, a subsidiary of Diamond Offshore Drilling, Inc. (the “Company”) received notice of termination from Petróleo Brasileiro S.A. (“Petrobras”) of its drilling contract on the Ocean Valor. The drilling contract, which was extended in 2014, was estimated to conclude in accordance with its terms in October 2018. The Company does not believe that Petrobras had a valid or lawful basis for terminating the contract, and the Company intends to defend the rights of its subsidiary under the contract.

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