Diamond Offshore (DO) to Sell Ocean Columbia to Hercules (HERO) in $40M Deal
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Diamond Offshore Drilling, Inc. (NYSE: DO) has executed a definitive agreement to sell its subsidiary’s jack-up drilling rig, Ocean Columbia, to a subsidiary of Hercules Offshore, Inc. (Nasdaq: HERO) for a sale price of $40 million in cash. The transaction is expected to close in May 2012, subject to customary closing conditions.
After the transaction closes, employees currently working on the rig will have opportunities to remain with Diamond Offshore, where they may be reassigned within the fleet. Additionally, our current newbuild projects, three ultra-deepwater drillships and a deepwater semisubmersible rig, will create significant employment opportunities as the rigs are delivered from the shipyards in 2013 and 2014.
After the transaction closes, employees currently working on the rig will have opportunities to remain with Diamond Offshore, where they may be reassigned within the fleet. Additionally, our current newbuild projects, three ultra-deepwater drillships and a deepwater semisubmersible rig, will create significant employment opportunities as the rigs are delivered from the shipyards in 2013 and 2014.
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