Diamond M Orders Two Jackup Rigs And A Semisubmersible

The board of directors of Diamond M Drilling Company, Houston, TexasJbased international drilling contractor, has authorized the construction of two new selfelevating jackup drilling rigs and a self-propelled semisubmersible drilling vessel.

The jackups are to be constructed at Levingston Shipbuilding Co.

in Orange, Texas, and are scheduled for completion in September 1975 and February '1976. The new semi is to be built by Alabama Dry Dock & Shipbuilding Company, Mobile, Ala., and delivery is scheduled for November 1975. It will be the third Diamond M-Korkut designed and semisubmersible built by Diamond M at Alabama Dry Dock. The first was delivered on November 5, 1973. The second is scheduled to be delivered in August 1974 for work in the Gulf of Mexico.

Additional shipyard costs due to revised plans and specifications have increased the original cost estimate for this second semi from $1 Sy2 million to $25^ million.

The addition of these new mobile rigs will bring the company's mobile offshore rig construction program— which began in 1972—to over $120 million.

Diamond M chairman and chief executive officer Don E. McMahon said the company has executed definitive agreements in connection with the previously announced venture with a group of Norwegian investors with respect to the construction supervision and management of another self-propelled semisubmersible drilling vessel of the Diamond M-Korkut design. This Norwegian rig will also be built at Alabama Dry Dock, and delivery is scheduled for July 1975. The rig will be owned by a newly formed Norwegian company, in which Diamond M will have a 20 percent interest.

Diamond M now owns 12 barge rigs, four self-contained platform rigs, a self-propelled drilling tender, a self-elevating mobile platform, and one twin-hull propulsion assisted semisubmersible drilling vessel.

The company's equipment is currently located off the Texas and Louisiana coasts and offshore Aracaju, Brazil.

Other stories from February 15, 1974 issue


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