Diamond Offshore Drilling buys $490 million rig

Posted In: Energy

By The Associated Press

Wednesday, September 30, 2009

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Diamond Offshore Drilling Inc. said Wednesday a subsidiary has purchased a $490 million offshore drilling rig.

A company spokesman said the subsidiary, Diamond Offshore Drilling Ltd., bought the rig from Jurong Shipyard Pte Ltd. The transaction is expected to be completed on or about Oct. 1 in Singapore.

Diamond said the rig, which is 7,500 feet deep and can drill another 40,000 feet, will cost about $490 million, not including initial mobilization costs, final commissioning and other costs.

Shares rose 7 cents, to $96.39 in afternoon trading.

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