Diamond Offshore to acquire West Vanguard semisubmersible

Diamond Offshore Drilling Ltd. has entered into an agreement to purchase the West Vanguard semisubmersible drilling rig from Stavanger-based Smedvig ASA, for $68.5 million.

By OGJ editors

HOUSTON, Nov. 26 -- Diamond Offshore Drilling Inc., Houston, reported that its subsidiary Diamond Offshore Drilling Ltd. has entered into an agreement to purchase the West Vanguard semisubmersible drilling rig from Stavanger-based Smedvig ASA, for $68.5 million. The companies expect to complete the sale before yearend.

The agreement provides that upon closing the rig will be "bareboat" and will be chartered to a Smedvig affiliate for a period expected to expire during second quarter 2003.

The West Vanguard, currently operating offshore Norway, is a third-generation Bingo 3000 design rig constructed in 1982.

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