Diamond Offshore sues Australia's Beach Energy for terminating drilling contract [Reuters]
Diamond Offshore Drilling, Inc. (DO)
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Source: Reuters
Diamond Offshore sues Australia's Beach Energy for terminating drilling contract April 27 (Reuters) - Diamond Offshore sued Australian oil and gas producer Beach Energy Ltd for abruptly terminating a $65 million drilling contract, the offshore rig contractor that filed for Chapter 11 bankruptcy protection said. Diamond Offshore, which filed for bankruptcy protection on Sunday, said Beach terminated the agreement, claiming Diamond Offshore missed a “contractual milestone to deliver the rig.” The Houston-based contract driller said the delay was “largely of Beach’s own making” and an attempt to renegotiate the deal for more favorable terms. Diamond asked the court to declare the termination notice invalid. Beach was not immediately available for a comment outside office hours. Prices and demand for oilfield services has worsened since the launch of a “price war” between OPEC and Russia and a steep cut in oil demand caused by the coronavirus pandemic. Under the drilling agreement, the ri
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