UPDATE 2-Diamond Offshore sues Australia's Beach Energy for terminating drilling contract [Reuters]
Diamond Offshore Drilling, Inc. (DO)
Last diamond offshore drilling, inc. earnings: 2/10 06:00 am
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Source: Reuters
Diamond Offshore sues Australia's Beach Energy for terminating drilling contract (Reuters) - Bankrupt Diamond Offshore Drilling Inc has sued Australian oil and gas producer Beach Energy Ltd for abruptly terminating a $65 million drilling contract. Beach Energy ended the agreement, claiming Diamond Offshore missed a “contractual milestone to deliver the rig”, the contract driller said in a lawsuit filed on Sunday with the Southern District of Texas, Houston. Seeking the court to declare the termination notice invalid, the Houston-based company, which filed for bankruptcy protection on Sunday, said the delay was “largely of Beach’s own making”. It alleged that Beach Energy’s action pointed to an attempt to renegotiate the deal “for more favorable terms”. The Australian company was not immediately available for a comment outside office hours. Under the drilling agreement, the rig would have been used to drill six wells over a year and Diamond Offshore stood to earn at least $65 million.
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