Diamond Offshore Drilling, Inc. announced that a subsidiary has received notice of termination of its drilling contract for the mid-water semisubmersible Ocean Vanguard from Statoil ASA, its customer for the rig.

The contract provides for a dayrate of approximately $454,000 and was estimated to conclude in accordance with its terms in late February 2015.

Diamond Offshore disputes Statoil's basis for terminating the contract and intends to defend its rights under the drilling contract.

Tags: Diamond Offshore Drilling, Statoil