Diamond Offshore Drilling, Inc. (NYSE:DO) Q3 2023 Earnings Call Transcript

David Smith: I appreciate that. And I also wanted to say congratulations on the Ocean Patriot contracts, just really solid backlog at it. And I don’t want to get greedy, but does the improved outlook for P&A in the UK give you any optimism about potential future reactivation on the Valiant?

Bernie Wolford: Yes. It certainly is encouraging, David. I mean, it’s not in the plan today. But, the unit has been in the market. And the demand picture today would justify our continued interest in the market for that rig.

David Smith: Pretty much appreciated. And if I could sneak one last one in, on the topic of potential reactivations. Sorry if I missed it, but, was there any update to the outlook or potential opportunities for the Ocean Onyx?

Bernie Wolford: No. We didn’t provide any update on that, primarily because we haven’t seen the kind of programs in the market that would justify reactivating that unit in 2024, Dave. I noticed a few days ago that the public tender opening for Petrobras in Brazil revealed kind of where that market stood. And for that particular opportunity, given our expectations for a relatively low day rate, the reactivation cost as well as the capital expenditures required to meet the interestingly high spec for that rig in terms of a moored unit, we declined to bid that unit.

David Smith: Really appreciate the color. That’s all for me.

Bernie Wolford: Thanks much.

Operator: [Operator Instructions] I show no further questions at this time. I would now like to turn the call back to Bernie for closing remarks.

Bernie Wolford: Thanks, operator. Thanks all for your participation in today’s call. And we look forward to speaking with you again next quarter. Have a good day.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.