Here we go yet again...Diamond Offshore orders another drillship at Hyundai!

Here is the press release

I can’t stop saying it but we are in a speculative bubble boom of building ships without charters. This can only end up in one place and that is with a burst bubble and dozens of ships being offered at half price rates. Over building is a very bad habit for the offshore industry and it appears to have learned nothing from the past.

i agree with your idea in general: bubbles, be they South-Sea, Dot-Com, or Real Estate are bad.

In this case though, i think Anadarko has just given Diamond a 10 year lease for 2 ultra deepwater rigs.