Diamond Offshore sells Ocean Shield rig to Ensco

HOUSTON -- Contract oil driller Diamond Offshore Drilling Inc. said on Wednesday that it has sold the jack-up oil rig Ocean Shield's to Ensco PLC for $186 million.

Diamond said the rig is currently working under contract for Apache Corp. in Australia, and Ensco will assume the contract.

The company called it an "opportunistic transaction" that will give it money for potential investment in deepwater assets.

Diamond said the Ocean Shield's sister rig, the Ocean Scepter, is not for sale.

Diamond Offshore shares rose 71 cents to $63.61 in afternoon trading.