Earlier in June 2009, in an unrelated transaction, Diamond Offshore took delivery of the first sister semi-submersible drilling unit the Ocean Courage (previously PetroRig I) after winning a bid to purchase the rig from Jurong Shipyard.

Ocean Valor is the fourth of a series of 10 ultra-deepwater sixth generation semi-submersible rigs built by Jurong Shipyard based on the Friede & Goldman Ex-D Millemnium Class design. The rig is capable of drilling up to 40,000 feet whilst operating in 10,000 feet water depth.