Attached files
file | filename |
---|---|
8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC. | h82360e8vk.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
|
CONTACT: Les Van Dyke Director, Investor Relations (281) 492-5370 |
DIAMOND OFFSHORE DRILLING, INC. ANNOUNCES
TERM COMMITMENTS FOR TWO NEW-BUILD DRILLSHIPS
TERM COMMITMENTS FOR TWO NEW-BUILD DRILLSHIPS
Houston, Texas, May 17, 2011 Diamond Offshore Drilling, Inc. (NYSE:DO) today
announced that a subsidiary of the Company has entered into two term drilling contracts with
Anadarko Petroleum Corporation. The contracts, which will utilize Diamond Offshores two new-build
drillships now on order, are expected to generate combined maximum total revenue of approximately
$1.8 billion and represent 10 years of contract drilling backlog. In addition, Anadarko and
Diamond have mutually agreed to dismiss all claims related to the Ocean Monarch.
The dynamically positioned, ultra-deepwater drillships, Ocean BlackHawk and Ocean BlackHornet, are
each contracted for five years commencing in late 2013 and early 2014, respectively. As previously
reported, Hyundai Heavy Industries Co., Ltd. is currently preparing to commence construction of the
two drillships at its South Korean shipyard.
Diamond Offshore President and Chief Executive Officer Larry Dickerson said: We are pleased to
place our newest rigs under contract with Anadarko, with whom we have had a successful long-term
relationship. We look forward to contributing to Anadarkos exploration and development efforts,
working to bring to market energy resources for the worlds increasing demand. A first class
customer, two state of the art rigs and Diamond Offshores high operational standards are all part
of a formula for success.
Diamond Offshore provides contract drilling services to the energy industry around the globe and is
a leader in deepwater drilling.
Maximum contract revenue as stated above assumes 100% rig utilization. Generally, rig utilization
rates approach 95-98% during contracted periods; however, utilization rates can be adversely
impacted by additional downtime due to unscheduled repairs and maintenance. Additional information
on Diamond Offshore Drilling, Inc. and access to the Companys SEC filings is available on the
Internet at www.diamondoffshore.com.
Statements contained in this press release which are not historical facts are forward-looking
statements within the meaning of the federal securities laws. Forward-looking statements are
inherently uncertain and subject to a variety of risks that could cause actual results to differ
materially from those expected by management of the Company. A discussion of the important risk
factors and other considerations that could materially impact these matters as well as the
Companys overall business and financial performance can be found in the Companys reports filed
with the Securities and
Exchange Commission and readers of this release are urged to review those reports carefully when
considering these forward-looking statements. Copies of these reports are available through the
Companys website www.diamondoffshore.com. Given these risk factors, investors and analysts
should not place undue reliance on forward-looking statements. Any such forward-looking statements
speak only as of the date of this press release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any forward-looking statement to
reflect any change in the Companys expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement is based.
####