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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC. | h84198e8vk.htm |
Exhibit 99.1
1
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
RECENT COMMITMENTS (See Body of Report For Contract Details/Date Changes and Other Information)
Ocean Princess
|
Rig Name | Nominal WD* |
Location | Status | Operator | Current Term | Dayrate ($000s) |
Start Date | Est. End Date | ||||||||
Domestic Deepwater Semisubmersibles (2) | ||||||||||||||||
Ocean Victory (Note 1)
|
5,500 | GOM | Current Contract | ATP | continue six-wells | low 560s | mid May 2011 | late Oct. 2011 | ||||||||
Ocean Monarch
|
10,000 | GOM | Current Contract | Marathon | one well | mid 290s | mid May 2011 | mid Aug. 2011 | ||||||||
GOM/Mobe | DODI | standby for heavy lift, prep and mobe to Vietnam |
mid Aug. 2011 | mid Nov. 2011 | ||||||||||||
Vietnam | Future Contract | BP | two wells + two options | mid 340s | mid Nov. 2011 | mid Feb. 2012 | ||||||||||
Domestic 2nd Generation Semisubmersibles (1) | ||||||||||||||||
Ocean Saratoga
|
2,200 | GOM | Five Year Survey/ Actively Marketing |
DODI | late July 2011 | mid Sept. 2011 | ||||||||||
Domestic Jack-ups (2) |
||||||||||||||||
Ocean Columbia
|
250 IC | GOM | Actively Marketing | DODI | ||||||||||||
Ocean Titan
|
350 IC | GOM | Current Contract | Magnum Hunter | 45 days | low 80s | late July 2011 | late Sept. 2011 | ||||||||
GOM | Prep for Mexico | DODI | late Sept. 2011 | mid Nov. 2011 | ||||||||||||
Mexico | Future Contract | Pemex | 777-day term | mid 100s | mid Nov. 2011 | late Dec. 2013 | ||||||||||
Note (1). Victory In regard solely to the ATP contract, for a minimum of the first 240
days and potentially for all of the initial one-year contract period, Contract Drilling Revenue is to be recognized under
normal GAAP accrual accounting at $540,000 per day, and additional contract dayrate of $20,000 is
to be recognized as interest income over applicable periods reflecting deferred payment plan. The
contract calls for $75,000 per day of the $560,000 contract dayrate to be paid on a current basis
and the remaining $485,000 per day to be paid pursuant to an overriding royalty interest structure,
as discussed in the Companys Form 8-K that was filed on June 3, 2009. The contract may be extended beyond the initial one-year contract period for such days as are necessary to complete the drilling of a well then in progress and the dayrate for such days, if any,
will be $540,000 payable in cash.
2
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
Rig Name | Nominal WD* |
Location | Status | Operator | Current Term | Dayrate ($000s) |
Start Date | Est. End Date | ||||||||
International Semisubmersibles (25) | ||||||||||||||||
North Sea/Mediterranean | ||||||||||||||||
Ocean Nomad
|
1,200 | North Sea | Current Contract | BG Intl. | four firm wells | mid 240s | late Dec. 2010 | late Oct. 2011 | ||||||||
North Sea | Future Contract | BG Intl. | four firm wells + one priced option well | mid 230s | early Nov. 2011 | late May 2012 | ||||||||||
Ocean Guardian
|
1,500 | Falkland Is. | Current Contract | AGR/Desire/ Rockhopper | third firm well | mid 270s | mid Aug. 2011 | mid Sept. 2011 | ||||||||
Falkland Is. | Future Contract | AGR/Desire/ Rockhopper | first & second firm of 10 priced option wells | mid 270s | mid Sept. 2011 | mid Nov. 2011 | ||||||||||
Ocean Princess
|
1,500 | North Sea | Intermediate Survey | DODI | mid Aug. 2011 | late Sept. 2011 | ||||||||||
North Sea | Actively Marketing | DODI | late Sept. 2011 | early Jan. 2012 | ||||||||||||
North Sea | Future Contract | Enquest | 600-day term + unpriced option | low 230s | early Jan. 2012 | late Aug. 2013 | ||||||||||
Ocean Vanguard
|
1,500 | North Sea | Current Contract | Statoil | three-year term + unpriced option | high 340s | mid Aug. 2010 | mid June 2013 | ||||||||
Ocean Endeavor
|
10,000 | Egypt | Current Contract | Burullus | eight-month extension + priced options | mid 280s | late July 2011 | mid Mar. 2012 | ||||||||
Ocean Confidence
|
10,000 | Angola | Current Contract | Cobalt | 2nd & 3rd firm wells + option | low 360s | mid July 2011 | late Jan. 2012 | ||||||||
Mobe to GOM | DODI | To be determined | ||||||||||||||
GOM | Future Contract | Murphy | resume interrupted contract, 365 days + unpriced option | low 510s | To be determined | |||||||||||
Ocean Valiant (Note 2) |
5,500 | Angola | Current Contract | Total | two-year term | low 620s | late Sept. 2009 | mid Sept. 2011 | ||||||||
Equatorial Guinea | Future Contract | Hess | Four firm wells+two priced option wells | low 320s | mid Sept. 2011 | early Jan. 2012 | ||||||||||
Note (2). Valiant Dayrate subject to certain potential adjustments that are not expected to be material.
3
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
Rig Name | Nominal WD* |
Location | Status | Operator | Current Term | Dayrate ($000s) |
Start Date | Est. End Date | ||||||||
Australasia |
||||||||||||||||
Ocean Patriot
|
1,500 | Australia | Current Contract | PTTEP | 200 day term | mid 230s | mid June 2011 | early March 2012 | ||||||||
Ocean America
|
5,500 | Australia | Current Contract | Woodside | remainder term | mid 420s | mid March 2011 | mid Aug. 2012 | ||||||||
Ocean General
|
3,000 | Indonesia | Current Contract | Premier Oil | remainder of two
wells + two unpriced option |
low 240s | late April 2011 | late Sept. 2011 | ||||||||
Thailand | Survey | DODI | late Sept. 2011 | early Dec. 2011 | ||||||||||||
Ocean Rover
|
8,000 | Indonesia | Current Contract | Murphy/Hess | two term + one option well |
high 370s | mid Dec. 2010 | mid Dec. 2011 | ||||||||
Malaysia | Maintenance | DODI/Murphy | low 150s | mid Dec. 2011 | mid Feb. 2012 | |||||||||||
Malaysia | Resume Current Contract | Murphy | resume two-year ext. | low 450s | mid Feb. 2012 | late May 2012 | ||||||||||
Malaysia | Future Contract | Murphy | 600-day extension + unpriced option |
mid 280s | late May 2012 | mid Jan. 2014 |
4
DIAMOND OFFSHORE DRILLING,INC.RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
Rig Name | Nominal WD* | Location | Status | Operator | Current Term | Dayrate ($000s) | Start Date | Est. End Date | ||||||||||||||||||||||||
Brazil (Note 3) |
||||||||||||||||||||||||||||||||
Ocean Ambassador |
1,100 | Brazil | Current Contract | OGX | 3-year term | low 260s | mid Sept. 2009 | mid Sept. 2012 | ||||||||||||||||||||||||
Ocean Whittington |
1,650 | Brazil | Current Contract | Petrobras | 5-year term (includes 50% of pot.15% bonus) | low 240s | late Jan. 2009 | late Dec. 2011 | ||||||||||||||||||||||||
Brazil | Actively Marketing | DODI | remaining term transferred to Concord | |||||||||||||||||||||||||||||
Ocean Concord |
2,300 | Brazil | Current Contract | Petrobras | 5-year term (includes 50% of pot.15% bonus) | high 240s | early Jan. 2008 | early Jan. 2013 | ||||||||||||||||||||||||
Brazil | Future Contract | Petrobras | remainder of Whittington and Yorktown terms | high 240s | early Jan. 2013 | early Aug. 2015 | ||||||||||||||||||||||||||
Ocean Lexington |
2,200 | Brazil | Current Contract | OGX | 3-year term | mid 330s | early Feb. 2010 | early Mar. 2012 | ||||||||||||||||||||||||
Brazil | Current Contract | OGX | 3-year term (rate reduction blended across Star and Quest) |
low 270s | early Mar. 2012 | early Feb. 2013 | ||||||||||||||||||||||||||
Ocean Yorktown |
2,850 | Brazil | Current Contract | Petrobras | 5-year term (includes 50% of pot.15% bonus) | low 250s | mid Aug. 2008 | mid Aug. 2011 | ||||||||||||||||||||||||
Demobe | Demobe to GOM, survey, prep for Mexico | DODI | remaining term transferred to Concord | mid Aug. 2011 | mid Nov. 2011 | |||||||||||||||||||||||||||
Mexico | Future Contract | Pemex | 930-day term | mid 180s | mid Nov. 2011 | early June 2014 | ||||||||||||||||||||||||||
Ocean Yatzy |
3,300 | Brazil | Current Contract | Petrobras | 5-year term (includes 50% of pot.10% bonus) |
mid 250s | early Oct. 2009 | early Oct. 2014 | ||||||||||||||||||||||||
Ocean Quest |
4,000 | Brazil | Remainder term at new blended rate | OGX | revised 2-year term | low 270s | mid Feb. 2011 | late Dec. 2011 | ||||||||||||||||||||||||
Brazil | Future Contract | OGX | 1-year extension + second 1-year extension | low 270s | late Dec. 2011 | late Dec. 2013 | ||||||||||||||||||||||||||
Ocean Winner |
4,000 | Brazil | Current Contract | Petrobras | 5-year term (includes 50% of pot.10% bonus) | mid 280s | mid Oct. 2010 | mid March 2015 | ||||||||||||||||||||||||
Ocean Worker |
4,000 | Brazil | Current Contract | Petrobras | 6-year term (includes 50% of pot.10% bonus) | mid 280s | late Feb. 2009 | late Feb. 2015 | ||||||||||||||||||||||||
Ocean Alliance |
5,250 | Brazil | Current Contract | Petrobras | 6-year term (includes 50% of pot.15% bonus) | mid 360s | late July 2010 | late June 2016 | ||||||||||||||||||||||||
Note (3) All Brazilian contracts include unpriced options | ||||||||||||||||||||||||||||||||
5
DIAMOND OFFSHORE DRILLING,INC.RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
Rig Name | Nominal WD* | Location | Status | Operator | Current Term | Dayrate ($000s) | Start Date | Est. End Date | ||||||||||||||||||||||||
Brazil Cont. (Note 3) |
||||||||||||||||||||||||||||||||
Ocean Star |
5,500 | Brazil | Current Contract | OGX | part one of 2-year term extension | low 310s | mid Feb. 2011 | late Dec. 2011 | ||||||||||||||||||||||||
Brazil | Future Contract | OGX | part two of 2-year term extension | low 270s | late Dec. 2011 | early Apr. 2012 | ||||||||||||||||||||||||||
Brazil | Future Contract | OGX | 1-year extension | low 300s | early Apr. 2012 | mid Feb. 2014 | ||||||||||||||||||||||||||
Ocean Baroness |
7,000 | Brazil | Current Contract | Petrobras | converted to five-year term (includes 50% of pot. 5% bonus) | low 270s | early Sept. 2011 | early Sept. 2015 | ||||||||||||||||||||||||
Ocean Courage |
10,000 | Brazil | Current Contract | Petrobras | five-year term (includes 50% of pot. 6% bonus) | 400 - 410 | mid Feb. 2010 | mid Feb. 2015 | ||||||||||||||||||||||||
Ocean Valor |
10,000 | Brazil | Current Contract | Petrobras | converted to five-year term (includes 50% of pot. 5% bonus) | low 440s | early Sept. 2011 | mid Oct. 2015 | ||||||||||||||||||||||||
Brazil | Maintenance | DODI | early Oct. 2011 | late Oct. 2011 | ||||||||||||||||||||||||||||
Drillship (1) |
||||||||||||||||||||||||||||||||
Ocean Clipper |
7,875 | Brazil | Current Contract | Petrobras | 5-year term (includes 50% of pot. 5% bonus) | mid 310s | mid Dec. 2010 | late Sept. 2011 | ||||||||||||||||||||||||
Brazil | Survey/Upgrade for Petrobras | DODI | late Oct. 2011 | late Jan. 2012 | ||||||||||||||||||||||||||||
Brazil | Resume Current Contract | Petrobras | 5-year term (includes 50% of pot. 5% bonus) | mid 310s | late Dec. 2011 | early Dec. 2015 | ||||||||||||||||||||||||||
Note (3) All Brazilian contracts include unpriced options |
6
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
Nominal | Dayrate | |||||||||||||||
Rig Name | WD* | Location | Status | Operator | Current Term | ($000s) | Start Date | Est. End Date | ||||||||
International Jack-ups (7) | ||||||||||||||||
Ocean Nugget |
300 IC | Mexico | Five Year Survey | DODI | late July 2011 | early Sept. 2011 | ||||||||||
Mexico | Future Contract | Pemex | 430 day term | mid 80s | early Sept. 2011 | mid Oct. 2012 | ||||||||||
Ocean Summit |
300 IC | Mexico | Current Contract | Pemex | 288 day term | mid 80s | late March 2011 | late Dec. 2011 | ||||||||
Mexico | Five Year Survey | DODI | mid Aug. 2011 | mid Sept. 2011 | ||||||||||||
Mexico | Standby and Future Contract | Pemex | 985 day term | mid 80s | late Dec. 2011 | mid Sept. 2014 | ||||||||||
Ocean Scepter |
350 IC | Brazil | Current Contract | OGX | one-year term + unpriced option |
mid 130s | early Feb. 2011 | early Feb. 2012 | ||||||||
Ocean King |
300 IC | Montenegro | Actively Marketing | DODI | ||||||||||||
Ocean Sovereign |
300 IC | Thailand | Current Contract/Actively Marketing | Salamander | Six firm + three unpriced option wells |
low 70s | early Feb. 2011 | mid Sept. 2011 | ||||||||
Thailand | Five Year Survey | DODI | late Sept. 2011 | mid Dec. 2011 | ||||||||||||
Ocean Heritage |
300 IC | Suez Gulf | Current Contract/Actively Marketing | SUCO | six-month ext. w/ right to terminate after 3 mo. |
high 50s | early Feb. 2011 | late Sept. 2011 | ||||||||
Suez Gulf | Five Year Survey | DODI | late Sept. 2011 | early Nov. 2011 | ||||||||||||
Ocean Spur |
300 IC | Egypt | Current Contract/Actively Marketing | WEPCO | one-year extension + unpriced option |
mid 60s | late Oct. 2010 | late Oct. 2011 | ||||||||
RIGS UNDER CONSTRUCTION Dynamically Positioned Drillships (3) | ||||||||||||||||
Ocean BlackHawk |
12,000 | S. Korea | Hyundai | DODI | Q1 2011 | Q2 2013 | ||||||||||
TBA | Future Contract | Anadarko | five-year term | mid 490s | Q4 2013 | Q4 2018 | ||||||||||
Ocean BlackHornet |
12,000 | S. Korea | Hyundai | DODI | Q1 2011 | Q4 2013 | ||||||||||
TBA | Future Contract | Anadarko | five-year term | mid 490s | Q2 2014 | Q2 2019 | ||||||||||
Ocean TBA |
12,000 | TBA | Hyundai | DODI | Q2 2011 | Q2 2014 |
NOTES:
Rig utilization rates can be adversely impacted by additional
downtime due to unscheduled repairs and maintenance, and other
factors.
On rig utilization, assume 95% for DP units, 96% for conventionally moored rigs, and 98% for jack-ups. GOM=Gulf of Mexico.
Options are un-priced and any extension of contract is subject to mutually agreeable terms & conditions unless otherwise indicated.
ALL DAYRATES EXCLUSIVE OF MOBE. Mobe revenues (if any) and mobe expenses are deferred, and generally are amortized over the life of the contract.
* Nominal Water Depth Nominal water depth (in ft.) reflects the rigs current operating water depth capability. Often, rigs are capable of drilling, or have drilled, in greater water depths. In all cases, floating rigs are capable of working successfully at greater depths than their nominal depth. On a case by case basis, we may achieve a greater depth capacity by providing additional equipment. |
7
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
EXPECTED 2011 DOWNTIME 10 DAYS OR LONGER (Subject to Change*)
Total DT YTD 221
|
EST 11 Total = 988 |
Rig | # Days | July Actual | EST Q3 | Comments | |||||||||
Shipyard 5-Year Surveys/Maintenance |
|||||||||||||
Nugget |
0 | 40 | 5-year survey/maintenance | ||||||||||
Clipper |
0 | 0 | 5-year survey/maint/upgrade Q4 (75) | ||||||||||
Summit |
0 | 35 | 5-year survey/maintenance | ||||||||||
General |
0 | 0 | 5-year survey Q4 (60) | ||||||||||
Saratoga |
0 | 50 | 5-year survey/maintenance | ||||||||||
Sovereign |
0 | 8 | 5-year survey/maintenance Q4 (92) | ||||||||||
Heritage |
0 | 0 | 5-year survey/maintenance Q4 (40) | ||||||||||
Total 5-year Surveys |
0 | 133 | |||||||||||
Intermediate Surveys/Acceptance Testing/Maintenance |
|||||||||||||
Princess |
0 | 45 | Intermediate survey/maintenance | ||||||||||
Total Contract Prep. |
0 | 45 | |||||||||||
Contract Prep/Maintenance/Other |
|||||||||||||
Monarch |
0 | 47 | Standby heavy lift/mobe Vietnam Q4(45) | ||||||||||
Yorktown |
0 | 60 | Mobe GOM/prep/mobe to Mexico Q4 (80) | ||||||||||
Valor |
19 | 19 | Maintenance | ||||||||||
Worker |
10 | 10 | |||||||||||
Titan |
0 | 10 | Prep and mobe Mexico Q4 (80) | ||||||||||
Scepter |
0 | 0 | Standby | ||||||||||
Other Total |
29 | 146 | |||||||||||
Total |
29 | 324 |
* Reflects currently planned downtime. Expect additional downtime in form of possible mobes for new jobs not yet contracted, possible acceptance testing at new jobs, and unanticipated maintenance. Survey start times may also be accelerated or delayed for various reasons. |
Does Not Include Cold or Hot Stacked Rigs (see final page for cold stacked units).
2012 ESTIMATED SURVEY DOWNTIME = 894 days
Special
Surveys: Whittington (120); Endeavor (50); Patriot (50); Quest (105);
Worker (75); Star (75); Baroness (75); Victory (60); Cont. Clipper
(25); King (35).
Intermediate
Surveys/UWILD: Guardian (60); Columbia (12); Titan (12); Courage
(10); Valor (10).
Other Prep/Maintenance: Confidence (60); Rover (60).
Survey
Costs: During surveys, normal opex applies, plus additional
costs.
Mobe Costs: Amortized mobe costs are generally offset by amortized mobe revenues.
8
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 16, 2011
August 16, 2011
Rig Name | Nominal WD |
Location | Status | Operator | Order Date | Est. Delivery Date |
||||||||||
COLD STACKED RIGS (8 ) = (4 jack-ups, 4 semisubmersibles) |
||||||||||||||||
Ocean Crusader |
200 MC | GOM | Stacked | DODI | ||||||||||||
Ocean Drake |
200 MC | GOM | Stacked | DODI | ||||||||||||
Ocean Champion |
250 MS | GOM | Stacked | DODI | ||||||||||||
Ocean Spartan |
300 IC | GOM | Stacked | DODI | ||||||||||||
Ocean Voyager |
3,200 | GOM | Stacked | DODI | ||||||||||||
Ocean Epoch |
3000 | Malaysia | Stacked | DODI | ||||||||||||
Ocean New Era |
1,500 | GOM | Stacked | DODI | ||||||||||||
Ocean Bounty |
1,500 | Malaysia | Stacked | DODI | ||||||||||||
Forward-Looking Statements: The rig status report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may
project, indicate or imply future results, events, performance or achievements, and may contain or be identified by the words expect, intend, plan, predict,
anticipate, estimate, believe, should, could, may, might, will, will be, will continue, will likely result, project, budget, forecast, and similar
expressions. Statements by the Company in the rig status report that contain forward-looking statements include, but are not limited to, statements regarding the
current term, future dayrates, future status, start and end dates, and comments concerning future contracts and availability, letters of intent, utilization, surveys,
downtime and other aspects of the Companys drilling rigs, as well as statements concerning related legal proceedings and outcomes thereof, the impact of these and
related events on our operations and revenues, the effects of claims of force majeure and the outcomes of discussions with operators with regard thereto, rigs being
upgraded or to be upgraded, rigs under construction and the revised Ocean Victory contract. Such statements are inherently subject to a variety of assumptions, risks
and uncertainties that could cause actual results to differ materially from those anticipated or projected. A discussion of the risk factors that could impact these areas
and the Companys overall business and financial performance can be found in the Companys reports and other documents filed with the Securities and Exchange
Commission. These factors include, among others, general economic and business conditions, contract cancellations, customer bankruptcy, operating risks, casualty
losses, industry fleet capacity, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and
economic conditions, regulatory initiatives and compliance with governmental regulations, customer preferences and various other matters, many of which are beyond
the Companys control. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement
speaks only as of the date of the rig status report, and the Company undertakes no obligation to publicly update or revise any forward-looking statement.