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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC.d440669d8k.htm

Exhibit 99.1

 

LOGO   

Diamond Offshore Drilling, Inc.

Rig Status Report

November 16, 2012

Updated information noted in bold print

No new contract commitments

 

   

Water 1,2

Depth

    Year 3           Contract
Dayrate
  Estimated   Estimated       Planned Downtime  4,5,6     (For Periods Lasting >10 days)

Rig Name

  (feet)    

Built

 

Location

  Operator  

(USD)

 

Start Date

 

End Date

 

Status

  4Q12     2013    

Comments

GULF OF MEXICO SEMISUBMERSIBLES (5)

          Total:     176       
                 

 

 

     

Ocean Ambassador

    1,100      1975   Brazil   —     —     Early Nov 2012   early Feb 2013   Mobe to US GOM; maintenance      
      US GOM   —     —     —     —     Actively marketing       S      5-Year Special Survey

Ocean Whittington

    1,650      1974   US GOM   —     —     —     —     Stacked, pending engineering evaluation      

Ocean Saratoga

    2,200      1976   US GOM   BP   130,000   early Sep 2012   late Nov 2012   Standby rate (revenue deferred and amortized during contract term)      
      US GOM   BP   260,000   late Nov 2012   late Apr 2013   Two-well term + priced one-well option      

Ocean Yorktown

    2,850      1976   Mexico   Pemex   184,000   early Jan 2012   late July 2014   930-day term      

Ocean Victory

    5,500 (15K)      1997   US GOM   Eni US
Operating Co.
  419,500   mid Jun 2012   early Sep 2013   1-year term + 2 unpriced 1-year options     65        5-Year Special Survey + BOP Upgrade

GULF OF MEXICO JACK-UPS (5)

               

Ocean King

    300 IC      1973   Montenegro   —     —     early Nov 2012   early Feb 2013   Prep for transit; mobe to US GOM; prep & maintenance      
      US GOM   —     —     —     —     Actively marketing      

Ocean Nugget

    300 IC      1976   Mexico   Pemex   83,999   mid Sep 2011   late Jan 2013   Extension of 430-day term       M      Planned Maintenance

Ocean Summit

    300 IC      1972   Mexico   Pemex   85,999   mid Sep 2012   late May 2015   985-day term      

Ocean Titan

    350 IC (15K)      1974   Mexico   Pemex   103,000   mid Dec 2011   early Jan 2014   778-day term      

Ocean Scepter

    350 IC (15K)      2008   Mexico   Pemex   134,999   late Dec 2011   late Jul 2013   612-day term       S      5-Year Special Survey

INTERNATIONAL SEMISUBMERSIBLES (23)

           

North Sea/Mediterranean/W. Africa

             

Ocean Nomad

    1,200      1975   UK   Fairfield
Cedrus
  280,000   mid Oct 2012   early Jan 2013   Two wells      
      UK   Dana
Petroleum
  280,000   early Jan 2013   late Jan 2013   One well      
      UK   First Oil   280,000   late Jan 2013   late Feb 2013   One well      
      UK   Iona   280,000   late Feb 2013   early Apr 2013   One well      
      UK   Noreco   280,000   early Apr 2013   mid May 2013   One well      
      UK   —     —     mid May 2013   mid Jul 2013   2-1/2 Year Special Survey       S      2-1/2 Year Special Survey
      UK   Dana
Petroleum
  330,000   mid Jul 2013   mid Jul 2015   2-year term + 2 x 6-month unpriced options      

Ocean Guardian

    1,500 (15K)      1985   UK   Shell   263,000   mid Jul 2012   mid Jul 2014   2-year firm term      
      UK   Shell   350,000   mid Jul 2014   mid Jul 2015   1-year option      

Ocean Princess

    1,500 (15K)      1975   UK   EnQuest   230,000   early Jan 2012   late Aug 2013   600-day term + 2 x 6-month unpriced options       S      2-1/2 Year Special Survey

Ocean Vanguard

    1,500 (15K)      1982   Norway   Statoil   352,400   mid Aug 2010   mid Jun 2013   3-year term      
        —     —     mid Jun 2013   late July 2013   Special Survey       S      2-1/2 Year Special Survey
      Norway   Statoil   450,000   late July 2013   mid Mar 2015   20-month option + unpriced option      

Ocean Valiant

    5,500      1988   Equatorial Guinea   Hess   375,466   mid Oct 2012   late Jan 2013   Two option wells       S      5-Year Special Survey
      Equatorial Guinea   Hess   515,000   late Jan 2013   late Apr 2013   Two wells; convertible to 4-well term at dayrate of $500,000      

Ocean Endeavor

    10,000 (15K)      2007   Egypt   Burullus /
RASHPETCO
  285,000   late Jul 2012   early Apr 2013   4-month extension + 1 x 4-month priced option      
      —     —     —     early Apr 2013   mid Aug 2013   Actively marketing      
      Worldwide   Not Disclosed   285,000   mid Aug 2013   mid Dec 2013   Mobilization and customer requested upgrades      
      Worldwide   Not Disclosed   521,665   mid Dec 2013   mid Jun 2015   18-month term (dayrate includes 50% of potential 6.6% bonus)      

 

Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC.

   Page 1 of 4


   

Water 1,2

Depth

    Year 3           Contract
Dayrate
  Estimated   Estimated       Planned Downtime  4,5,6     (For Periods Lasting >10 days)

Rig Name

  (feet)    

Built

 

Location

  Operator  

(USD)

 

Start Date

 

End Date

 

Status

  4Q12     2013     Comments

Ocean Confidence

    10,000 DP (15K)      2001   Congo   Murphy   422,536   late Sep 2012   late Nov 2012   One well      
      Congo   —     —     late Nov 2012   mid Dec 2012   Maintenance     30       
      Angola   Cobalt   360,000   mid Dec 2012   mid Jan 2013   Completion of well      
      Angola   Cobalt   375,000   mid Jan 2013   mid Jun 2013   One well      
      Angola   Cobalt   430,000   mid Jun 2013   mid Nov 2013   One well      
      Cameroon   Murphy   430,000   mid Nov 2013   late Feb 2014   Firm well      
      US GOM   Murphy   —     To Be Determined     Mobe to US GOM      
      US GOM   Murphy   511,635   To Be Determined    

Resume interrupted contract, 365

days + unpriced option

     

Australasia

                     

Ocean Patriot

    3,000 (15K)      1983   Vietnam   Idemitsu   272,500   mid Aug 2012   mid Jan 2013   One well      
      Philippines   —     —     mid Jan 2013   late Feb 2013   5-Year Special Survey       S      5-Year Special Survey
      Philippines   —     —     late Feb 2013   early Apr 2013   standby      
      Philippines   Otto Energy   275,000   early Apr 2013   early Jul 2013   Two wells + unpriced option well      

Ocean General

    3,000      1976   Indonesia   Mitra Energy
Consortium
  255,000   mid Jul 2012   mid May 2013   Seven firm wells + two declared option wells + four unpriced option wells      

Ocean America

    5,500 (15K)      1988   Australia   Woodside   405,000   mid Sep 2012   late Apr 2013   Five-well extension      
      Singapore   —     —     late Apr 2013   late Jul 2013   Demobe to Singapore; 5-Year Special Survey; mobe       S      5-Year Special Survey +
BOP Upgrade
      Australia   Chevron   475,000   late Jul 2013   late Jan 2015   18-month term + 1-year unpriced option      

Ocean Rover

    8,000 (15K)      2003   Malaysia   Murphy   304,547   late Apr 2012   mid Feb 2014   600-day extension       S      5-Year Special Survey
moved into 2013

Ocean Monarch

    10,000 (15K)      2008   Indonesia   Niko Resources   385,000   early Oct 2012   early Oct 2016   4-year term + 1-year unpriced option      

Brazil / S. America

                     

Ocean Concord

    2,300      1975   Brazil   Petrobras   247,788   early Jan 2008   early Jan 2013   5-year term (includes 50% of pot.15% bonus) + unpriced option      
      Brazil   Petrobras   247,788   early Jan 2013   mid Jul 2015   Remainder of Whittington and Yorktown terms      

Ocean Lexington

    2,200      1976   Brazil   OGX   271,000   early Mar 2012   early Feb 2013   3-year term (rate reduction blended across Star and Quest)      
      Brazil   —     —     early Feb 2013   early Apr 2013   Customs clearance; mobe to Trinidad      
      Trinidad   BG International
/ Niko / Centrica
  300,000   early Apr 2013   late Jul 2014   477-day term + 3 x 45-day unpriced options + 315-day unpriced option      

Ocean Yatzy

    3,300 DP      1989   Brazil   Petrobras   257,250   early Oct 2009   early Oct 2014   5-year term (incl. 50% of potential 10% bonus) + unpriced option      

Ocean Quest

    4,000 (15K)      1973   Brazil   OGX   265,000   late Dec 2011   late Dec 2013   1-year extension + second 1-year extension     31        S      5-Year Special Survey and
quarters upgrade: 105
days in total

Ocean Winner

    4,000      1976   Brazil   Petrobras   283,500   mid Oct 2010   mid Mar 2015   5-year term (incl. 50% of potential 10% bonus) + unpriced option      

Ocean Worker

    4,000      1982   Brazil   Petrobras   283,500   late Feb 2009   late Feb 2015   6-year term (incl. 50% of potential 10% bonus) + unpriced option     50        S      5-Year Special Survey:
65 days in total

Ocean Alliance

    5,250 DP (15K)      1988   Brazil   Petrobras   367,089   late Jul 2010   mid Jun 2016   6-year term (incl. 50% of potential 15% bonus) + unpriced option       S      5-Year Special Survey

Ocean Star

    5,500 (15K)      1997   Brazil   OGX   301,000   early Jun 2012   late Feb 2014   Remainder of 2-year term at blended rate + 1-year extension      

Ocean Baroness

    8,000 (15K)      2002   Brazil   Petrobras   276,750   early Sep 2011   early Sep 2015   Converted to 5-year term (incl. 50% of potential 5% bonus) + unpriced option      

Ocean Courage

    10,000 DP (15K)      2009   Brazil   Petrobras   406,850   mid Feb 2010   mid Feb 2015   5-year term (incl. 50% of potential 6% bonus) + unpriced option      

Ocean Valor

    10,000 DP (15K)      2009   Brazil   Petrobras   440,000   early Sep 2011   mid Oct 2015   Converted to 5-year term + unpriced option      

 

Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC.

   Page 2 of 4


   

Water 1,2

Depth

    Year 3          

Contract

Dayrate

  Estimated
  Estimated
      Planned Downtime  4,5,6   (For Periods Lasting >10 days)

Rig Name

  (feet)    

Built

 

Location

 

Operator

 

(USD)

 

Start Date

 

End Date

 

Status

  4Q12   2013   Comments

INTERNATIONAL JACK-UPS (1)

             

Ocean Spur

    300 IC      1981   Ecuador   Saipem   30,000   mid Oct 2012   mid Oct 2014   2-year bareboat charter      

INTERNATIONAL DRILLSHIPS (1)

               

Ocean Clipper

    7,875 DP (15K)      1997   Brazil   Petrobras   312,625   late Jan 2012   early Dec 2015   Remainder of 5-year term contract (incl. 50% of potential 5% bonus)+ unpriced option      

RIGS UNDER CONSTRUCTION (6)

             

Ocean BlackHawk

    12,000 DP (15K)      2013   S. Korea   —     —     Q1 2011   Q2 2013   Hyundai      
        —     —     Q2 2013   late Dec 2013   Commissioning, mobe, acceptance      
      To Be Determined   Anadarko   495,000   late Dec 2013   Q4 2018   Five-year term + unpriced option      

Ocean BlackHornet

    12,000 DP (15K)      2013   S. Korea   —     —     Q1 2011   Q4 2013   Hyundai      
        —     —     Q4 2013   late Jun 2014   Commissioning, mobe, acceptance      
      To Be Determined   Anadarko   495,000   late Jun 2014   Q2 2019   Five-year term + unpriced option      

Ocean BlackRhino

    12,000 DP (15K)      2014   S. Korea   —     —     Q2 2011   Q2 2014   Hyundai      
        —     —     Q2 2014   Q4 2014   Commissioning, mobe, acceptance      

Ocean BlackLion

    12,000 DP (15K)      2014   S. Korea   —     —     Q2 2012   Q4 2014   Hyundai      
        —     —     Q4 2014   Q2 2015   Commissioning, mobe, acceptance      

Ocean Onyx

    6,000 (15K)      2013   US GOM   —     —     Q1 2012   Q3 2013   Keppel AmFELS; Commissioning, mobe, acceptance      
      US GOM   Apache Corporation   490,000   Q3 2013   Q3 2014   1-year term + 1-year unpriced option      

Ocean Apex

    6,000 (15K)      2014   Singapore   —     —     Q3 2012   Q2 2014   Jurong Shipyard      
        —     —     Q2 2014   Q3 2014   Commissioning, mobe, acceptance      

COLD STACKED (3)

               

    (1 jack-up, 2 semisubmersibles)

                 

Ocean Spartan

    300 IC      1980   US GOM   —     —         Stacked      

Ocean New Era

    1,500      1974   US GOM   —     —         Stacked      

Ocean Epoch

    3,000      1977   Malaysia   —     —         Stacked      

NOTES

(1.) Water Depth refers to the rig’s current nominal 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.

(2.) Additional rig capabilities noted within the column: 15K=15,000 PSI Well-Control System; DP=Dynamically Positioned Rig; IC=Independent-Leg Cantilevered Rig.

(3.) Year Built represents when rig was (or is expected to be) built and originally placed in service or year redelivered with significant enhancements that enabled the rig to be classified within a different floater category than when originally constructed.

(4.) Planned Downtime only includes downtime periods that as of this report date are, or have been, planned and estimable and do not necessarily reflect actual downtime experienced. Additional downtime may be experienced in the form of possible mobes for new jobs not yet contracted, possible acceptance testing at new jobs, and unplanned maintenance and repairs. Survey start times may also be accelerated or delayed for various reasons.

(5.) Planned Number of Downtime Days are estimated for 4Q 2012 only. For 2013, “M” denotes planned maintenance exceeding 10 days; “S” denotes a planned survey and associated maintenance.

(6.) The following are expected to undergo Special Surveys during 2013: 1) Ocean Scepter, 2) Ocean Nomad, 3) Ocean Princess, 4) Ocean Vanguard, 5) Ocean Valiant, 6) Ocean America, 7) Ocean Rover, 8) Ocean Alliance, 9) Ocean Ambassador, 10) Ocean Patriot, 11) completion of Ocean Quest, and 12) completion of Ocean Worker.

General Notes

Average Utilization: Assume rates of 92% for DP units, 96% for conventionally moored rigs, and 98% for jack-ups. Rig utilization rates can be adversely impacted by additional downtime due to unscheduled repairs and maintenance, and other factors.

Options should be assumed to be unpriced unless otherwise indicated.

All Dayrates Exclude Mobe. Mobe revenues (if any) and expenses are deferred and amortized over the life of the contract, in most cases. Mobe costs are generally offset by mobe revenues.

Survey Costs: During surveys, normal operating expense will be incurred, plus additional costs.

US GOM=U.S. Gulf of Mexico

 

Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC.

   Page 3 of 4


LOGO     

Diamond Offshore Drilling, Inc.

Rig Status Report

Forward-Looking Statements: This 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 Company’s 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, rigs being upgraded or to be upgraded and rigs under construction. 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 Company’s overall business and financial performance can be found in the Company’s 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 Company’s 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.

 

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