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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC.d478115d8k.htm

Exhibit 99.1

 

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Diamond Offshore Drilling, Inc.

Rig Status Report

February 4, 2013

Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

Ocean Nugget: 1,136-day term

Ocean Nomad: One well

Ocean Patriot: Three-year term

Ocean General: Two wells

 

     Water  1,2
Depth

(feet)
  Year 3
Built
   Location    Operator    Contract
Dayrate

(USD)
     Estimated
Start  Date
   Estimated
End Date
  Status     Planned Downtime 4,5
(For Periods Lasting >10 days)
      

Rig Name

                        1Q13 E      2Q13 E      3Q13 E      4Q13 E      2013 E      Comments
                        Totals:        407         196         482         298         1,383      
                       

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

GULF OF MEXICO SEMISUBMERSIBLES (4)

  

        

Ocean Ambassador

   1,100   1975    US GOM         —               
 
Actively
marketing
  
  
          91            91       5-Year
Special
Survey

Ocean Saratoga

   2,200   1976    US GOM    BP      260,000       late Nov 2012    late Mar 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 x 1-year
unpriced
options
  
  
  
  
                

GULF OF MEXICO JACK-UPS (5)

  

        

Ocean King

   300 IC   1973    US GOM         —               
 
Actively
marketing
  
  
    68                  68       Mobe to US
GOM; prep
&
maintenance

Ocean Nugget

   300 IC   1976    Mexico    Pemex      83,999       mid Sep 2011    mid Feb 2013    
 
 
Extension of
430-day
term
  
  
  
                
        Mexico         —         mid Feb 2013    mid Mar 2013    
 
Planned
Maintenance
  
  
    30                  30       Planned
Maintenance
        Mexico    Pemex      97,000       mid Mar 2013    late Apr 2016    
 
1,136-day
term
  
  
                

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
  
  
                
        Mexico         —         late Jul 2013    mid Aug 2013    
 
 
5-Year
Special
Survey
  
  
  
          21            21       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    mid Feb 2013     Two wells                    
        UK    Dana
Petroleum
     280,000       mid Feb 2013    late Mar 2013     One well                    
        UK    First Oil      280,000       late Mar 2013    early May 2013     One well                    
        Latvia    Balin Energy      410,000       early May 2013    late Jun 2013     One well                    
        UK         —         late Jun 2013    late Aug 2013    
 
 
2-1/2 Year
Special
Survey
  
  
  
          60            60       2-1/2 Year
Special
Survey
        UK    Dana
Petroleum
     330,000       late Aug 2013    late Aug 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 term
+ 2 x 1-year
unpriced
options
  
  
  
  
                

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
  
  
  
  
  
                
                 late Aug 2013    early Nov 2013    
 
 
2-1/2 Year
Special
Survey
  
  
  
          32         38         70       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                    
        Norway         —         mid Jun 2013    late July 2013    
 
 
2-1/2 Year
Special
Survey
  
  
  
       18         22            40       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    mid Feb 2013     Two wells                    
        Equatorial
Guinea
   Hess      515,000       mid Feb 2013    mid Jun 2013     Two wells                    
        Canary
Islands
        —         mid Jun 2013    early Nov 2013    
 
 
5-Year
Special
Survey
  
  
  
       16         92         32         140       5-Year
Special
Survey

Ocean Endeavor

   10,000(15K)   2007    Egypt    Burullus /
RASHPETCO
     285,000       late Jul 2012    mid Jun 2013    
 
 
 
 
4-month
extension +
1 x 4-month
priced
option
  
  
  
  
  
                
        Worldwide    Not Disclosed      —         mid Jun 2013    early Dec 2013    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mobilization
and
customer
requested
upgrades;
Lump-sum
payment
received for
mobe and
shipyard
time to be
amortized
to revenue
during 18-
month
contract
term.
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
  
  
       20         92         66         178       Mobilization
and
customer
upgrades
        Worldwide    Not Disclosed      521,665       early Dec 2013    early Jun 2015    
 
 
 
 
 
 
 
 
 
 
18-month
term
(dayrate
includes
50% of
potential
6.6% bonus)
+ 6 x 6-
month
unpriced
options.
  
  
  
  
  
  
  
 
  
  
  
                

 

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

  Page 1 of 5


     Water  1,2
Depth

(feet)
  Year 3
Built
   Location    Operator    Contract
Dayrate

(USD)
     Estimated
Start  Date
   Estimated
End Date
  Status   Planned Downtime 4,5
(For Periods Lasting >10 days)
      

Rig Name

                        1Q13 E      2Q13 E      3Q13 E      4Q13 E      2013 E      Comments

Ocean Confidence

   10,000 DP (15K)   2001    Angola    Cobalt      360,000       mid Jan 2013    late Feb 2013   Completion of
well
    13                  13       Completion of
maintenance
        Angola    Cobalt      375,000       late Feb 2013    late Jul 2013   One well                 
        Angola    Cobalt      430,000       late Jul 2013    late Dec 2013   One well                 
        Cameroon    Murphy      430,000       late Dec 2013    early Apr 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 Mar 2013   One well                 
        Singapore         —         mid Mar 2013    early May
2013
  5-Year Special
Survey; mobe
    15         32               47       5-Year
Special
Survey; mobe
        Philippines    Otto Energy      275,000       early May 2013    early Aug
2013
  Two wells +
unpriced
option well
                
        Singapore         —         early Aug 2013    late Mar 2014   Enhancements
for North Sea
Operations;
mobe to UK
          55         92         147       Enhancements
for N. Sea;
mobe
        UK    Shell      400,511       late Mar 2014    late Mar 2017   3-year term +
2 x 1-year
unpriced
options
                

Ocean General

   3,000   1976    Indonesia    Mitra
Energy
Consortium
     255,000       mid Jul 2012    early May
2013
  Four wells                 
        Vietnam    Origin      255,000       early May 2013    late Jun 2013   One well                 
        Vietnam    Premier
Vietnam
     255,000       late Jun 2013    early Aug
2013
  One well + 1 x
unpriced
option well
                
        Indonesia    Mitra
Energy
Consortium
     255,000       early Aug 2013    mid Sep 2013   Two wells + 4
x 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    mid Jul 2013   Demobe to
Singapore; 5-
Year Special
Survey; mobe
       72         17            89       5-Year
Special
Survey + BOP
Upgrade
        Australia    Chevron      475,000       mid Jul 2013    mid 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 + 2 x
1-year
unpriced
options
    78                  78       5-Year
Special
Survey

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    mid Jun 2015   Remaining
term (includes
50% of
pot.15%
bonus)
                

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    late Apr 2013   Customs
clearance;
mobe to
Trinidad
    52         25               77       Customs
clearance;
mobe to
Trinidad
        Trinidad    BG
International
/ Niko /
Centrica
     300,000       late Apr 2013    mid Aug 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    —        —         late Dec 2011    mid Apr 2013   5-Year Special
Survey and
quarters
upgrade
    90         13               103       5-Year
Special
Survey
        Brazil    OGX      265,000       mid Apr 2013    late Dec 2013   1-year
extension +
second 1-year
extension
                

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
    45                  45       completion of
5-Year
Special
Survey

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
    16               70         86       Q1: repairs;
Q4: 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 5


     Water  1,2
Depth

(feet)
  Year 3
Built
   Location    Operator    Contract
Dayrate

(USD)
     Estimated
Start  Date
   Estimated
End Date
  Status   Planned Downtime 4,5
(For Periods Lasting >10 days)
    

Rig Name

                        1Q13 E    2Q13 E    3Q13 E    4Q13 E    2013 E    Comments

INTERNATIONAL JACK-UPS (1)

        

Ocean Spur

   300 IC   1981    Ecuador    Saipem      30,000       mid Oct 2012    late Aug 2014   2-year bareboat
charter + 2 x 6-
month priced
options
                

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 (4)

        

(1 jack-up, 3 semisubmersibles)

        

Ocean Spartan

   300 IC   1980    US GOM         —              Stacked                 

Ocean New Era

   1,500   1974    US GOM         —              Stacked                 

Ocean Whittington

   1,650   1974    US GOM         —              Stacked                 

Ocean Epoch

   3,000   1977    Malaysia         —              Stacked                 

NOTES

(1.) Water Depth refers to the rig’s rated operating water depth capability. Often, rigs are capable of drilling or have drilled in greater water depths.

(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.) The following are expected to undergo Special Surveys during 2014: 1) Ocean Concord, 2) Ocean Courage, 3) Ocean Titan, 4) Ocean Valor, 5) Ocean Yatzy.

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.

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 5


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Diamond Offshore Drilling, Inc.

Rig Status Report

February 4, 2013

 

Estimated Average Daily Rig
Contract Driling Costs for 2013
($000’s)

Jack-ups:

   50’s to 60’s

Mid-Water:

  

Domestic

   60’s

International

   80’s to 170’s

Deepwater:

  

Moored

   70’s to 160’s

DP

   low 200’s

Ultra-Deepwater:

  

Moored

   120’s to 210’s

DP

   210’s

Note: Normal contract drilling costs exclude reimbursibles, amortization of deferred mobilization and contract prep costs, and survey costs.

 

  Page 4 of 5


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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