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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC.d584494d8k.htm

Exhibit 99.1

 

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Diamond Offshore Drilling, Inc.

Rig Status Report

August 15, 2013

Updated information noted in bold print

No new contract commitments

 

     Water  1,2
Depth

(feet)
  Year 3
Built
   Location    Operator    Contract
Dayrate

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

Rig Name

                         3Q13 E      4Q13 E     
                 Totals:        205         432      
                        

 

 

    

 

 

    

GULF OF MEXICO SEMISUBMERSIBLES (4)

Ocean Ambassador

   1,100   1975    US GOM    —        —         —      —        Actively marketing           91       5-Year Special
Survey
(delayed until
4Q)

Ocean Saratoga

   2,200   1976    Nicaragua    Noble Energy      323,000       mid Aug 2013    mid Nov 2013     
 
 
One well + 1 x
unpriced option
well
  
  
  
    22          Contract prep,
mobilization

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           
        US GOM    Stone Energy      480,000       early Sep 2013    late Nov 2013      One well           

GULF OF MEXICO JACK-UPS (5)

Ocean King

   300 IC   1973    US GOM    Rooster
Petroleum
     115,000       late Apr 2013    early Sep 2013     
 
One well + 1 x
priced option well
  
  
       

Ocean Nugget

   300 IC   1976    Mexico    Pemex      97,000       early Jul 2013    mid Aug 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            2014: 5-Year
Special
Survey5

Ocean Scepter

   350 IC (15K)   2008    Mexico    Pemex      134,999       late Dec 2011    late Dec 2013     
 
612-day term +
157-day extension
  
  
        5-Year Survey
delayed until
20145

INTERNATIONAL SEMISUBMERSIBLES (23)

North Sea/Mediterranean/W. Africa

Ocean Nomad

   1,200   1975    UK    Dana
Petroleum
     330,000       mid Aug 2013    mid Aug 2015     
 
 
2-year term + 2 x
6-month unpriced
options
  
  
  
    44          2-1/2 Year
Special
Survey

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    —        —         mid Aug 2013    late Oct 2013     
 
2-1/2 Year Special
Survey
  
  
    48         22       2-1/2 Year
Special
Survey
        UK    EnQuest      230,000       late Oct 2013    late Dec 2013     
 
Balance of 600-
day term
 
  
       

Ocean Vanguard

   1,500 (15K)   1982    Norway    Statoil      450,000       early Jul 2013    late Feb 2015     
 
20-month option +
unpriced option
  
  
    3          Completion of
Special
Survey

Ocean Valiant

   5,500   1988    Cameroon    Murphy      430,000       late Jul 2013    early Sep 2013      One well           
        Canary
Islands
   —        —         early Sep
2013
   late Jan 2014     
 
5-Year Special
Survey
  
  
    23         92       5-Year Special
Survey (140
days est. total)

Ocean Endeavor

   10,000 (15K)   2007    Egypt    Burullus /
RASHPETCO
     285,000       late Jul 2012    mid Nov 2013      Final Option           
        Egypt    —        —         mid Nov 2013    early Jan 2014      Customs clearance           47       Customs
clearance
        Mediterranean
Sea
   ExxonMobil      —         early Jan 2014    late May 2014     
 
 
 
 
 
 
 
 
 
Mobilization and
customer requested
upgrades; Lump-
sum payment
received for mobe
and shipyard time
to be amortized to
revenue during 18-
month contract
term.
  
  
 
  
  
  
  
 
  
  
       
        Black Sea    ExxonMobil      521,665       late May 2014    late Nov 2015     
 
 
 
 
 
18-month term
(dayrate incl. 50%
of potential 6.6%
bonus) + 6 x 6-
month unpriced
options.
  
  
  
 
  
  
       

Ocean Confidence

   10,000 DP (15K)   2001    Angola    Cobalt      375,000       late Apr 2013    late Sep 2013      One well           
        Angola    Cobalt      430,000       late Sep 2013    late Feb 2014      One well           
        Canary
Islands
   —        —         late Feb 2014    late Dec 2014      Maintenance            2014:
Maintenance5
        West Africa    Murphy      511,635       To Be Determined     
 
 
 
Resume
interrupted
contract, 365 days
+ unpriced option
  
  
  
  
       

 

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

(feet)
  Year 3
Built
   Location    Operator    Contract
Dayrate

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

Rig Name

                         3Q13 E      4Q13 E     

Australasia

Ocean Patriot

   3,000 (15K)   1983    Philippines    Otto Energy      275,000       early Jun 2013    early Oct 2013    Two wells        
        Singapore    —        —         early Oct 2013    late May 2014    Enhancements
for North Sea
Operations;
mobe to UK
    0         85       Enhancements
for N. Sea;
mobe to UK
        UK    Shell      400,511       late May 2014    late May 2017    3-year term + 2
x 1-year
unpriced
options
       

Ocean General

   3,000   1976    Vietnam    Premier
Vietnam
     268,421       late Jul 2013    mid Nov 2013    Two wells        
        Indonesia    Premier
Indonesia
     255,000       mid Nov 2013    mid Jan 2014    Two wells        

Ocean America

   5,500 (15K)   1988    Singapore    —        —         late Jul 2013    late Oct 2013    Demobe to
Singapore; 5-
Year Special
Survey; mobe
    65         25       5-Year Special
Survey + BOP
Upgrade
        Australia    Chevron      475,000       late Oct 2013    late Apr 2015    18-month term
+ 1-year
unpriced option
       

Ocean Rover

   8,000 (15K)   2003    Malaysia    Murphy      304,547       late Apr 2012    early Mar 2014    Balance of 600-
day extension
       
        Malaysia    Murphy      465,000       early Mar 2014    early Mar 2016    2-year term +
1-year unpriced
option
       

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 Lexington

   2,200   1976    Trinidad    BG
International /
Niko / Centrica
     300,000       late Jun 2013    early Oct 2014    477-day term +
2 x 45-day
unpriced
options + 315-
day unpriced
option
       

Ocean Concord

   2,300   1975    Brazil    Petrobras      247,788       early Jan 2008    mid Jun 2015    Remaining term
(incl. 50% of
potential 15%
bonus)
        2014: 5-Year
Special
Survey5

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
        2014: 5-Year
Special
Survey5

Ocean Quest

   4,000 (15K)   1973    Brazil    OGX      265,000       late Apr 2013    late Dec 2013    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
       

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
       70       5-Year Special
Survey (100
days est. total)

Ocean Star

   5,500 (15K)   1997    Brazil    OGX      301,000       early Jun 2012    late Feb 2014    1-year
extension +
unpriced option
       

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
        2014: 5-Year
Special
Survey5

Ocean Valor

   10,000 DP (15K)   2009    Brazil    Petrobras      440,000       early Sep 2011    mid Oct 2015    Converted to 5-
year term +
unpriced option
        2014: 5-Year
Special
Survey5

 

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

(feet)
  Year 3
Built
   Location    Operator    Contract
Dayrate

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

Rig Name

                        3Q13 E    4Q13 E   

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 (7)

Ocean BlackHawk

   12,000 DP (15K)   2013    S. Korea    —        —        Q1 2011    late Sep 2013    Hyundai        
           —        —        late Sep 2013    late Feb 2014    Commissioning,
mobe, acceptance
       
        US GOM    Anadarko      495,000      late Feb 2014    Q1 2019    5-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
       
        US GOM    Anadarko      495,000      late Jun 2014    Q2 2019    5-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    Nov 2013    Keppel AmFELS;
Commissioning,
mobe, acceptance
       
        US GOM    Apache
Corporation
     490,000      Nov 2013    Q4 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
       

Harsh Env. Semi

   10,000 DP (15K)   2016    S. Korea    —        —        Q3 2013    H2 2016    Hyundai;
Commissioning,
mobe, acceptance
       
           BP      585,000   H2 2016    H2 2019    3-year term + 2 x
1-year priced
options (@
585,000 +
escalations);
*Dayrate to
increase for
customer-
requested
equipment
additions
       

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 or maintenance during 2014: 1) Ocean Concord, 2) Ocean Confidence, 3) Ocean Courage, 4) Ocean Scepter, 5) Ocean Titan, 6) Ocean Valor, and 7) 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 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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