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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC. | h85155e8vk.htm |
Exhibit 99.1
1
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 19, 2011
October 19, 2011
RECENT COMMITMENTS (See Body of Report For Contract Details/Date Changes and Other Information)
Ocean Columbia One Well
Ocean Sceptor 612 Days
Rig Name | Nominal WD* |
Location | Status | Operator | Current Term | Dayrate ($000s) |
Start Date | Est. End Date | ||||||||
Domestic Deepwater Semisubmersibles (1) | ||||||||||||||||
Ocean Victory (Note 1)
|
5,500 | GOM | Current Contract | ATP | continue six-wells | mid 560s | mid May 2011 | late Oct. 2011 | ||||||||
GOM | Future Contract | Walter | one well | mid 320s | late Oct. 2011 | mid Dec. 2011 | ||||||||||
Domestic 2nd Generation Semisubmersibles (2) | ||||||||||||||||
Ocean Saratoga
|
2,200 | GOM | Actively Marketing | DODI | ||||||||||||
Ocean Yorktown
|
2,850 | Demobe | Demobe to GOM,
survey, prep for Mexico |
DODI | remaining term transferred to Concord |
mid Aug. 2011 | early Jan. 2012 | |||||||||
Mexico | Future Contract | Pemex | 930-day term | mid 180s | early Jan. 2012 | early June 2014 | ||||||||||
Domestic Jack-ups (1) |
||||||||||||||||
Ocean Columbia
|
250 IC | GOM | Current Contract | Walter | one well | low 60s | late Sep. 2011 | late Dec. 2011 |
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
October 19, 2011
October 19, 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 + one priced option well | mid 230s | late Sep. 2011 | late May 2012 | ||||||||
Ocean Guardian
|
1,500 | Falkland Is. | Current Contract | AGR/Desire/ Rockhopper |
three firm of 10 priced option wells | mid 270s | mid Aug. 2011 | mid Dec. 2011 | ||||||||
Ocean Princess
|
1,500 | North Sea | Intermediate Survey / Maint. | DODI | mid Aug. 2011 | early Jan. 2012 | ||||||||||
North Sea | Future Contract | Enquest | 600-day term + unpriced options | low 230s | early Jan. 2012 | late Aug. 2013 | ||||||||||
Ocean Vanguard
|
1,500 | North Sea | Current Contract | Statoil | three-year term + unpriced option | low 350s | mid Aug. 2010 | mid June 2013 | ||||||||
Ocean Endeavor
|
10,000 | Egypt | Current Contract | Burullus | eight-month extension + priced options | mid 280s | late July 2011 | late Mar. 2012 | ||||||||
Ocean Confidence
|
10,000 | Angola | Current Contract | Cobalt | 2nd & 3rd firm wells + option | low 360s | mid July 2011 | early Feb. 2012 | ||||||||
Mobe to GOM / Maint. | 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 Sep. 2009 | early Nov. 2011 | ||||||||
Equatorial Guinea | Future Contract | Hess | Four firm wells+two priced option wells | low 320s | early Nov. 2011 | late Feb. 2012 |
Note (2). Valiant Dayrate on Total contract subject to certain potential adjustments that are not expected to be material.
3
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 19, 2011
October 19, 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 410s | mid March 2011 | mid Sep. 2012 | ||||||||
Ocean General
|
3,000 | Malaysia | Survey | DODI | late Sep. 2011 | early Dec. 2011 | ||||||||||
Ocean Rover
|
8,000 | Indonesia | Current Contract | Murphy/Hess | two term + one option well | high 370s | mid Dec. 2010 | early Feb. 2012 | ||||||||
Malaysia | Maintenance | DODI/Murphy | low 150s | early Feb. 2012 | early Apr. 2012 | |||||||||||
Malaysia | Resume Current Contract | Murphy | resume two-year ext. | low 450s | early Apr. 2012 | mid July 2012 | ||||||||||
Malaysia | Future Contract | Murphy | 600-day extension + unpriced option | mid 280s | mid July 2012 | early Mar. 2014 | ||||||||||
Ocean Monarch
|
10,000 | GOM/Mobe | Mobe to Vietnam / Acceptance Testing |
DODI | mid Aug. 2011 | early Dec. 2011 | ||||||||||
Vietnam | Future Contract | BP | two wells + two options | mid 340s | mid Nov. 2011 | early Mar. 2012 |
4
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 19, 2011
October 19, 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 Sep. 2009 | mid Sep. 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 | ||||||||
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 | mid July 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 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 |
mid 260s | 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 Mar. 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
October 19, 2011
October 19, 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 | mid Apr. 2012 | ||||||||||
Brazil | Future Contract | OGX | remainder of 2-year term at blended rate | low 300s | mid Apr. 2012 | mid Feb. 2013 | ||||||||||
Brazil | Future Contract | OGX | 1-year extension | low 300s | mid Feb. 2013 | 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 Sep. 2011 | early Sep. 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 Sep. 2011 | mid Oct. 2015 | ||||||||
Drillship (1) |
||||||||||||||||
Ocean Clipper
|
7,875 | Brazil | Survey/Upgrade for Petrobras | DODI | late Sep. 2011 | early Jan. 2012 | ||||||||||
Brazil | Resume Current Contract | Petrobras | 5-year term (includes 50% of pot. 5% bonus) | mid 310s | early Jan. 2012 | early Dec. 2015 | ||||||||||
Note (3) All Brazilian contracts include unpriced options |
6
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 19, 2011
October 19, 2011
Rig Name | Nominal WD* |
Location | Status | Operator | Current Term | Dayrate ($000s) |
Start Date | Est. End Date | ||||||||
International
Jack-ups (8) |
||||||||||||||||
Ocean Nugget
|
300 IC | Mexico | Current Contract | Pemex | 430 day term | mid 80s | mid Sep. 2011 | mid Oct. 2012 | ||||||||
Ocean Summit
|
300 IC | Mexico | Standby | DODI | mid Oct. 2011 | late Feb. 2012 | ||||||||||
Mexico | Future Contract | Pemex | 985 day term | mid 80s | late Feb. 2012 | early Nov. 2014 | ||||||||||
Ocean Titan
|
350 IC | GOM | Prep for Pemex / Mobe / Acceptance | DODI | mid Sep. 2011 | late Nov. 2011 | ||||||||||
Mexico | Future Contract | Pemex | 777 day term | mid 100s | late Nov. 2011 | early Jan. 2014 | ||||||||||
Ocean Scepter
|
350 IC | GOM | Prep for Pemex / Mobe / Acceptance | OGX | low 100s | mid Oct 2011 | late Nov. 2011 | |||||||||
GOM | Prep for Pemex / Acceptance | DODI | late Nov. 2011 | mid Jan. 2012 | ||||||||||||
Mexico | Future Contract | Pemex | 612 day term | mid 130s | mid Jan. 2012 | late July 2013 | ||||||||||
Ocean King
|
300 IC | Montenegro | Actively Marketing | DODI | ||||||||||||
Ocean Heritage
|
300 IC | Suez Gulf | Five Year Survey /Actively Marketing | DODI | late Sep. 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 | ||||||||
Ocean Sovereign
|
300 IC | Malaysia | Preparing to Stack | DODI | ||||||||||||
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 BlackRhino
|
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
October 19, 2011
October 19, 2011
EXPECTED 2011 DOWNTIME 10 DAYS OR LONGER (Subject to Change*)
Total DT YTD 496 | EST 11 Total = 1,046 | |
Rig | # Days | 3Q Actual | EST Q4 | Comments | ||||||||||||
Shipyard 5-Year Surveys/Maintenance |
||||||||||||||||
Nugget |
47 | 5-year survey/maintenance | ||||||||||||||
Summit |
38 | 5-year survey/maintenance | ||||||||||||||
Saratoga |
60 | 17 | 5-year survey/maintenance | |||||||||||||
General |
60 | 5-year survey/maintenance | ||||||||||||||
Heritage |
39 | 5-year survey/maintenance | ||||||||||||||
Total 5-year Surveys |
145 | 116 | ||||||||||||||
Intermediate Surveys/Acceptance Testing/Maintenance |
||||||||||||||||
Princess |
46 | 92 | Intermediate survey/maintenance | |||||||||||||
Total Contract Prep. |
46 | 92 | ||||||||||||||
Contract Prep/Maintenance/Other |
||||||||||||||||
Monarch |
30 | 61 | Standby heavy lift/mobe Vietnam | |||||||||||||
Yorktown |
42 | 92 | Mobe GOM/prep/mobe to Mexico | |||||||||||||
Titan |
41 | 61 | Contract prep and mobe Mexico | |||||||||||||
Clipper |
92 | Petrobras upgrade | ||||||||||||||
Scepter |
36 | Contract prep and mobe Mexico | ||||||||||||||
Other Total |
113 | 342 | ||||||||||||||
Total |
304 | 550 |
* 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 = 979 days
Special Surveys: Victory (75); Guardian (70); Endeavor (50);
Patriot (50); Whittington (120); Quest (105); Worker (92); Star (92); Baroness (75); King (60).
Intermediate Surveys/UWILD: Columbia (12); Courage (10); Valor (10).
Other Prep/Maintenance: Confidence (60); Yorktown (12); Clipper (10); Scepter (16); 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
October 19, 2011
October 19, 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.