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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC.d524703d8k.htm

Exhibit 99.1

 

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Diamond Offshore Drilling, Inc.

Rig Status Report

April 24, 2013

Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

Ocean Saratoga: one well

Ocean Victory: one well

Ocean King: one well

 

    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)
    Comments

Rig Name

                  2Q13 E     3Q13 E     4Q13 E    
                  Totals:        236        400        366     
                 

 

 

   

 

 

   

 

 

   

GULF OF MEXICO SEMISUBMERSIBLES (4)

  

 

Ocean Ambassador

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

Ocean Saratoga

  2,200   1976   US GOM   Walter Oil &
Gas
    280,000      early Apr 2013   early Jun 2013     One well           
      US GOM   —       —        early Jun 2013   late Jul 2013    
 
Contract prep,
mobilization
  
  
    30        30        Contract
prep,
mobilization
      Nicaragua   Noble
Energy
    323,000      late Jul 2013   mid Nov 2013    
 
 
One well + 1 x
unpriced option
well
  
  
  
       

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   late Jun 2013     One well        25          Mobe to US
GOM; prep
&
maintenance

Ocean Nugget

  300 IC   1976   Mexico   Pemex     83,999      mid Sep 2011   mid May 2013    
 
Extension of 430-
day term
 
  
       
      Mexico   —       —        mid May 2013   mid Jun 2013    
 
Planned
Maintenance
  
  
    30          Planned
Maintenance
      Mexico   Pemex     97,000      mid Jun 2013   late Jul 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        5-Year
Special
Survey

INTERNATIONAL SEMISUBMERSIBLES (23)

  

 

North Sea/Mediterranean/W. Africa

  

 

Ocean Nomad

  1,200   1975   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        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           
            —        late Aug 2013   early Nov 2013    
 
2-1/2 Year Special
Survey
  
  
      32        38      2-1/2 Year
Special
Survey

Ocean Vanguard

  1,500 (15K)   1982   Norway   Statoil     356,513      mid Aug 2010   mid Jun 2013     3-year term           
      Norway   —       —        mid Jun 2013   late July 2013    
 
2-1/2 Year Special
Survey
  
  
    18        22        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     515,000      mid April 2013   early Jul 2013     One well           
      Cameroon   Murphy     430,000      early Jul 2013   late Aug 2013     One well           
      Canary
Islands
  —       —        late Aug 2013   mid Jan 2014    
 
5-Year Special
Survey
  
  
      32        92      5-Year
Special
Survey

Ocean Endeavor

  10,000 (15K)   2007   Egypt   Burullus /
RASHPETCO
    285,000      late Jul 2012   mid Oct 2013     Exercised Options           
      Egypt   —       —        mid Oct 2013   early Dec 2013     Customs clearance            49      Customs
clearance
      Worldwide   Not Disclosed     —        early Dec 2013   late Apr 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.
  
  
 
  
  
  
  
 
  
  
        25      Mobilization
and
customer
upgrades
      Worldwide   Not Disclosed     521,665      late Apr 2014   late Oct 2015    
 
 
 
 
 
18-month term
(dayrate includes
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           
      TBD   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  4,5
(For Periods Lasting >10 days)
     Comments

Rig Name

                         2Q13 E      3Q13 E      4Q13 E     

Australasia

                                 

Ocean Patriot

   3,000 (15K)   1983    Singapore    —        —         mid Apr 2013    early Jun 2013    5-Year Special
Survey; mobe
    54             5-Year
Special
Survey; mobe
        Philippines    Otto Energy      275,000       early Jun 2013    early Sep 2013    Two wells +
unpriced option
well
          
        Singapore    —        —         early Sep 2013    late Apr 2014    Enhancements
for North Sea
Operations;
mobe to UK
       22         92       Enhancements
for N. Sea;
mobe
        UK    Shell      400,511       late Apr 2014    late Apr 2017    3-year term + 2
x 1-year
unpriced
options
          

Ocean General

   3,000   1976    Indonesia    Salamander
Energy
     255,000       mid Jul 2012    mid May 2013    Four wells           
        Vietnam    Premier
Vietnam/
Origin
     —         mid May 2013    early Jun 2013    Mobilization to
Vietnam
    12             Mobilization
to Vietnam
        Vietnam    Origin      255,000       early Jun 2013    late Jul 2013    One well           
        Vietnam    Premier
Vietnam
     255,000       late Jul 2013    early Sep 2013    One well + 1 x
unpriced option
well
          
        Indonesia    Premier
Indonesia
     255,000       early Sep 2013    early Nov 2013    Two wells + 4
x unpriced
option wells
          

Ocean America

   5,500 (15K)   1988    Australia    Apache      405,000       mid Sep 2012    late Jun 2013    Five-well
extension
          
        Singapore    —        —         late Jun 2013    late Sep 2013    Demobe to
Singapore; 5-
Year Special
Survey; mobe
       90          5-Year
Special
Survey + BOP
Upgrade
        Australia    Chevron      475,000       late Sep 2013    late Mar 2015    18-month term
+ 1-year
unpriced option
          

Ocean Rover

   8,000 (15K)   2003    Malaysia    Murphy      304,547       late Apr 2012    early Mar 2014    600-day
extension + 2 x
1-year unpriced
options
          

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    —        —         early Feb 2013    mid May 2013    Customs
clearance;
mobe to
Trinidad
    45             Customs
clearance;
mobe to
Trinidad
        Trinidad    BG
International
/ Niko /
Centrica
     300,000       mid May 2013    early Sep 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 Apr 2013    late Dec 2013    second 1-year
extension +
unpriced option
    22             Completion of
5-Year
Special
Survey

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

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
          

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
(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)
   Comments

Rig Name

                         2Q13 E    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 (6)

  

Ocean BlackHawk

   12,000 DP (15K)   2013    S. Korea    —        —         Q1 2011    Q2 2013    Hyundai           
           —        —         Q2 2013    late Dec 2013    Commissioning,
mobe,
acceptance
          
        US GOM    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
          
        US GOM    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    late Sep 2013    Keppel
AmFELS;
Commissioning,
mobe,
acceptance
          
        US GOM    Apache
Corporation
     490,000       late Sep 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 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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