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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC. | d600974d8k.htm |
Exhibit 99.1
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Diamond Offshore Drilling, Inc. Rig Status Report September 19, 2013 Updated information noted in bold print |
RECENT COMMITMENTS (See Body of Report For Contract Details)
Ocean Ambassador: 730-day Term
Ocean Victory: 40-day Extension
Water 1,2 Depth |
Year 3 | Contract Dayrate |
Estimated | Estimated | Planned Downtime 4 (For Periods Lasting >10 days) | |||||||||||||||||||||||||||
Rig Name |
(feet) | Built | Location |
Operator |
(USD) | Start Date | End Date | Status |
3Q13 E | 4Q13 E | Comments | |||||||||||||||||||||
GULF OF MEXICO SEMISUBMERSIBLES (4) |
Totals: | 200 | 422 | |||||||||||||||||||||||||||||
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Ocean Ambassador |
1,100 | 1975 | US GOM | | | mid Sep 2013 |
1Q2014 | 5-Year Special Survey; prep; mobe | 15 | 91 | 5-Year Special Survey; prep; mobe | |||||||||||||||||||||
Mexico | Pemex | |
211,445 |
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1Q2014 | 1Q2016 | 730-day Term | |||||||||||||||||||||||||
Ocean Saratoga |
2,200 | 1976 | Nicaragua | Noble Energy | 323,000 | mid Aug 2013 |
late 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. | |
475,000 |
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early Sep 2012 |
mid Oct 2013 |
40-day extension | |||||||||||||||||||||
US GOM | Stone Energy | 480,000 | mid Oct 2013 |
early Jan 2014 |
One well | |||||||||||||||||||||||||||
GULF OF MEXICO JACK-UPS (5) |
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Ocean King |
300 IC | 1973 | US GOM | Rooster Petroleum | 115,000 | late Apr 2013 |
mid Oct 2013 |
One 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) |
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North Sea / Mediterranean / W. Africa |
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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 |
late Sep 2013 |
One well | ||||||||||||||||||||||||
Canary Islands | | | late Sep 2013 |
mid Feb 2014 |
5-Year Special Survey | 3 | 92 | 5-Year Special Survey (140 days est. total) | ||||||||||||||||||||||||
Ocean Endeavor |
10,000 | (15K) | 2007 | Egypt | Burullus / RASHPETCO | 285,000 | late Jul 2012 |
early Dec 2013 |
Final Option | |||||||||||||||||||||||
Egypt | | | early Dec 2013 |
late Jan 2014 |
Customs clearance | 47 | Customs clearance | |||||||||||||||||||||||||
Mediterranean Sea | ExxonMobil | | late Jan 2014 |
late Jun 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 Jun 2014 |
late Dec 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 |
mid Oct 2013 |
One well | |||||||||||||||||||||||
Angola | Cobalt | 430,000 | mid Oct 2013 |
early Mar 2014 |
One well | |||||||||||||||||||||||||||
Canary Islands | | | early Mar 2014 |
mid Jan 2015 |
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 Offshores 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 (For Periods Lasting >10 days) | |||||||||||||||||||||||
Rig Name |
(feet) | Built | Location |
Operator |
(USD) | Start Date | End Date | Status |
3Q13 E | 4Q13 E | Comments | |||||||||||||||||
Australasia |
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Ocean Patriot |
3,000 (15K) | 1983 | Philippines | Otto Energy | 275,000 | early Jun 2013 |
mid Oct 2013 |
Two wells | ||||||||||||||||||||
Singapore | | | mid Oct 2013 |
early Jun 2014 |
Enhancements for North Sea Operations; mobe to UK | 75 | Enhancements for N. Sea; mobe to UK | |||||||||||||||||||||
UK | Shell | 400,511 | early Jun 2014 |
early Jun 2017 |
3-year term + 2 x 1-year unpriced options | |||||||||||||||||||||||
Ocean General |
3,000 | 1976 | Vietnam | Premier Vietnam | 268,421 | late Jul 2013 |
late Nov 2013 |
Two wells | ||||||||||||||||||||
Indonesia | Premier Indonesia | 255,000 | late Nov 2013 |
late 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 to Australia | 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 (see note 6) | ||||||||||||||||||||
Brazil / S. America |
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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 (see note 6) | ||||||||||||||||||||
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 (see note 7) | ||||||||||||||||||||
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 (see note 7) | ||||||||||||||||||||
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 | |||||||||||||||||||
INTERNATIONAL JACK-UPS (1) |
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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) |
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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 |
Please refer to accompanying disclaimer as well as Diamond Offshores 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 (For Periods Lasting >10 days) | |||||||||||||||||||
Rig Name |
(feet) | Built | Location |
Operator |
(USD) | Start Date | End Date | Status |
3Q13 E | 4Q13 E | Comments | |||||||||||||
RIGS UNDER CONSTRUCTION (7) |
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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) |
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(1 jack-up, 3 semisubmersibles) |
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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 rigs 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. |
(6.) | Niko: We have notified Niko Resources that it is delinquent in its payment obligations under the Ocean Monarch contract. As of the date of this report, the Ocean Monarch is warm stacked. In addition, Niko Resources is scheduled to utilize the Ocean Lexington for an aggregate of approximately 158 days over the term of its contract offshore Trinidad. We are in discussions with Niko Resources regarding payment. |
(7.) | OGX: We have notified OGX that it is delinquent in its payment obligations under the Ocean Quest contract and unless cured, we will have the right to terminate this contract. We are pursuing other contracting opportunities to substitute for OGX if the contract is terminated. The Ocean Star has been sublet to Queiroz Galvão for the duration of the existing contract with OGX. As disclosed in our Form 10-Q filed on July 31, 2013, OGX owed us a receivable balance of $22.7 million at June 30, 2013 and, as previously disclosed, our estimated revenues from OGX for 3Q 2013 are approximately $36 million, all of which is currently unpaid. |
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 Offshores 10-K and 10-Q filings with the SEC. | Page 3 of 4 |
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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, future contract opportunities and termination rights, letters of intent, utilization, surveys, downtime and other aspects of the Companys drilling rigs, as well as statements concerning customer discussions 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 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.
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