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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC. | d745336d8k.htm |
Exhibit 99.1
Diamond Offshore Drilling, Inc. Rig Status Report June 17, 2014 Updated information noted in bold print |
RECENT COMMITMENTS (See Body of Report For Contract Details)
Ocean Scepter: 639-day term
Ocean Lexington: 1,189-day term
Ocean Star: Term extension
Water1 Depth |
Year 3 | Contract Dayrate |
Estimated | Estimated | Planned Downtime 4 (For Periods Lasting >10 days) | |||||||||||||||||||||||||||||||
Rig Name |
(feet) | Type2 | Built | Location | Operator | (USD) | Start Date | End Date | Status |
2Q14 E | 3Q14 E | 4Q14 E | Comments | |||||||||||||||||||||||
Totals: | 395 | 256 | 234 | |||||||||||||||||||||||||||||||||
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Gulf of Mexico - U.S. (6) |
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Ocean King |
300 | JU IC | 1973 | US GOM | Gomex Energy | 130,000 | mid Mar 2014 | mid Aug 2014 | Three wells + one unpriced option well | 12 | UWILD | |||||||||||||||||||||||||
Ocean Titan |
300 | JU 15K IC | 1974 | Mexico | | | mid Apr 2014 | late Jun 2014 | 5-Year Special Survey | 70 | 5-Year Special Survey | |||||||||||||||||||||||||
US GOM | late Jun 2014 | | Mobe to US GOM; actively marketing | |||||||||||||||||||||||||||||||||
Ocean Saratoga |
2,200 | SS | 1976 | US GOM | LLOG | 250,000 | late Apr 2014 | late Jun 2014 | One well | |||||||||||||||||||||||||||
Ocean Victory |
5,500 | SS 15K | 1997 | US GOM | | | early Mar 2014 | early Apr 2015 | Actively Marketing | |||||||||||||||||||||||||||
Trinidad | BP | 398,000 | early Apr 2015 | early Apr 2017 | 2-year term + 1-year unpriced option | |||||||||||||||||||||||||||||||
Ocean Onyx |
6,000 | SS 15K | 2014 | US GOM | Apache Corporation | 490,000 | mid Feb 2014 | mid Jan 2015 | 1-year term + 1-year unpriced option | |||||||||||||||||||||||||||
Ocean BlackHawk |
12,000 | DS 15K DP | 2014 | US GOM | Anadarko | 495,000 | late May 2014 | late May 2019 | 5-year term + unpriced option | |||||||||||||||||||||||||||
Gulf of Mexico - Mexico (5) |
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Ocean Nugget |
300 | JU IC | 1976 | Mexico | Pemex | 97,000 | early Jul 2013 | mid Aug 2016 | 1,136-day term | |||||||||||||||||||||||||||
Ocean Summit |
300 | JU IC | 1972 | Mexico | Pemex | 85,999 | mid Sep 2012 | late May 2015 | 985-day term | 12 | UWILD | |||||||||||||||||||||||||
Ocean Scepter |
350 | JU 15K IC | 2008 | Mexico | Pemex | 158,000 | early Jun 2014 | early Mar 2016 | 639-day term | |||||||||||||||||||||||||||
Ocean Ambassador |
1,100 | SS | 1975 | Mexico | Pemex | 211,445 | early Mar 2014 | early Mar 2016 | 730-day term | |||||||||||||||||||||||||||
Ocean Yorktown |
2,850 | SS | 1976 | Mexico | Pemex | 184,000 | early Jan 2012 | late Jul 2014 | 930-day term | |||||||||||||||||||||||||||
North Sea / Mediterranean / W. Africa (8) |
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Ocean Nomad |
1,200 | SS | 1975 | UK | Dana Petroleum | 330,000 | mid Aug 2013 | mid Aug 2015 | 2-year term + 2 x 6-month unpriced options | |||||||||||||||||||||||||||
Ocean Guardian |
1,500 | SS 15K | 1985 | Ireland | Shell | 265,000 | mid Jul 2012 | mid Jul 2014 | 2-year term | |||||||||||||||||||||||||||
UK | Shell | 350,000 | mid Jul 2014 | mid Jul 2015 | 1-year term + 2 x 1-year unpriced options | |||||||||||||||||||||||||||||||
Ocean Princess |
1,500 | SS 15K | 1975 | UK | EnQuest | 300,000 | late May 2014 | late Jul 2014 | One-well extension | |||||||||||||||||||||||||||
UK | Ithaca | 345,000 | late Jul 2014 | late Aug 2014 | One well | |||||||||||||||||||||||||||||||
Ocean Vanguard |
1,500 | SS 15K | 1982 | UK | | | | | Available; Previous contract terminated as of May 30, 2014; Diamond Offshore disputes Statoils basis for terminating the contract and intends to defend its rights under the drilling contract. | |||||||||||||||||||||||||||
Ocean Patriot |
3,000 | SS 15K | 1983 | UK | | | Oct 2013 | Sep 2014 | Enhancements for North Sea Operations; mobe to UK | 91 | 77 | 0 | ||||||||||||||||||||||||
UK | Shell | 400,511 | Sep 2014 | Sep 2017 | 3-year term + 2 x 1-year unpriced options | |||||||||||||||||||||||||||||||
Ocean Valiant |
5,500 | SS 15K | 1988 | Canary Islands | | | | | Actively marketing | |||||||||||||||||||||||||||
Ocean Endeavor |
10,000 | SS 15K | 2007 | Black Sea | ExxonMobil | | late Jan 2014 | 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. | 91 | ||||||||||||||||||||||||||
Black Sea | ExxonMobil | 521,665 | Jun 2014 | Dec 2015 | 18-month term (dayrate incl. 50% of potential 6.6% bonus) + 6 x 6-month unpriced options. | |||||||||||||||||||||||||||||||
Ocean Confidence |
10,000 | SS 15K DP | 2001 | Canary Islands | | | late Apr 2014 | Apr 2015 | Maintenance and mobe to location | 71 | 92 | 92 | ||||||||||||||||||||||||
West Africa | Murphy | 550,000 | Apr 2015 | Jan 2016 | Resume interrupted contract + 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 |
Water1 Depth |
Year 3 | Contract Dayrate |
Estimated | Estimated | Planned Downtime 4 (For Periods Lasting >10 days) | |||||||||||||||||||||||||||||||
Rig Name |
(feet) | Type2 | Built | Location | Operator | (USD) | Start Date | End Date | Status |
2Q14 E | 3Q14 E | 4Q14 E | Comments | |||||||||||||||||||||||
Australasia (5) |
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Ocean General |
3,000 | SS | 1976 | Indonesia | Salamander | 255,000 | early Jun 2014 | early Aug 2014 | One well | |||||||||||||||||||||||||||
Ocean Quest |
4,000 | SS 15K | 1973 | Vietnam | PVEP | 198,900 | late Apr 2014 | early Dec 2014 | Ten wells + three unpriced option wells | |||||||||||||||||||||||||||
Ocean America |
5,500 | SS 15K | 1988 | Australia | Chevron | 475,000 | late Nov 2013 | late May 2015 | 18-month term + 1-year unpriced option | |||||||||||||||||||||||||||
Ocean Rover |
8,000 | SS 15K | 2003 | Malaysia | Murphy | 465,000 | early Mar 2014 | early Mar 2016 | 2-year term + 1-year unpriced option | |||||||||||||||||||||||||||
Ocean Monarch |
10,000 | SS 15K | 2008 | Indonesia | | | mid Jun 2014 | late Jun 2014 | mobe to location | |||||||||||||||||||||||||||
Indonesia | Total | 420,000 | late Jun 2014 | early Aug 2014 | One well + 90-day priced option | |||||||||||||||||||||||||||||||
Brazil / S. America (12) |
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Ocean Spur |
300 | JU IC | 1981 | Ecuador | Saipem | 30,000 | mid Oct 2012 | late Aug 2014 | 2-year bareboat charter + 2 x 6-month priced options | |||||||||||||||||||||||||||
Ocean Lexington |
2,200 | SS | 1976 | Trinidad | BG Intl / Centrica | 300,000 | early Nov 2013 | late Sep 2014 | Ten wells | |||||||||||||||||||||||||||
GOM | | late Sep 2014 | early Dec 2014 | Mobe and prep | 10 | 70 | Mobe and prep | |||||||||||||||||||||||||||||
Mexico | Pemex | 160,000 | early Dec 2014 | mid Mar 2018 | 1,189-day term | |||||||||||||||||||||||||||||||
Ocean Concord |
2,300 | SS | 1975 | Brazil | Petrobras | 247,788 | early Jan 2008 | mid Jun 2015 | Remaining term (incl. 50% of potential 15% bonus) | 60 | 5-Year Special Survey | |||||||||||||||||||||||||
Ocean Yatzy |
3,300 | SS DP | 1989 | Brazil | Petrobras | 257,250 | early Oct 2009 | early Oct 2014 | 5-year term (incl. 50% of potential 10% bonus) + unpriced option | 45 | 5-Year Special Survey | |||||||||||||||||||||||||
Ocean Winner |
4,000 | SS | 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 | SS | 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 | SS 15K DP | 1988 | Brazil | Petrobras | 367,089 | late Jul 2010 | mid Jun 2016 | 6-year term (incl. 50% of potential 15% bonus) + unpriced option | 52 | 5-Year Special Survey | |||||||||||||||||||||||||
Ocean Star |
5,500 | SS 15K | 1997 | Brazil | Queiroz Galvão | 310,000 | mid May 2014 | late Jul 2014 | Term extension | |||||||||||||||||||||||||||
Ocean Clipper |
7,875 | DS 15K DP | 1997 | Brazil | Petrobras | | late May 2014 | late Jun 2014 | Mobe to Colombia | |||||||||||||||||||||||||||
Colombia | Petrobras | 425,000 | late Jun 2014 | late Sep 2014 | One well | |||||||||||||||||||||||||||||||
Colombia | Petrobras | | late Sep 2014 | mid Oct 2014 | Mobe to Brazil | |||||||||||||||||||||||||||||||
Brazil | Petrobras | 312,625 | mid Oct 2014 | early Dec 2015 | Remainder of 5-year term contract (incl. 50% of potential 5% bonus)+ unpriced option | |||||||||||||||||||||||||||||||
Ocean Baroness |
8,000 | SS 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 | SS 15K DP | 2009 | Brazil | Petrobras | 406,850 | mid Feb 2010 | mid Feb 2015 | 5-year term (incl. 50% of potential 6% bonus) + unpriced option | 20 | 5-Year Special Survey | |||||||||||||||||||||||||
Ocean Valor |
10,000 | SS 15K DP | 2009 | Brazil | Petrobras | 440,000 | early Sep 2011 | mid Oct 2015 | Converted to 5-year term + unpriced option | 20 | 5-Year Special Survey |
Please refer to accompanying disclaimer as well as Diamond Offshores 10-K and 10-Q filings with the SEC. | Page 2 of 4 |
Water1 Depth |
Year3 | Contract Dayrate |
Estimated | Estimated | Planned Downtime 4 (For Periods Lasting >10 days) | |||||||||||||||||||||||||
Rig Name |
(feet) | Type2 | Built | Location | Operator | (USD) | Start Date | End Date | Status |
2Q14 E | 3Q14 E | 4Q14 E | Comments | |||||||||||||||||
Rigs Under Construction (5) |
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Ocean BlackHornet |
12,000 | DS 15K DP | 2014 | S. Korea | | | Q1 2011 | late Q3 2014 | Hyundai shipyard; commissioning; mobe; acceptance | |||||||||||||||||||||
US GOM | Anadarko | 495,000 | late Q3 2014 | Q3 2019 | 5-year term + unpriced option | |||||||||||||||||||||||||
Ocean BlackRhino |
12,000 | DS 15K DP | 2014 | S. Korea | | | Q2 2011 | Q4 2014 | Hyundai shipyard; commissioning; mobe; acceptance | |||||||||||||||||||||
Ocean BlackLion |
12,000 | DS 15K DP | 2015 | S. Korea | | | Q2 2012 | Q2 2015 | Hyundai shipyard; commissioning; mobe; acceptance | |||||||||||||||||||||
Ocean Apex |
6,000 | SS 15K | 2014 | Singapore | | | Q3 2012 | late Q4 2014 | Jurong shipyard; commissioning; mobe; acceptance | |||||||||||||||||||||
Vietnam | ExxonMobil | 485,000 | Q4 2014 | Q1 2015 | One well | |||||||||||||||||||||||||
Ocean GreatWhite |
10,000 | SS 15K DP | 2016 | S. Korea | | | Q3 2013 | H2 2016 | Hyundai shipyard; 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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Ocean Spartan |
300 | JU IC | 1980 | US GOM | | | | | Stacked | |||||||||||||||||||||
Ocean New Era |
1,500 | SS | 1974 | US GOM | | | | | Stacked | |||||||||||||||||||||
Ocean Whittington |
1,650 | SS | 1974 | US GOM | | | | | Stacked | |||||||||||||||||||||
Ocean Epoch |
3,000 | SS | 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.) | Rig Type and capabilities: JU=Jack-up; SS=Semisubmersible; DS=Drillship; 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. |
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
UWILD=Under Water in Lieu of Dry-dock rig inspection.
Please refer to accompanying disclaimer as well as Diamond Offshores 10-K and 10-Q filings with the SEC. | Page 3 of 4 |
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 opportunites and termination rights, letters of intent, utilization, surveys, downtime and other aspects of the Companys drilling rigs, as well as statements concerning the termination of the Ocean Vanguard drilling contract, 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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