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8-K - FORM 8-K - DIAMOND OFFSHORE DRILLING, INC.d120480d8k.htm
EX-99.1 - EX-99.1 - DIAMOND OFFSHORE DRILLING, INC.d120480dex991.htm

Exhibit 99.2

 

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Diamond Offshore Drilling, Inc.

Rig Status Report

February 8, 2016

Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

Ocean Scepter: 1-year 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     1Q16 E     2Q16 E     3Q16 E     4Q16 E    

Comments

                    Totals:        188        84        42        60     
                   

 

 

   

 

 

   

 

 

   

 

 

   

Gulf of Mexico - U.S.

                     

Ocean BlackHawk

    12,000      DS 15K DP   2014   US GOM   Anadarko   495,000   late May 2014   mid Jun 2019    
 
5-year term + unpriced
option
  
  
         

Ocean BlackHornet

    12,000      DS 15K DP   2014   US GOM   Anadarko   495,000   mid Apr 2015   mid Apr 2020    
 
5-year term + unpriced
option
  
  
         

Ocean BlackRhino (note 5)

    12,000      DS 15K DP   2014   US GOM   Murphy   550,000   late May 2015   mid Feb 2016     265-day term             
        US GOM   —     —     mid Feb 2016   early Dec 2016    
 
 
Contract prep;
standby;customer
acceptance
  
  
  
    45        15        30        60     
        US GOM   Hess   400,000   early Dec 2016   early Dec 2019     3-year term             

Ocean BlackLion

    12,000      DS 15K DP   2015   US GOM   Hess   400,000   mid Dec 2015   mid Dec 2019     4-year term        37            Customer acceptance testing

Gulf of Mexico - Mexico

                     

Ocean Scepter

    350      JU 15K IC   2008   Mexico   Pemex   115,000   early Jan 2015   early Mar 2017     Term + 1-year extension            12       

Ocean Ambassador

    1,100      SS   1975   Mexico   Pemex   115,000   early May 2015   early Mar 2016    
 
Remainder of 730-day
term at revised rate
  
  
         

North Sea / Mediterranean / W. Africa

                     

Ocean Guardian

    1,500      SS 15K   1985   UK   Dana   220,000   early Mar 2016   early Mar 2017     1-year term             

Ocean Patriot

    3,000      SS 15K   1983   UK   Shell   400,511   late Oct 2014   late Oct 2017     3-year term             

Ocean Valiant

    5,500      SS 15K   1988   UK   Premier Oil   197,500   late Dec 2015   late Apr 2016    
 
First optional well + 3 x
1-well options
  
  
         

Ocean Endeavor

    10,000      SS 15K   2007   Romania, Italy   —     —     late Dec 2015   late May 2016     Demobe; reassembly        91        49         

Australasia

                           

Ocean Apex

    6,000      SS 15K   2014   Australia   Woodside Energy   285,000   early May 2016   late Oct 2017    
 
 

 
 

18-month term,
convertible to 24-month
@ $270k/day

+ 1 x 12-month + 2 x 6-
month unpriced options

  
  
  

 
  

      20          Mobe to Australia

Ocean Rover

    8,000      SS 15K   2003   Malaysia   Murphy   465,000   early Mar 2014   early Mar 2016     2-year term             

Ocean Monarch

    10,000      SS 15K   2008   Australia   Quadrant   410,000   mid Jul 2015   early Oct 2016    
 
15 months of 18-month
term + 1 year option
  
  
         
        Australia   Quadrant   350,000   early Oct 2016   early Jan 2017    
 
3 months at reduced rate
on 18-month term
  
  
         

South America

                           

Ocean Victory

    5,500      SS 15K   1997   Trinidad   BP   398,000   early May 2015   mid May 2017    
 
2-year term + 1-year
unpriced option
  
  
         

Ocean Courage

    10,000      SS 15K DP   2009   Brazil   Petrobras   455,000   late Oct 2015   late Feb 2018     3-year extension             
        Brazil   Petrobras   380,000   late Feb 2018   late Jul 2020     Term extension             

Ocean Valor

    10,000      SS 15K DP   2009   Brazil   Petrobras   455,000   mid Oct 2015   mid Oct 2018     3-year extension             

 

Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC.

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    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   1Q16 E     2Q16 E   3Q16 E   4Q16 E  

                Comments                 

UNDER CONSTRUCTION

                     

Ocean GreatWhite

    10,000      SS 15K DP   2016   S. Korea   —     —     Q3 2013   H2 2016   Hyundai shipyard;
commissioning; mobe;
acceptance
         
        Australia   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

                     

Ocean Summit

    300      JU IC   1972   US GOM   —     —     —     —     Stacked          

Ocean King

    300      JU IC   1973   US GOM   —     —     —     —     Stacked          

Ocean Nugget

    300      JU IC   1976   US GOM   —     —     —     —     Stacked          

Ocean Spur

    300      JU IC   1981   Malaysia   —     —     —     —     Stacked          

Ocean Titan

    350      JU 15K IC   1974   US GOM   —     —     —     —     Stacked          

Ocean Nomad

    1,200      SS   1975   UK   —     —     —     —     Stacked          

Ocean Princess

    1,500      SS 15K   1975   UK   —     —     —     —     Stacked          

Ocean Vanguard

    1,500      SS 15K   1982   UK   —     —     —     —     Stacked          

Ocean General

    3,000      SS   1976   Malaysia   —     —     —     —     Stacked          

Ocean Quest

    4,000      SS 15K   1973   Malaysia   —     —     —     —     Stacked          

Ocean America

    5,500      SS 15K   1988   Malaysia   —     —     —     —     Stacked          

Ocean Alliance

    5,250      SS 15K DP   1988   Brazil / US GOM   —     —     —     —     Stacked          

Ocean Star

    5,500      SS 15K   1997   US GOM   —     —     —     —     Stacked          

Ocean Onyx

    6,000      SS 15K   2014   US GOM   —     —     —     —     Stacked     15           

Ocean Baroness

    8,000      SS 15K   2002   US GOM   —     —     —     —     Stacked          

Ocean Confidence

    10,000      SS 15K DP   2001   Canary Islands   —     —     —     —     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.) 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.

(5.) Murphy exercised its option to revert term on the Ocean BlackRhino to its previous 265-day duration and paid a lump sum “payback fee“in 4Q 2015 based on a rate of $550,000 per day.

General Notes

Average Utilization: Assume rates of 92% for DP units, 95% for conventionally moored rigs, and 97% 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 amortized revenue related to amounts earned for certain activities, such as mobe, demobe, contract preparation, etc.

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.

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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, future contract opportunites and termination rights, letters of intent, utilization, surveys, downtime and other aspects of the Company’s 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 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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