DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
August 25, 2008
| | | | | | | | | | | | | | | | | | | |
| Rig Name | | WD | | Location | | Status | | Operator | | Current Term | | Dayrate
($000s) | | Start Date | | Est. End
Date |
| |
Ocean Scepter | | 350’ IC | | enroute | | mobing under lump-sum fee to be amortized over life of contract | | DODI | | | | 0 | | mid Aug. 2008 | | late Sept. 2008 |
| | | | | | | Intl. location | | Future Contract | | Un-named operator | | 300-day term contract + unpricedoption | | high 190’s | | late Sept. 2008 | | late July 2009 |
| |
Upgrade (1) | | | | | | | | | | | | | | | | | | |
Ocean Monarch | | | 10,000 | | | Singapore Shipyard | | Current | | DODI | | upgrade to 5th generation rig | | 0 | | | | late Aug. 2008 |
| | | | | | | Singapore | | Future | | DODI | | commissioning | | 0 | | late Aug. 2008 | | late Nov. 2008 |
| | | | | | | mobe GOM | | Future | | DODI | | mobe to GOM and prep for contract | | 0 | | late Nov. 2008 | | late Feb. 2009 |
| | | | | | | GOM | | Future Contract | | Anadarko | | four-year term + unpricedoption | | high 420’s | | late Feb. 2009 | | late Feb. 2013 |
NOTES: Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs and maintenance, weather conditions and other factors. An LOI is subject to customary conditions, including the execution of a definitive agreement and as such may not result in a binding contract. Options are un-priced and any extension of contract is subject to mutually agreeable terms & conditions unless otherwise indicated. Indexed contracts generally reprice every 30 days. Mobe revenues (if any) and mobe expenses are deferred, and generally are amortized over the life of the contract. GOM = Gulf of Mexico.
Cost/Revenue Footnote: Contract Drilling Expenses applies to contract drilling expenses ONLY anddoes not include Reimbursable Expenses
On rig utilization, assume 95% for DP units, 96% for conventionally moored rigs, and 98% for jack-ups.
Forward-Looking Statements: The rig status report may contain “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, 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 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, 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.
