Exhibit 99.1
| | |
 | | Diamond Offshore Drilling, Inc. Rig Status Report February 1, 2012 Updated information noted in bold print |
RECENT COMMITMENTS(See Body of Report For Contract Details)
Ocean Columbia
Ocean Endeavor
Ocean Confidence
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth
(feet) | | | | | | Contract
Dayrate
| | | Estimated | | Estimated | | | | | Estimated Downtime Days3
(For events lasting 10 days or more) | | | |
Rig Name | | | Location | | Operator | | ($000s) | | | Start Date | | End Date | | Status | | | 1Q12 E | | | 2Q12 E | | | 3Q12 E | | | 4Q12 E | | | 2012 E | | | Comments |
| | | | | | | | | | | | | | | | | Totals: | | | | 340 | | | | 333 | | | | 235 | | | | 191 | | | | 1,099 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GULF OF MEXICO SEMISUBMERSIBLES (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Yorktown | | 2,850 | | Mexico | | Pemex | | | 184,000 | | | early Jan 2012 | | late July 2014 | | | 930-day term | | | | 10 | | | | | | | | | | | | | | | | 10 | | | Completion of Pemex
Acceptance |
Ocean Victory | | 5,500 (15K) | | US GOM | | Walter Oil & Gas | | | 325,000 | | | late Dec 2011 | | mid Feb 2012 | | | one well | | | | | | | | | | | | | | | | 58 | | | | 58 | | | 5-Yr Special Survey |
| | | | US GOM | | ExxonMobil | | | 325,000 | | | mid Feb 2012 | | mid Jun 2012 | |
| four firm wells,
plus four
priced option
wells |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | US GOM | | — | | | — | | | mid Jun 2012 | | mid Oct 2012 | |
| actively
marketing |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | US GOM | | — | | | — | | | mid Oct 2012 | | mid Dec 2012 | |
| 5-Yr
Special Survey |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
GULF OF MEXICO JACKUPS (5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Columbia | | 250 IC | | US GOM | | Walter Oil & Gas | | | 62,500 | | | late Sep 2011 | | late Jan 2012 | | | one well | | | | | | | | | | | | | | | | 12 | | | | 12 | | | Intermediate Survey |
| | | | US GOM | | Marlin Energy | | | 62,500 | | | late Jan 2012 | | late Mar 2012 | | | three wells | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Nugget | | 300 IC | | Mexico | | Pemex | | | 83,999 | | | mid Sep 2011 | | mid Oct 2012 | | | 430-day term | | | | | | | | | | | | | | | | 30 | | | | 30 | | | Maintenance |
| | | | US GOM | | — | | | — | | | mid Oct 2012 | | mid Nov 2012 | | | maintenance | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Summit | | 300 IC | | Mexico | | Pemex | | | 84,000 | | | mid Sep 2011 | | late Feb 2012 | |
| remainder of
term |
| | | 31 | | | | 14 | | | | | | | | | | | | 45 | | | Contract Prep
Mexico Term
Contract |
| | | | Mexico | | — | | | — | | | late Feb 2012 | | mid Apr 2012 | |
| prep for
Pemex |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | Mexico | | Pemex | | | 85,999 | | | mid Apr 2012 | | late Dec 2014 | | | 985-day term | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Titan | | 350 IC (15K) | | Mexico | | Pemex | | | 103,000 | | | mid Dec 2011 | | early Jan 2014 | | | 778-day term | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Scepter | | 350 IC (15K) | | Mexico | | Pemex | | | 134,999 | | | late Dec 2011 | | late Jul 2013 | | | 612-day term | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
INTERNATIONAL SEMISUBMERSIBLES (26) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North Sea/Mediterranean/W. Africa | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Nomad | | 1,200 | | North Sea | | BG International | | | 235,000 | | | late Sep 2011 | | mid Jun 2012 | |
| three firm
wells |
| | | | | | | | | | | | | | | | | | | | | | |
Ocean Guardian | | 1,500 (15K) | | UK | | AGR/Desire | | | — | | | late Dec 2011 | | mid Mar 2012 | | | demobe to UK | | | | 91 | | | | 91 | | | | | | | | | | | | 182 | | | Mobe / UWILD /
Maintenance |
| | | | UK | | — | | | — | | | mid Mar 2012 | | early Jul 2012 | �� |
| UWILD /
maintenance |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | UK | | Shell | | | 263,000 | | | early Jul 2012 | | early Jul 2014 | |
| 2-year firm
term + 1-year
unpriced option |
| | | | | | | | | | | | | | | | | | | | | | |
Ocean Princess | | 1,500 (15K) | | North Sea | | EnQuest | | | 230,000 | | | early Jan 2012 | | late Aug 2013 | |
| 600-day term +
2 x 6-month
unpriced
options |
| | | 5 | | | | | | | | | | | | | | | | 5 | | | Completion of 2011
Maintenance |
Ocean Vanguard | | 1,500 (15K) | | North Sea | | Statoil | | | 352,400 | | | mid Aug 2010 | | mid Jun 2013 | |
| 3-year term +
1-year unpriced
option |
| | | | | | | | | | | | | | | | | | | | | | |
Ocean Valiant | | 5,500 | | Equatorial
Guinea | | Hess | | | 320,000 | | | mid Nov 2011 | | late May 2012 | |
| 4 firm wells
+ 2 priced
option wells
+ 2 unpriced
option wells |
| | | | | | | | | | | | | | | | | | | | | | |
Ocean Endeavor | | 10,000 (15K) | | Egypt | | Burullus /
RASHPETCO | | | 285,000 | | | late Jul 2011 | | late Mar 2012 | |
| 8-month
extension |
| | | | | | | 42 | | | | | | | | | | | | 42 | | | 5-Yr Special Survey |
| | | | Egypt | | — | | | — | | | late Mar 2012 | | early May 2012 | |
| 5-year Special
Survey |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | Egypt | | Burullus /
RASHPETCO | | | 285,000 | | | early May 2012 | | late Aug 2012 | |
| 4-month
extension + 2
x 4-month
priced options |
| | | | | | | | | | | | | | | | | | | | | | |
Ocean Confidence | | 10,000 DP (15K) | | Angola | | Cobalt | | | 360,000 | | | mid Jul 2011 | | late May 2012 | |
| two firm wells
+ one priced
option |
| | | | | | | | | | | 60 | | | | | | | | 60 | | | Maintenance -
Painting |
| | | | Congo | | Murphy | | | 390,000 | | | late May 2012 | | late Aug 2012 | | | firm well | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Congo | | — | | | — | | | late Aug 2012 | | late Oct 2012 | |
| maintenance -
painting |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | West Africa | | Murphy | | | 390,000 | | | late Oct 2012 | | mid Jan 2013 | |
| firm well +
two unpriced
options |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | US GOM | | — | | | — | | | To Be
Determined | | | |
| mobe to US
GOM |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | US GOM | | 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 5 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth
(feet) | | | | | | Contract
Dayrate
| | | Estimated | | Estimated | | | | Estimated Downtime Days3
(For events lasting 10 days or more) | | | |
Rig Name | | | Location | | Operator | | ($000s) | | | Start Date | | End Date | | Status | | 1Q12 E | | | 2Q12 E | | | 3Q12 E | | | 4Q12 E | | | 2012 E | | | Comments |
Australasia | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Patriot | | 1,500(15K) | | Australia | | PTTEP | | | 235,000 | | | mid Jun 2011 | | early March 2012 | | 21 firm wells | | | | | | | | | | | | | | | 60 | | | | 60 | | | 5 -Yr Special Survey |
| | | | Australia | | PTTEP | | | 260,000 | | | early March 2012 | | mid May 2012 | | one well | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | mid May 2012 | | early Nov 2012 | | actively marketing | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | early Nov 2012 | | early Jan 2013 | | 5-Yr Special Survey | | | | | | | | | | | | | | | | | | | | | | |
Ocean General | | 3,000 | | Malaysia | | — | | | — | | | | | | | actively Marketing | | | | | | | | | | | | | | | | | | | | | | |
Ocean America | | 5,500(15K) | | Australia | | Woodside | | | 413,500 | | | mid March 2011 | | mid Aug 2012 | | remainder of 2-year
term | | | | | | | | | | | | | | | | | | | | | | |
| | | | Australia | | Woodside | | | 405,000 | | | mid Aug 2012 | | mid Apr 2013 | | 6-well extension | | | | | | | | | | | | | | | | | | | | | | |
Ocean Rover | | 8,000(15K) | | Malaysia | | Murphy | | | 450,000 | | | late Jan 2012 | | late Apr 2012 | | remainder of 2-year
term | | | | | | | | | | | 60 | | | | | | | | 60 | | | 5-Yr Special Survey |
| | | | Malaysia | | Murphy | | | 304,547 | | | late Apr 2012 | | mid July 2012 | | commencement of
600-day extension | | | | | | | | | | | | | | | | | | | | | | |
| | | | Malaysia | | — | | | — | | | mid July 2012 | | mid Sep 2012 | | maintenance, 5-Yr
Special Survey | | | | | | | | | | | | | | | | | | | | | | |
| | | | Malaysia | | Murphy | | | 304,547 | | | mid Sep 2012 | | mid Feb 2014 | | balance of 600-day
extension | | | | | | | | | | | | | | | | | | | | | | |
Ocean Monarch | | 10,000(15K) | | Vietnam | | TNK
Vietnam | | | 345,000 | | | early Dec 2011 | | mid Apr 2012 | | two wells | | | | | | | | | | | 40 | | | | | | | | 40 | | | 5-Yr Special Survey |
| | | | Vietnam | | Talisman | | | 385,000 | | | mid Apr 2012 | | late Jul 2012 | | two wells | | | | | | | | | | | | | | | | | | | | | | |
| | | | Singapore | | — | | | | | | late Jul 2012 | | early Sep 2012 | | 5-Yr Special Survey | | | | | | | | | | | | | | | | | | | | | | |
| | | | Indonesia | | Niko
Resources | | | 385,000 | | | early Sep 2012 | | early Sep 2016 | | 4-year term + 1-year
unpriced option | | | | | | | | | | | | | | | | | | | | | | |
Brazil /S. America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Ambassador | | 1,100 | | Brazil | | OGX | | | 260,000 | | | mid Sep 2009 | | mid Sep 2012 | | 3-year term +
unpriced option | | | | | | | | | | | | | | | | | | | | | | |
Ocean Whittington | | 1,650 | | Brazil | | Petrobras | | | 241,173 | | | late Jan 2009 | | mid Feb 2012 | | well abandonment,
demobe to customs
clearance location | | | 91 | | | | 91 | | | | | | | | | | | | 182 | | | Prep and mobe to GOM, |
| | | | | | — | | | — | | | mid Feb 2012 | | late Jun 2012 | | prep and mobe to
GOM, 5-Yr Special
Survey | | | | | | | | | | | | | | | | | | | | | | 5-Yr Special Survey |
Ocean Saratoga | | 2,200 | | Guyana | | CGX
Energy | | | 282,150 | | | late Jan 2012 | | late Mar 2012 | | one well plus
unpriced option | | | 26 | | | | | | | | | | | | | | | | 26 | | | Mobe to Guyana |
Ocean Concord | | 2,300 | | Brazil | | Petrobras | | | 247,788 | | | early Jan 2008 | | early Jan 2013 | | 5-yr term (includes
50% of pot.15%
bonus) + unpriced
option | | | | | | | | | | | | | | | | | | | | | | |
| | | | Brazil | | Petrobras | | | 247,788 | | | early Jan 2013 | | mid Jul 2015 | | remainder of
Whittington and
Yorktown terms | | | | | | | | | | | | | | | | | | | | | | |
Ocean Lexington | | 2,200 | | Brazil | | OGX | | | 335,000 | | | early Feb 2010 | | early Mar 2012 | | remainder 3-year
term | | | | | | | | | | | | | | | | | | | | | | |
| | | | Brazil | | OGX | | | 271,000 | | | early Mar 2012 | | early Feb 2013 | | 3-year term (rate
reduction blended
across Star and
Quest) + unpriced
option | | | | | | | | | | | | | | | | | | | | | | |
Ocean Yatzy | | 3,300 DP | | Brazil | | Petrobras | | | 257,250 | | | early Oct 2009 | | early Oct 2014 | | 5-yr term (includes
50% of pot.10%
bonus) + unpriced
option | | | | | | | | | | | | | | | | | | | | | | |
Ocean Quest | | 4,000(15K) | | Brazil | | OGX | | | 265,000 | | | late Dec 2011 | | late Dec 2013 | | 1-year extension +
unpriced option +
second 1-yr
extension | | | | | | | | | | | | | | | 31 | | | | 31 | | | Begin 5-Yr Special
Survey and quarters
upgrade: 105 days in total |
Ocean Winner | | 4,000 | | Brazil | | Petrobras | | | 283,500 | | | mid Oct 2010 | | mid Mar 2015 | | 5-yr term (includes
50% of pot.10%
bonus) + unpriced
option | | | | | | | | | | | | | | | | | | | | | | |
Ocean Worker | | 4,000 | | Brazil | | Petrobras | | | 283,500 | | | late Feb 2009 | | late Feb 2015 | | 6-yr term (includes
50% of pot.10%
bonus) + unpriced
option | | | | | | | | | | | 65 | | | | | | | | 65 | | | 5-Yr Special Survey |
Ocean Alliance | | 5,250 DP (15K) | | Brazil | | Petrobras | | | 367,089 | | | late Jul 2010 | | mid Jun 2016 | | 6-yr term (includes
50% of pot.15%
bonus) + unpriced
option | | | | | | | | | | | | | | | | | | | | | | |
Ocean Star | | 5,500(15K) | | Brazil | | OGX | | | 270,000 | | | late Dec 2011 | | mid Feb 2012 | | part two of 2-year
term extension | | | 45 | | | | 30 | | | | | | | | | | | | 75 | | | 5-Yr Special Survey |
| | | | Brazil | | — | | | — | | | mid Feb 2012 | | late Apr 2012 | | 5-Yr Special Survey | | | | | | | | | | | | | | | | | | | | | | |
| | | | Brazil | | OGX | | | 301,000 | | | late Apr 2012 | | late Feb 2014 | | remainder of 2-year
term at blended rate
+ unpriced option +
1-yr extension | | | | | | | | | | | | | | | | | | | | | | |
Ocean Baroness | | 7,000(15K) | | Brazil | | Petrobras | | | 276,750 | | | early Sep 2011 | | early Sep 2015 | | converted to five-
year term (includes
50% of pot. 5%
bonus) + unpriced
option | | | | | | | 30 | | | | | | | | | | | | 30 | | | 5-Yr Special Survey |
Ocean Courage | | 10,000 DP (15K) | | Brazil | | Petrobras | | | 406,850 | | | mid Feb 2010 | | mid Feb 2015 | | 5yr term (includes
50% of pot. 6%
bonus) + unpriced
option | | | 10 | | | | | | | | | | | | | | | | 10 | | | Intermediate Survey |
Ocean Valor | | 10,000 DP (15K) | | Brazil | | Petrobras | | | 440,000 | | | early Sep 2011 | | mid Oct 2015 | | converted to five-
year term + unpriced
option | | | | | | | | | | | 10 | | | | | | | | 10 | | | Intermediate Survey |
| | |
Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC. | | Page 2 of 5 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth
(feet) | | | | | | Contract
Dayrate
| | | Estimated | | Estimated | | | | Estimated Downtime Days3
(For events lasting 10 days or more) | | |
Rig Name | | | Location | | Operator | | ($000s) | | | Start Date | | End Date | | Status | | 1Q12 E | | 2Q12 E | | 3Q12 E | | 4Q12 E | | 2012 E | | Comments |
| INTERNATIONAL JACKUPS (3) | | | | | | | | | | | | | | | | | | | | | | | | |
| Ocean King | | 300 IC | | Montenegro | | — | | | — | | | | | | | actively Marketing | | | | 35 | | | | | | 35 | | 5-Yr Special Survey |
| Ocean Heritage | | 300 IC | | Suez Gulf | | — | | | — | | | | | | | warm stacked | | | | | | | | | | | | |
| Ocean Spur | | 300 IC | | Egypt | | WEPCO | | | 70,000 | | | late Sep 2011 | | late Mar 2012 | | 6-month
extension + 6-month unpriced option | | | | | | | | | | | | |
| | | | | | | | | | | |
| INTERNATIONAL DRILLSHIPS (1) | | | | | | | | | | | | | | | | | | | | | | | | |
| Ocean Clipper | | 7,875 DP (15K) | | Brazil | | Petrobras | | | 312,625 | | | late Jan 2012 | | early Dec 2015 | | Resume 5-yr term
contract (includes
50% of pot. 5%
bonus) + unpriced
option | | 31 | | | | | | | | 31 | | Petrobras Upgrade Completion |
| | | | | | | | | | | |
| RIGS UNDER CONSTRUCTION (4) | | | | | | | | | | | | | | | | | | | | | | | | |
| Ocean BlackHawk | | 12,000 DP (15K) | | S. Korea | | — | | �� | — | | | Q1 2011 | | Q2 2013 | | Hyundai | | | | | | | | | | | | |
| | | | TBA | | Anadarko | | | 495,000 | | | Q4 2013 | | Q4 2018 | | five-year term +
unpriced option | | | | | | | | | | | | |
| Ocean BlackHornet | | 12,000 DP (15K) | | S. Korea | | — | | | — | | | Q1 2011 | | Q4 2013 | | Hyundai | | | | | | | | | | | | |
| | | | TBA | | Anadarko | | | 495,000 | | | Q2 2014 | | Q2 2019 | | five-year term +
unpriced option | | | | | | | | | | | | |
| Ocean BlackRhino | | 12,000 DP (15K) | | S. Korea | | — | | | — | | | Q2 2011 | | Q2 2014 | | Hyundai | | | | | | | | | | | | |
Ocean Onyx | | 6,000(15K) | | US GOM | | — | | | — | | | Q1 2012 | | Q3 2013 | | Keppel AmFELS | | | | | | | | | | | | |
| | | | | | | | | | | |
| COLD STACKED (8) | | | | | | | | | | | | | | | | | | | | | | | | |
(5 jack-ups, 3 semisubmersibles) | | | | | | | | | | | | | | | | | | | | | | | | |
| Ocean Crusader | | 200 MC | | US GOM | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean Drake | | 200 MC | | US GOM | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean Champion | | 250 MS | | US GOM | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean Sovereign | | 300 IC | | Malaysia | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean Spartan | | 300 IC | | US GOM | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean Epoch | | 3,000 | | Malaysia | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean New Era | | 1,500 | | US GOM | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
| Ocean Bounty | | 1,500 | | Malaysia | | — | | | — | | | | | | | Stacked | | | | | | | | | | | | |
NOTES
(1) Water Depth refers to the rig’s current nominal operating water depth capability. Often, rigs are capable of drilling or have drilled in greater water depths. In all cases, floating rigs are capable of working successfully at greater depths than their nominal depth. On a case by case basis, we may achieve a greater depth capacity by providing additional equipment.
(2)Additional rig capabilities noted within the column:
15K=15,000 PSI Well-Control System;DP=Dynamically Positioned Rig;IC=Independent-Leg Cantilevered Rig;MC=Mat-Supported Cantilever Rig;MS=Mat-Supported Slot Rig
(3) Expected Downtime Daysonly include downtime events that are estimable as of this report date.Additionaldowntimeislikelytobeincurred in the form of possible mobes for new jobs not yet contracted, possible acceptance testing at new jobs, and unanticipated maintenance. Survey start times may also be accelerated or delayed for various reasons.E=EstimatedA=Actual
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.
All 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 5 |
| | |
| | Diamond Offshore Drilling, Inc. Rig Status Report February 1, 2012 |
Estimated Average Daily Rig
Operating Costs for 2012 ($000’s)
| | |
Jack-ups: | | 40’s to 60’s |
Mid-Water Domestic | | 50’s |
Mid-Water International | | 80’s to 160’s |
Deepwater Moored | | 70’s to 160’s |
Deepwater DP | | 180’s |
Ultra-Deepwater Moored | | 110’s to 150’s |
Ultra-Deepwater DP | | 180’s to 200 |
| | |
| | Diamond Offshore Drilling, Inc. Rig Status Report February 1, 2012 |
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.
