Exhibit 99.1
| | |
 | | Diamond Offshore Drilling, Inc. Rig Status Report August 15, 2012 Updated information noted in bold print |
SIGNIFICANT UPDATES(See Body of Report For Contract Details)
Addition of Ocean Apex
Removal of Ocean Bounty
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth
(feet) | | Year 3
Built | | Location | | Operator | | Contract
Dayrate
(USD) | | | Estimated
Start Date | | Estimated
End Date | | | Status | | | Expected Downtime Days 4
(For events lasting >10 days) | | | Comments re: 2012 Downtime |
Rig Name | | | | | | | | | | 3Q12 | | | 4Q12 | | | Special
Surveys
in 2013 5 | | |
GULF OF MEXICO SEMISUBMERSIBLES (4) | | | | | | | | | | | | | | | Totals: | | | | 354 | | | | 217 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Whittington | | 1,650 | | 1974 | | US GOM | | — | | | — | | | — | | | — | | |
| Maintenance
and evaluation |
| | | 0 | | | | | | | | | | | |
Ocean Saratoga | | 2,200 | | 1976 | | US GOM | | — | | | — | | | — | | | — | | |
| Actively
marketing |
| | | | | | | | | | | | | | |
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. | | | 419,500 | | | mid Jun 2012 | | | mid Aug 2013 | | |
| 1-year term + 2
unpriced 1-
year options |
| | | 41 | | | | 19 | | | | | | | 5-Year Special
Survey |
| |
GULF OF MEXICO JACK-UPS (4) | | | |
Ocean Nugget | | 300 IC | | 1976 | | Mexico | | Pemex | | | 83,999 | | | mid Sep 2011 | | | late Jan 2013 | | |
| Extension of
430-day term |
| | | | | | | 30 | | | | | | | Maintenance -
exact dates TBD |
Ocean Summit | | 300 IC | | 1972 | | Mexico | | — | | | — | | | late Jul 2012 | | | mid Sep 2012 | | | | Prep for Pemex | | | | 58 | | | | | | | | | | | Contract prep for
Mexico term
contract |
| | | | | | 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 | | | | | | | | | | | | | | | |
Ocean Scepter | | 350 IC (15K) | | 2008 | | Mexico | | Pemex | | | 134,999 | | | late Dec 2011 | | | late Jul 2013 | | | | 612-day term | | | | | | | | | | | | X | | | |
| |
INTERNATIONAL SEMISUBMERSIBLES (24) | | | |
North Sea/Mediterranean/W. Africa | | | |
Ocean Nomad | | 1,200 | | 1975 | | UK | | BG
International | | | 235,000 | | | late Sep 2011 | | | early Oct 2012 | | |
| Two firm wells
remaining |
| | | | | | | | | | | | | | |
| | | | | | UK | | Fairfield
Cedrus | | | 280,000 | | | early Oct 2012 | | | late Dec 2012 | | | | Two wells | | | | | | | | | | | | | | | |
| | | | | | UK | | Dana
Petroleum | | | 280,000 | | | late Dec 2012 | | | mid Jan 2013 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | UK | | First Oil | | | 280,000 | | | mid Jan 2013 | | | mid Feb 2013 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | UK | | Iona | | | 280,000 | | | mid Feb 2013 | | | late Mar 2013 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | UK | | — | | | — | | | late Mar 2013 | | | mid May 2013 | | |
| Estimated 5-
Year Special
Survey |
| | | | | | | | | | | X | | | |
| | | | | | UK | | Noreco | | | 280,000 | | | mid May 2013 | | | mid Jun 2013 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | UK | | Dana
Petroleum | | | 330,000 | | | mid Jun 2013 | | | mid Jun 2015 | | | | 2-year term | | | | | | | | | | | | | | | |
Ocean Guardian | | 1,500(15K) | | 1985 | | UK | | Shell | | | 263,000 | | | mid Jul 2012 | | | mid Jul 2014 | | |
| 2-year firm
term |
| | | 12 | | | | | | | | | | | UWILD /
maintenance |
| | | | | | UK | | Shell | | | 350,000 | | | mid Jul 2014 | | | mid Jul 2015 | | | | 1-year option | | | | | | | | | | | | | | | |
Ocean Princess | | 1,500(15K) | | 1975 | | UK | | EnQuest | | | 230,000 | | | early Jan 2012 | | | late Aug 2013 | | |
| 600-day term +
2 x 6-month
unpriced
options |
| | | | | | | | | | | X | | | |
Ocean Vanguard | | 1,500(15K) | | 1982 | | Norway | | Statoil | | | 352,400 | | | mid Aug 2010 | | | mid Jun 2013 | | | | 3-year term | | | | | | | | | | | | | | | |
| | | | | | | | — | | | — | | | mid Jun 2013 | | | late July 2013 | | |
| Estimated 5-
Year Special
Survey |
| | | | | | | | | | | X | | | |
| | | | | | Norway | | Statoil | | | 450,000 | | | late July 2013 | | | mid Mar 2015 | | |
| 20-month
option +
unpriced option |
| | | | | | | | | | | | | | |
Ocean Valiant | | 5,500 | | 1988 | | Equatorial
Guinea | | Hess | | | 341,333 | | | mid Nov 2011 | | | early Nov 2012 | | | | Six firm wells | | | | | | | | | | | | | | | |
| | | | | | Equatorial
Guinea | | Hess | | | 375,466 | | | early Nov 2012 | | | late Mar 2013 | | |
| Two option
wells |
| | | | | | | | | | | X | | | |
Ocean Endeavor | | 10,000(15K) | | 2007 | | Egypt | | Burullus /
RASHPETCO | | | 285,000 | | | late Jul 2012 | | | late Nov 2012 | | |
| 4-month
extension + 2 x
4-month priced
options |
| | | 35 | | | | | | | | | | | 5-Year Special
Survey |
Ocean Confidence | | 10,000 DP (15K) | | 2001 | | Angola | | Cobalt | | | 360,000 | | | mid Jul 2011 | | | mid Sep 2012 | | | | Two firm wells | | | | | | | | | | | | | | | |
| | | | | | Congo | | Murphy | | | 390,000 | | | mid Sep 2012 | | | mid Dec 2012 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | Angola | | Cobalt | | | 375,000 | | | mid Dec 2012 | | | late Mar 2013 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | Angola | | Cobalt | | | 430,000 | | | late Mar 2013 | | | late Jun 2013 | | | | One well | | | | | | | | | | | | | | | |
| | | | | | Cameroon | | Murphy | | | 430,000 | | | late Jun 2013 | | | mid Oct 2013 | | | | Firm well | | | | | | | | | | | | | | | |
| | | | | | | | — | | | — | | | To Be Determined | | |
| Maintenance,
equipment
change out |
| | | | | | | 60 | | | | | | | Maintenance -
exact dates
TBD |
| | | | | | US GOM | | Murphy | | | — | | | 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 4 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth
(feet) | | Year 3
Built | | Location | | Operator | | Contract
Dayrate
(USD) | | | Estimated
Start Date | | Estimated
End Date | | Status | | Expected Downtime Days 4
(For events lasting >10 days) | | | Comments re: 2012 Downtime |
Rig Name | | | | | | | | | | 3Q12 | | | 4Q12 | | | Special
Surveys
in 2013 5 | | |
Australasia | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Patriot | | 3,000(15K) | | 1983 | | Australia | | Idemitsu | | | — | | | late Jul 2012 | | mid Aug 2012 | | mobe to Vietnam | | | 16 | | | | | | | | | | | |
| | | | | | Vietnam | | Idemitsu | | | 272,500 | | | mid Aug 2012 | | mid Feb 2013 | | One well | | | | | | | | | | | X | | | 5-Year Special
Survey moved
into 2013 |
Ocean General | | 3,000 | | 1976 | | Indonesia | | Mitra
Energy | | | 255,000 | | | mid Jul 2012 | | mid Mar 2013 | | Seven firm wells
+ six unpriced
option wells
(Contract will
initially
commence at a
standby rate of
$69,825 for up to
a maximum of 45
days.) | | | | | | | | | | | | | | |
Ocean America | | 5,500(15K) | | 1988 | | Australia | | Woodside | | | 414,366 | | | mid March 2011 | | late Sep 2012 | | Remainder of
term | | | | | | | | | | | | | | |
| | | | | | Australia | | Woodside | | | 405,000 | | | late Sep 2012 | | mid Apr 2013 | | Five-well
extension | | | | | | | | | | | X | | | |
Ocean Rover | | 8,000(15K) | | 2003 | | Malaysia | | Murphy | | | 304,547 | | | late Apr 2012 | | mid Feb 2014 | | 600-day
extension | | | | | | | 60 | | | | | | | 5-Year Special
Survey |
Ocean Monarch | | 10,000(15K) | | 2008 | | Vietnam | | — | | | — | | | late Jul 2012 | | mid Sep 2012 | | 5-Year Special
Survey | | | 40 | | | | | | | | | | | 5-Year Special
Survey |
| | | | | | Indonesia | | Niko
Resources | | | 385,000 | | | mid Sep 2012 | | late Sep 2016 | | 4-year term + 1-
year unpriced
option | | | | | | | | | | | | | | |
Brazil /S. America | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Ambassador | | 1,100 | | 1975 | | Brazil | | OGX | | | 260,000 | | | mid Sep 2009 | | early Nov 2012 | | 3-year term - end
of well | | | | | | | | | | | X | | | |
Ocean Concord | | 2,300 | | 1975 | | Brazil | | Petrobras | | | 247,788 | | | early Jan 2008 | | early Jan 2013 | | 5-year 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 | | 1976 | | Brazil | | OGX | | | 271,000 | | | early Mar 2012 | | early Feb 2013 | | 3-year term (rate
reduction
blended across
Star and Quest) | | | | | | | | | | | | | | |
Ocean Yatzy | | 3,300 DP | | 1989 | | Brazil | | Petrobras | | | 257,250 | | | early Oct 2009 | | early Oct 2014 | | 5-year term
(includes 50% of
pot.10% bonus)
+ unpriced
option | | | | | | | | | | | | | | |
Ocean Quest | | 4,000(15K) | | 1973 | | Brazil | | OGX | | | 265,000 | | | late Dec 2011 | | late Dec 2013 | | 1-year extension
+ second 1-year
extension | | | | | | | 31 | | | | X | | | Begin 5-Year
Special Survey
and quarters
upgrade: 105
days in total |
Ocean Winner | | 4,000 | | 1976 | | Brazil | | Petrobras | | | 283,500 | | | mid Oct 2010 | | mid Mar 2015 | | 5-year term
(includes 50% of
pot.10% bonus)
+ unpriced
option | | | | | | | | | | | | | | |
Ocean Worker | | 4,000 | | 1982 | | Brazil | | Petrobras | | | 283,500 | | | late Feb 2009 | | late Feb 2015 | | 6-year term
(includes 50% of
pot.10% bonus)
+ unpriced
option | | | 48 | | | | 17 | | | | | | | 5-Year Special
Survey |
Ocean Alliance | | 5,250 DP (15K) | | 1988 | | Brazil | | Petrobras | | | 367,089 | | | late Jul 2010 | | mid Jun 2016 | | 6-year term
(includes 50% of
pot.15% bonus)
+ unpriced
option | | | | | | | | | | | X | | | |
Ocean Star | | 5,500(15K) | | 1997 | | Brazil | | OGX | | | 301,000 | | | early Jun 2012 | | late Feb 2014 | | Remainder of 2-
year term at
blended rate + 1-
year extension | | | | | | | | | | | | | | |
Ocean Baroness | | 8,000(15K) | | 2002 | | Brazil | | Petrobras | | | 276,750 | | | early Sep 2011 | | early Sep 2015 | | Converted to 5-
year term
(includes 50% of
pot. 5% bonus) +
unpriced option | | | | | | | | | | | | | | |
Ocean Courage | | 10,000 DP (15K) | | 2009 | | Brazil | | Petrobras | | | 406,850 | | | mid Feb 2010 | | mid Feb 2015 | | 5-year term
(includes 50% of
pot. 6% bonus) +
unpriced option | | | | | | | | | | | | | | |
Ocean Valor | | 10,000 DP (15K) | | 2009 | | Brazil | | Petrobras | | | 440,000 | | | early Sep 2011 | | mid Oct 2015 | | Converted to 5-
year term +
unpriced option | | | | | | | | | | | | | | |
| |
INTERNATIONAL JACK-UPS (2) | | | |
Ocean King | | 300 IC | | 1973 | | Montenegro | | — | | | — | | | — | | — | | 5-Year Special
Survey; actively
marketing | | | 30 | | | | | | | | | | | 5-Year Special
Survey |
Ocean Spur | | 300 IC | | 1981 | | Egypt | | — | | | — | | | mid Jun 2012 | | late Aug 2012 | | Customs
clearance; prep
for mobe | | | 60 | | | | | | | | | | | Customs
clearance; prep
for mobe |
| | | | | | Ecuador | | Saipem | | | 30,000 | | | late Aug 2012 | | late Aug 2014 | | 2-year bareboat
charter | | | | | | | | | | | | | | |
| | |
Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC. | | Page 2 of 4 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth
(feet) | | | Year 3
Built | | | Location | | | Operator | | | Contract
Dayrate
(USD) | | | Estimated
Start Date | | Estimated
End Date | | Status | | Expected Downtime Days 4
(For events lasting >10 days) | | Comments re: 2012 Downtime |
Rig Name | | | | | | | | | | 3Q12 | | | 4Q12 | | Special
Surveys
in 2013 5 | |
INTERNATIONAL DRILLSHIPS (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Clipper | | | 7,875 DP (15K) | | | | 1997 | | | | Brazil | | | | Petrobras | | | | 312,625 | | | late Jan 2012 | | late Dec
2015 | | Remainder of 5-year
term contract
(includes 50% of pot.
5% bonus)+ unpriced
option | | | 14 | | | | | | | Petrobras
upgrade
completion /
Commissioning
equipment |
| |
RIGS UNDER CONSTRUCTION (6) | | |
Ocean BlackHawk | | | 12,000 DP (15K) | | | | 2013 | | | | S. Korea | | | | — | | | | — | | | Q1 2011 | | Q2 2013 | | Hyundai | | | | | | | | | | |
| | | | | | | | | | | | | | | — | | | | — | | | Q2 2013 | | late Dec
2013 | | Commissioning,
mobe, acceptance | | | | | | | | | | |
| | | | | | | | | |
| To Be
Determined |
| | | Anadarko | | | | 495,000 | | | late Dec 2013 | | Q4 2018 | | Five-year term +
unpriced option | | | | | | | | | | |
Ocean BlackHornet | | | 12,000 DP (15K) | | | | 2013 | | | | S. Korea | | | | — | | | | — | | | Q1 2011 | | Q4 2013 | | Hyundai | | | | | | | | | | |
| | | | | | | | | | | | | | | — | | | | — | | | Q4 2013 | | late
June
2014 | | Commissioning,
mobe, acceptance | | | | | | | | | | |
| | | | | | | | | |
| To Be
Determined |
| | | Anadarko | | | | 495,000 | | | late Jun 2014 | | Q2 2019 | | Five-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 | | Q3 2013 | | Keppel AmFELS;
Commissioning,
mobe, acceptance | | | | | | | | | | |
| | | | | | | | | | | US GOM | | |
| Apache
Corporation |
| | | 490,000 | | | Q3 2013 | | Q3 2014 | | 1-year term;
convertible to 2-year
term at dayrate of
$480,000 | | | | | | | | | | |
Ocean Apex | | | 6,000(15K) | | | | 2014 | | | | Singapore | | | | — | | | | — | | | Q3 2012 | | Q2
2014 | | Jurong Shipyard | | | | | | | | | | |
| | | | | | | | | | | | | | | — | | | | — | | | Q2 2014 | | Q3
2014 | | Commissioning,
mobe, acceptance | | | | | | | | | | |
| |
COLD STACKED (3) | | |
(1 jack-up, 2 semisubmersibles) | | |
Ocean Spartan | | | 300 IC | | | | 1980 | | | | US GOM | | | | — | | | | — | | | | | | | Stacked | | | | | | | | | | |
Ocean New Era | | | 1,500 | | | | 1974 | | | | US GOM | | | | — | | | | — | | | | | | | Stacked | | | | | | | | | | |
Ocean Epoch | | | 3,000 | | | | 1977 | | | | 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.
(3.) Yearrepresents 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.) 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.
(5.) The following are expected to undergo Special Surveys during 2013: 1)Ocean Scepter, 2)Ocean Nomad, 3)Ocean Princess, 4)Ocean Vanguard, 5)Ocean Valiant, 6)Ocean America, 7)Ocean Alliance, 8)Ocean Ambassador, 9)Ocean Patriot and 10) completion ofOcean Quest.
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 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, 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.
