Exhibit 99.1
| | |
 | | Diamond Offshore Drilling, Inc. Rig Status Report October 17, 2012 Updated information noted in bold print |
RECENT COMMITMENTS (See Body of Report For Contract Details)
Ocean Valiant: two wells
Ocean Endeavor: 18-month term
Ocean Lexington: 477-day term
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water 1,2
Depth | | | Year 3 | | | | | | Contract
Dayrate | | | Estimated | | Estimated | | | | | Planned Downtime 4,5,6
(For Periods Lasting >10 days) | | |
Rig Name | | (feet) | | | Built | | Location | | Operator | | (USD) | | | Start Date | | End Date | | Status | | | 4Q12 | | | 2013 | | Comments |
| | | | | | | | | | | | | Total: | | | | 141 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GULF OF MEXICO SEMISUBMERSIBLES (4) | | | | | | | | | | | | | | | | | | | | |
Ocean Whittington | | | 1,650 | | | 1974 | | US GOM | | — | | | — | | | — | | — | |
| Stacked, pending
engineering evaluation |
| | | | | | | | |
Ocean Saratoga | | | 2,200 | | | 1976 | | US GOM | | BP | | | 130,000 | | | early Sep 2012 | | mid Nov 2012 | |
| Standby rate (revenue
deferred and amortized
during contract term) |
| | | | | | | | |
| | | | | | | | US GOM | | BP | | | 260,000 | | | mid Nov 2012 | | mid Apr 2013 | |
| Two-well term + priced
one-well option |
| | | | | | | | |
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 |
| | | 45 | | | | | 5-Year Special Survey +
BOP Upgrade |
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 | | | | 0 | | | M | | Planned Maintenance |
Ocean Summit | | | 300 IC | | | 1972 | | 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 | | | | | | | S | | 5-Year Special Survey |
| | | | | | | |
INTERNATIONAL SEMISUBMERSIBLES (24) | | | | | | | | | | | | | | | | | | | | |
North Sea/Mediterranean/W. Africa | | | | | | | | | | | | | | | | | | | | | | |
Ocean Nomad | | | 1,200 | | | 1975 | | UK | | Fairfield Cedrus | | | 280,000 | | | mid Oct 2012 | | early Jan 2013 | | | Two wells | | | | | | | | | |
| | | | | | | | UK | | Dana Petroleum | | | 280,000 | | | early Jan 2013 | | late Jan 2013 | | | One well | | | | | | | | | |
| | | | | | | | UK | | First Oil | | | 280,000 | | | late Jan 2013 | | late Feb 2013 | | | One well | | | | | | | | | |
| | | | | | | | UK | | Iona | | | 280,000 | | | late Feb 2013 | | early Apr 2013 | | | One well | | | | | | | | | |
| | | | | | | | UK | | Noreco | | | 280,000 | | | early Apr 2013 | | mid May 2013 | | | One well | | | | | | | | | |
| | | | | | | | UK | | — | | | — | | | mid May 2013 | | mid Jul 2013 | | | 2-1/2 Year Special Survey | | | | | | | S | | 2-1/2 Year Special Survey |
| | | | | | | | UK | | Dana Petroleum | | | 330,000 | | | mid Jul 2013 | | mid Jul 2015 | |
| 2-year term + 2 x 6-month
unpriced options |
| | | | | | | | |
Ocean Guardian | | | 1,500 (15K) | | | 1985 | | UK | | Shell | | | 263,000 | | | mid Jul 2012 | | mid Jul 2014 | | | 2-year firm term | | | | | | | | | |
| | | | | | | | 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 |
| | | | | | S | | 2-1/2 Year Special Survey |
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 | | | Special Survey | | | | | | | S | | 2-1/2 Year Special Survey |
| | | | | | | | 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 | | mid Oct 2012 | | | Six firm wells | | | | | | | S | | 5-Year Special Survey |
| | | | | | | | Equatorial Guinea | | Hess | | | 375,466 | | | mid Oct 2012 | | early Mar 2013 | | | Two option wells | | | | | | | | | |
| | | | | | | | Equatorial Guinea | | Hess | | | 515,000 | | | early Mar 2013 | | early Jun 2013 | |
| Two wells; convertible to
4-well term at dayrate of
$500,000 |
| | | | | | | | |
Ocean Endeavor | | | 10,000 (15K) | | | 2007 | | Egypt | | Burullus /
RASHPETCO | | | 285,000 | | | late Jul 2012 | | early Apr 2013 | |
| 4-month extension + 1 x 4-
month priced option |
| | | | | | | | |
| | | | | | | | — | | — | | | — | | | early Apr 2013 | | mid Aug 2013 | | | Actively marketing | | | | | | | | | |
| | | | | | | | Worldwide | | Not Disclosed | | | 285,000 | | | mid Aug 2013 | | mid Dec 2013 | |
| Mobilization and
customer requested
upgrades |
| | | | | | | | |
| | | | | | | | Worldwide | | Not Disclosed | | | 521,665 | | | mid Dec 2013 | | mid Jun 2015 | |
| 18-month term (dayrate
includes 50% of potential
6.6% bonus) |
| | | | | | | | |
| | |
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 | | | Year 3 | | | | | | Contract
Dayrate | | | Estimated | | Estimated | | | | Planned Downtime 4,5,6
(For Periods Lasting >10 days) | | |
Rig Name | | (feet) | | | Built | | Location | | Operator | | (USD) | | | Start Date | | End Date | | Status | | 4Q12 | | | 2013 | | Comments |
Ocean Confidence | | | 10,000 DP (15K) | | | 2001 | | Congo | | Murphy | | | 422,536 | | | late Sep 2012 | | late Nov 2012 | | One well | | | | | | | | |
| | | | | | | | Angola | | Cobalt | | | 375,000 | | | late Nov 2012 | | early Mar 2013 | | One well | | | | | | | | |
| | | | | | | | Angola | | Cobalt | | | 430,000 | | | early Mar 2013 | | mid Jun 2013 | | One well | | | | | | | | |
| | | | | | | | Cameroon | | Murphy | | | 430,000 | | | mid Jun 2013 | | late Sep 2013 | | Firm well | | | | | | | | |
| | | | | | | | | | — | | | — | | | To Be Determined | | Maintenance and painting | | | 0 | | | M | | Maintenance and
painting (dates /
duration 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 | | | | | | | | |
Australasia | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Patriot | | | 3,000 (15K) | | | 1983 | | Vietnam | | Idemitsu | | | 272,500 | | | mid Aug 2012 | | mid Jan 2013 | | One well | | | | | | | | |
| | | | | | | | Singapore | | — | | | — | | | mid Jan 2013 | | late Feb 2013 | | 5-Year Special Survey | | | | | | S | | 5-Year Special Survey |
| | | | | | | | Philippines | | Otto Energy | | | 275,000 | | | late Feb 2013 | | late May 2013 | | Two wells + unpriced
option well | | | | | | | | |
Ocean General | | | 3,000 | | | 1976 | | Indonesia | | Mitra Energy
Consortium | | | 255,000 | | | mid Jul 2012 | | mid May 2013 | | Seven firm wells + two
declared option wells +
four unpriced option
wells | | | | | | | | |
Ocean America | | | 5,500 (15K) | | | 1988 | | Australia | | Woodside | | | 405,000 | | | mid Sep 2012 | | late Apr 2013 | | Five-well extension | | | | | | | | |
| | | | | | | | Singapore | | — | | | — | | | late Apr 2013 | | late Jul 2013 | | Demobe to Singapore; 5-
Year Special Survey;
mobe | | | | | | S | | 5-Year Special Survey
+ BOP Upgrade |
| | | | | | | | Australia | | Chevron | | | 475,000 | | | late Jul 2013 | | late Jan 2015 | | 18-month term + 1-year
unpriced option | | | | | | | | |
Ocean Rover | | | 8,000 (15K) | | | 2003 | | Malaysia | | Murphy | | | 304,547 | | | late Apr 2012 | | mid Feb 2014 | | 600-day extension | | | 0 | | | S | | 5-Year Special Survey
moved into 2013 |
Ocean Monarch | | | 10,000 (15K) | | | 2008 | | Indonesia | | Niko Resources | | | 385,000 | | | early Oct 2012 | | early Oct 2016 | | 4-year term + 1-year
unpriced option | | | | | | | | |
Brazil / S. America | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Ambassador | | | 1,100 | | | 1975 | | Brazil | | — | | | — | | | late Sep 2012 | | early Dec 2012 | | Prep for mobe; mobe to
US GOM | | | | | | | | |
| | | | | | | | US GOM | | — | | | — | | | — | | — | | Actively marketing | | | | | | S | | 5-Year Special Survey |
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) | | | | | | | | |
| | | | | | | | Brazil | | — | | | — | | | early Feb 2013 | | early Apr 2013 | | Customs clearance;
mobe to Trinidad | | | | | | | | |
| | | | | | | | Trinidad | | BG International
/ Niko / Centrica | | | 300,000 | | | early Apr 2013 | | late Jul 2014 | | 477-day term + 3 x 45-
day unpriced options +
315-day unpriced
option | | | | | | | | |
Ocean Yatzy | | | 3,300 DP | | | 1989 | | Brazil | | Petrobras | | | 257,250 | | | early Oct 2009 | | early Oct 2014 | | 5-year term (incl. 50% of
potential 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 | | | S | | 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 (incl. 50% of
potential 10% bonus) +
unpriced option | | | | | | | | |
Ocean Worker | | | 4,000 | | | 1982 | | Brazil | | Petrobras | | | 283,500 | | | late Feb 2009 | | late Feb 2015 | | 6-year term (incl. 50% of
potential 10% bonus) +
unpriced option | | | 65 | | | | | 5-Year Special Survey |
Ocean Alliance | | | 5,250 DP (15K) | | | 1988 | | Brazil | | Petrobras | | | 367,089 | | | late Jul 2010 | | mid Jun 2016 | | 6-year term (incl. 50% of
potential 15% bonus) +
unpriced option | | | | | | S | | 5-Year Special Survey |
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
(incl. 50% of potential
5% bonus) + unpriced
option | | | | | | | | |
Ocean Courage | | | 10,000 DP (15K) | | | 2009 | | Brazil | | Petrobras | | | 406,850 | | | mid Feb 2010 | | mid Feb 2015 | | 5-year term (incl. 50% of
potential 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 | | — | | | — | | | — | | — | | Actively marketing | | | | | | | | |
Ocean Spur | | | 300 IC | | | 1981 | | Ecuador | | Saipem | | | 30,000 | | | mid Oct 2012 | | mid Oct 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 |
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Rig Name | | (feet) | | | Built | | Location | | Operator | | (USD) | | | Start Date | | End Date | | Status | | 4Q12 | | 2013 | | Comments |
INTERNATIONAL DRILLSHIPS (1) | | | | | | | | | | |
Ocean Clipper | | | 7,875 DP (15K) | | | 1997 | | Brazil | | Petrobras | | | 312,625 | | | late Jan 2012 | | early Dec 2015 | | Remainder of 5-year term contract
(incl. 50% of potential 5%
bonus)+ unpriced option | | | | | | |
| | | | | | | | |
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 Jun 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 + 1-year unpriced
option | | | | | | |
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.) Year Builtrepresents 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 Downtimeonly includes downtime periods that as of this report date are, or have been, planned and estimable and do not necessarily reflect actual downtime experienced.Additionaldowntimemaybeexperienced 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.) Planned Number of Downtime Days are estimated for 4Q 2012 only. For 2013, “M” denotes planned maintenance exceeding 10 days; “S” denotes a planned survey and associated maintenance.
(6.) 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 Rover, 8)Ocean Alliance, 9)Ocean Ambassador, 10)Ocean Patriot and 11)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.
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