Exhibit 99.1
| | |
 | | Diamond Offshore Drilling, Inc. Rig Status Report March 18, 2014 Updated information noted in bold print |
RECENT COMMITMENTS (See Body of Report For Contract Details)
Ocean Victory: 2-year term + 1-year unpriced option
Ocean King: Three wells + one unpriced option well
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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 | | 1Q14 E | | | 2Q14 E | | | 3Q14 E | | | 4Q14 E | | | Comments |
| | | | | | | | | | | | | | | | | | | | | | Totals: | | | 454 | | | | 435 | | | | 214 | | | | 178 | | | |
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Gulf of Mexico - U.S. (5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean King | | | 300 | | | JU IC | | 1973 | | US GOM | | Gomex Energy | | | 130,000 | | | mid Mar 2014 | | late Jun 2014 | | Three wells + one unpriced option well | | | | | | | 12 | | | | | | | | | | | UWILD |
Ocean Saratoga | | | 2,200 | | | SS | | 1976 | | US GOM | | LLOG | | | 300,000 | | | mid Dec 2013 | | mid Apr 2014 | | One well + two unpriced option wells | | | | | | | | | | | | | | | | | | |
Ocean Victory | | | 5,500 | | | SS 15K | | 1997 | | US GOM | | — | | | — | | | early Mar 2014 | | early Apr 2015 | | Actively Marketing | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Trinidad | | BP | | | 398,000 | | | early Apr 2015 | | early Apr 2017 | | 2-year term + 1-year unpriced option | | | | | | | | | | | | | | | | | | |
Ocean Onyx | | | 6,000 | | | SS 15K | | 2014 | | US GOM | | Apache
Corporation | | | 490,000 | | | mid Feb 2014 | | mid Jan 2015 | | 1-year term + 1-year unpriced option | | | 45 | | | | | | | | | | | | | | | Shipyard,
mobe,
customer
acceptance |
Ocean BlackHawk | | | 12,000 | | | DS 15K DP | | 2014 | | En Route | | — | | | — | | | Q1 2011 | | May 2014 | | Hyundai shipyard; commissioning; mobe; acceptance | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | US GOM | | Anadarko | | | 495,000 | | | May 2014 | | May 2019 | | 5-year term + unpriced option | | | | | | | | | | | | | | | | | | |
Gulf of Mexico - Mexico (6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Nugget | | | 300 | | | JU IC | | 1976 | | Mexico | | Pemex | | | 97,000 | | | early Jul 2013 | | mid Aug 2016 | | 1,136-day term | | | | | | | | | | | | | | | | | | |
Ocean Summit | | | 300 | | | JU IC | | 1972 | | Mexico | | Pemex | | | 85,999 | | | mid Sep 2012 | | late May 2015 | | 985-day term | | | | | | | | | | | | | | | 12 | | | UWILD |
Ocean Titan | | | 300 | | | JU 15K IC | | 1974 | | Mexico | | Pemex | | | 103,000 | | | early Jan 2014 | | early May 2014 | | 121-day extension | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | — | | | — | | | early May 2014 | | mid Jun 2014 | | 5-Year Special Survey | | | | | | | 42 | | | | | | | | | | | 5-Year
Special
Survey |
Ocean Scepter | | | 350 | | | JU 15K IC | | 2008 | | Mexico | | Pemex | | | 134,999 | | | mid Jan 2014 | | late Apr 2014 | | Extension | | | 11 | | | | | | | | | | | | | | | Completion
of 5-Year
Special
Survey |
Ocean Ambassador | | | 1,100 | | | SS | | 1975 | | US GOM | | — | | | — | | | mid Sep 2013 | | mid Mar 2014 | | 5-Year Special Survey; prep; mobe | | | 66 | | | | | | | | | | | | | | | 5-Year
Special
Survey;
prep; mobe |
| | | | | | | | | | Mexico | | Pemex | | | 211,445 | | | mid Mar 2014 | | mid Mar 2016 | | 730-day term | | | | | | | | | | | | | | | | | | |
Ocean Yorktown | | | 2,850 | | | SS | | 1976 | | Mexico | | Pemex | | | 184,000 | | | early Jan 2012 | | late July 2014 | | 930-day term | | | | | | | | | | | | | | | | | | |
North Sea / Mediterranean / W. Africa (7) | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Nomad | | | 1,200 | | | SS | | 1975 | | UK | | Dana
Petroleum | | | 330,000 | | | mid Aug 2013 | | mid Aug 2015 | | 2-year term + 2 x 6-month unpriced options | | | | | | | | | | | | | | | | | | |
Ocean Guardian | | | 1,500 | | | SS 15K | | 1985 | | UK | | Shell | | | 265,000 | | | mid Jul 2012 | | mid Jul 2014 | | 2-year term | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | UK | | Shell | | | 350,000 | | | mid Jul 2014 | | mid Jul 2015 | | 1-year term + 2 x 1-year unpriced options | | | | | | | | | | | | | | | | | | |
Ocean Princess | | | 1,500 | | | SS 15K | | 1975 | | UK | | EnQuest | | | 230,000 | | | late Oct 2013 | | mid Jun 2014 | | Completion of Term + one well + one-well priced option | | | | | | | | | | | | | | | | | | |
Ocean Vanguard | | | 1,500 | | | SS 15K | | 1982 | | Norway | | Statoil | | | 454,000 | | | early Jul 2013 | | late Feb 2015 | | 20-month option | | | | | | | | | | | | | | | | | | |
Ocean Valiant | | | 5,500 | | | SS | | 1988 | | Canary
Islands | | — | | | — | | | — | | — | | Actively marketing | | | 33 | | | | 0 | | | | | | | | | | | 5-Year
Special
Survey;
mobe |
Ocean Endeavor | | | 10,000 | | | SS 15K | | 2007 | | Italy | | ExxonMobil | | | — | | | late Jan 2014 | | mid Jun 2014 | | Mobilization and customer requested upgrades; Lump-sum payment received for mobe and shipyard time to be amortized to revenue during 18-month contract term. | | | 90 | | | | 72 | | | | | | | | | | | |
| | | | | | | | | | Black Sea | | ExxonMobil | | | 521,665 | | | mid Jun 2014 | | mid Dec 2015 | | 18-month term (dayrate incl. 50% of potential 6.6% bonus) + 6 x 6-month unpriced options. | | | | | | | | | | | | | | | | | | |
Ocean Confidence | | | 10,000 | | | SS 15K DP | | 2001 | | Cameroon | | Murphy | | | 550,000 | | | early Feb 2014 | | early Apr 2014 | | One well | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Canary
Islands | | — | | | — | | | early Apr 2014 | | early Feb 2015 | | Maintenance | | | 11 | | | | 91 | | | | 92 | | | | 92 | | | |
| | | | | | | | | | West
Africa | | Murphy | | | 550,000 | | | early Feb 2015 | | late Nov 2015 | | Resume interrupted contract + unpriced option | | | | | | | | | | | | | | | | | | |
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| Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC. | | | Page 1 of 3 | |
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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 | | 1Q14 E | | | 2Q14 E | | | 3Q14 E | | | 4Q14 E | | | Comments |
Australasia (6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Patriot | | | 3,000 | | | SS 15K | | 1983 | | Singapore | | — | | | — | | | late Oct 2013 | | mid Oct 2014 | | Enhancements for North Sea Operations; mobe to UK | | | 90 | | | | 91 | | | | 92 | | | | 14 | | | |
| | | | | | | | | | UK | | Shell | | | 400,511 | | | mid Oct 2014 | | mid Oct 2017 | | 3-year term + 2 x 1-year unpriced options | | | | | | | | | | | | | | | | | | |
Ocean General | | | 3,000 | | | SS | | 1976 | | Vietnam | | Premier
Vietnam | | | 268,421 | | | late Jul 2013 | | late Mar 2014 | | Two wells + sidetrack | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Indonesia | | Premier
Indonesia | | | 255,000 | | | late Mar 2014 | | mid Jun 2014 | | Two wells | | | | | | | | | | | | | | | | | | |
Ocean Quest | | | 4,000 | | | SS 15K | | 1973 | | Malaysia | | — | | | — | | | early Jan 2014 | | early Mar 2014 | | Maintenance / rig prep | | | 60 | | | | | | | | | | | | | | | |
Ocean America | | | 5,500 | | | SS 15K | | 1988 | | Singapore | | Chevron | | | 475,000 | | | late Nov 2013 | | late May 2015 | | 18-month term + 1-year unpriced option | | | | | | | | | | | | | | | | | | |
Ocean Rover | | | 8,000 | | | SS 15K | | 2003 | | Malaysia | | Murphy | | | 304,547 | | | late Apr 2012 | | mid Mar 2014 | | Balance of 600-day extension | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Malaysia | | Murphy | | | 465,000 | | | early Mar 2014 | | early Mar 2016 | | 2-year term + 1-year unpriced option | | | | | | | | | | | | | | | | | | |
Ocean Monarch | | | 10,000 | | | SS 15K | | 2008 | | Indonesia | | — | | | — | | | — | | — | | Actively marketing | | | | | | | | | | | | | | | | | | |
Brazil / S. America (12) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Spur | | | 300 | | | JU IC | | 1981 | | Ecuador | | Saipem | | | 30,000 | | | mid Oct 2012 | | late Aug 2014 | | 2-year bareboat charter + 2 x 6-month priced options | | | | | | | | | | | | | | | | | | |
Ocean Lexington | | | 2,200 | | | SS | | 1976 | | Trinidad | | BG
International /
Centrica | | | 300,000 | | | early Nov 2013 | | early Jun 2014 | | 477-day min. term + 2 x 45-day unpriced options + 315-day unpriced option | | | | | | | | | | | | | | | | | | |
Ocean Concord | | | 2,300 | | | SS | | 1975 | | Brazil | | Petrobras | | | 247,788 | | | early Jan 2008 | | mid Jun 2015 | | Remaining term (incl. 50% of potential 15% bonus) | | | | | | | | | | | | | | | 60 | | | 5-Year
Special
Survey |
Ocean Yatzy | | | 3,300 | | | SS DP | | 1989 | | Brazil | | Petrobras | | | 257,250 | | | early Oct 2009 | | early Oct 2014 | | 5-year term (incl. 50% of potential 10% bonus) + unpriced option | | | | | | | 45 | | | | | | | | | | | 5-Year
Special
Survey |
Ocean Winner | | | 4,000 | | | SS | | 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 | | | SS | | 1982 | | Brazil | | Petrobras | | | 283,500 | | | late Feb 2009 | | late Feb 2015 | | 6-year term (incl. 50% of potential 10% bonus) + unpriced option | | | | | | | | | | | | | | | | | | |
Ocean Alliance | | | 5,250 | | | SS 15K DP | | 1988 | | Brazil | | Petrobras | | | 367,089 | | | late Jul 2010 | | mid Jun 2016 | | 6-year term (incl. 50% of potential 15% bonus) + unpriced option | | | 48 | | | | 52 | | | | | | | | | | | 5-Year
Special
Survey |
Ocean Star | | | 5,500 | | | SS 15K | | 1997 | | Brazil | | Queiroz
Galvão | | | 301,000 | | | late Sep 2013 | | mid May 2014 | | Continue term assignment from OGX + unpriced option | | | | | | | | | | | | | | | | | | |
Ocean Clipper | | | 7,875 | | | DS 15K DP | | 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 | | | | | | | | | | | | | | | | | | |
Ocean Baroness | | | 8,000 | | | SS 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 | | | SS 15K DP | | 2009 | | Brazil | | Petrobras | | | 406,850 | | | mid Feb 2010 | | mid Feb 2015 | | 5-year term (incl. 50% of potential 6% bonus) + unpriced option | | | | | | | 30 | | | | | | | | | | | 5-Year
Special
Survey |
Ocean Valor | | | 10,000 | | | SS 15K DP | | 2009 | | Brazil | | Petrobras | | | 440,000 | | | early Sep 2011 | | mid Oct 2015 | | Converted to 5-year term + unpriced option | | | | | | | | | | | 30 | | | | | | | 5-Year
Special
Survey |
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Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC. | | | Page 2 of 3 | |
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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 | | 1Q14 E | | 2Q14 E | | 3Q14 E | | 4Q14 E | | Comments |
Rigs Under Construction (5) | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean BlackHornet | | | 12,000 | | | DS 15K DP | | 2014 | | S. Korea | | — | | | — | | | Q1 2011 | | Q3 2014 | | Hyundai shipyard; commissioning; mobe; acceptance | | | | | | | | | | |
| | | | | | | | | | US GOM | | Anadarko | | | 495,000 | | | Q3 2014 | | Q3 2019 | | 5-year term + unpriced option | | | | | | | | | | |
Ocean BlackRhino | | | 12,000 | | | DS 15K DP | | 2014 | | S. Korea | | — | | | — | | | Q2 2011 | | Q4 2014 | | Hyundai shipyard; commissioning; mobe; acceptance | | | | | | | | | | |
Ocean BlackLion | | | 12,000 | | | DS 15K DP | | 2015 | | S. Korea | | — | | | — | | | Q2 2012 | | Q2 2015 | | Hyundai shipyard; commissioning; mobe; acceptance | | | | | | | | | | |
Ocean Apex | | | 6,000 | | | SS 15K | | 2014 | | Singapore | | — | | | — | | | Q3 2012 | | Q4 2014 | | Jurong shipyard; commissioning; mobe; acceptance | | | | | | | | | | |
| | | | | | | | | | Vietnam | | ExxonMobil | | | 485,000 | | | Q4 2014 | | Q1 2015 | | One well — approx. 75 days | | | | | | | | | | |
Ocean GreatWhite | | | 10,000 | | | SS 15K DP | | 2016 | | S. Korea | | — | | | — | | | Q3 2013 | | H2 2016 | | Hyundai shipyard; commissioning; mobe; acceptance | | | | | | | | | | |
| | | | | | | | | | | | 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 (4) | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Spartan | | | 300 | | | JU IC | | 1980 | | US GOM | | — | | | — | | | — | | — | | Stacked | | | | | | | | | | |
Ocean New Era | | | 1,500 | | | SS | | 1974 | | US GOM | | — | | | — | | | — | | — | | Stacked | | | | | | | | | | |
Ocean Whittington | | | 1,650 | | | SS | | 1974 | | US GOM | | — | | | — | | | — | | — | | Stacked | | | | | | | | | | |
Ocean Epoch | | | 3,000 | | | SS | | 1977 | | Malaysia | | — | | | — | | | — | | — | | 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 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. |
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.
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
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Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC. | | | Page 3 of 3 | |
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| | 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.
