Exhibit 99.1
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 | | Diamond Offshore Drilling, Inc. Rig Status Report July 23, 2014 Updated information noted in bold print |
RECENT COMMITMENTS (See Body of Report For Contract Details)
Ocean Onyx: One well
Ocean Princess: One well
Ocean Spur: 8-month extension
Ocean BlackRhino: Backlog transferred from Ocean Confidence
Ocean Spartan: sold
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| | | Water1
Depth | | | | | Year3 | | | | | | Contract
Dayrate | | Estimated | | Estimated | | | | | Planned Downtime4
(For Periods Lasting > 10 days) | | | |
Rig Name | | (feet) | | | Type2 | | Built | | Location | | Operator | | (USD) | | Start Date | | End Date | | Status | | | 3Q14 E | | | 4Q14 E | | | Comments |
| | | | | | | | | | | | | | | | | | | | | Totals: | | | | 276 | | | | 146 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gulf of Mexico - U.S. (6) | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean King | | | 300 | | | JU IC | | 1973 | | US GOM | | Gomex Energy | | 130,000 | | mid Mar 2014 | | late Aug 2014 | |
| Three wells + one unpriced
option well |
| | | 12 | | | | | | | UWILD |
Ocean Titan | | | 300 | | | JU 15K IC | | 1974 | | US GOM | | — | | — | | — | | — | | | Actively marketing | | | | | | | | | | | |
Ocean Saratoga | | | 2,200 | | | SS | | 1976 | | US GOM | | — | | — | | — | | — | | | Actively marketing | | | | | | | | | | | |
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 | | early Jan 2015 | |
| 1-year term + 1-year unpriced
option |
| | | | | | | | | | |
| | | | | | | | | | Trinidad | | BG International | | 390,000 | | early Jan 2015 | | early May 2015 | | | One well + option | | | | | | | | | | | |
Ocean BlackHawk | | | 12,000 | | | DS 15K DP | | 2014 | | US GOM | | Anadarko | | 495,000 | | late May 2014 | | late May 2019 | | | 5-year term + unpriced option | | | | | | | | | | | |
| | | | | | | | | |
Gulf of Mexico - Mexico (5) | | | | | | | | | | | | | | | | | | | | | | | | |
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 Scepter | | | 350 | | | JU 15K IC | | 2008 | | Mexico | | Pemex | | 158,000 | | early Jun 2014 | | early Mar 2016 | | | 639-day term | | | | | | | | | | | |
Ocean Ambassador | | | 1,100 | | | SS | | 1975 | | Mexico | | Pemex | | 211,445 | | early Mar 2014 | | early Mar 2016 | | | 730-day term | | | | | | | | | | | |
Ocean Yorktown | | | 2,850 | | | SS | | 1976 | | Mexico | | Pemex | | 184,000 | | early Jan 2012 | | late Jul 2014 | | | 930-day term | | | | | | | | | | | |
| | | | | | | |
North Sea/Mediterranean/W. Africa (8) | | | | | | | | | | | | | | | | | | | | |
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 | | 350,000 | | mid Jul 2014 | | mid Sep 2014 | | | 1-year extension | | | | | | | | | | | |
| | | | | | | | | | UK | | Shell | | 265,000 | | mid Sep 2014 | | mid Nov 2014 | |
| 60-day rate swap against
$350,000 rate from late-Apr to
late-June |
| | | | | | | | | | |
| | | | | | | | | | UK | | Shell | | 350,000 | | mid Nov 2014 | | mid Jul 2015 | | | Continuation of 1-year extension | | | | | | | | | | | |
Ocean Princess | | | 1,500 | | | SS 15K | | 1975 | | UK | | EnQuest | | 300,000 | | late May 2014 | | mid Aug 2014 | | | One-well extension | | | | | | | | | | | |
| | | | | | | | | | UK | | Ithaca | | 345,000 | | mid Aug 2014 | | mid Sep 2014 | | | One well | | | | | | | | | | | |
| | | | | | | | | | UK | | EnQuest | | 230,000 | | mid Sep 2014 | | mid Nov 2014 | | | One well | | | | | | | | | | | |
Ocean Vanguard | | | 1,500 | | | SS 15K | | 1982 | | UK | | — | | — | | — | | — | | | Actively marketing | | | | | | | | | | | |
Ocean Patriot | | | 3,000 | | | SS 15K | | 1983 | | UK | | — | | — | | Oct 2013 | | Oct 2014 | | | Mobe to UK; contract prep | | | | 92 | | | | | | | |
| | | | | | | | | | UK | | Shell | | 400,511 | | Oct 2014 | | Oct 2017 | |
| 3-year term + 2 x 1-year
unpriced options |
| | | | | | | | | | |
Ocean Valiant | | | 5,500 | | | SS 15K | | 1988 | | Canary
Islands | | — | | — | | — | | — | | | Actively marketing | | | | | | | | | | | |
Ocean Endeavor | | | 10,000 | | | SS 15K | | 2007 | | Black Sea | | ExxonMobil | | 521,665 | | late Jun 2014 | | late 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 | | Canary
Islands | | — | | — | | late Apr 2014 | | Feb 2015 | | | Maintenance | | | | 92 | | | | 92 | | | |
| | | | | | | | | | | | — | | — | | — | | — | | | Actively marketing | | | | | | | | | | | |
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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 4 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Water1
Depth | | | | | Year3 | | | | | | Contract
Dayrate | | Estimated | | Estimated | | | | Planned Downtime4
(For Periods Lasting > 10 days) | | | |
Rig Name | | (feet) | | | Type2 | | Built | | Location | | Operator | | (USD) | | Start Date | | End Date | | Status | | 3Q14 E | | | 4Q14 E | | | Comments |
| | | | | | | | | | | |
Australasia (5) | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean General | | | 3,000 | | | SS | | 1976 | | Indonesia | | Salamander | | 255,000 | | early Jun 2014 | | early Aug 2014 | | One well | | | | | | | | | | |
Ocean Quest | | | 4,000 | | | SS 15K | | 1973 | | Vietnam | | PVEP | | 198,900 | | late Apr 2014 | | late Jan 2015 | | Ten wells + three unpriced option wells | | | | | | | | | | |
Ocean America | | | 5,500 | | | SS 15K | | 1988 | | Australia | | 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 | | 465,000 | | early Mar 2014 | | early Mar 2016 | | 2-year term + 1-year unpriced option | | | | | | | | | | |
Ocean Monarch | | | 10,000 | | | SS 15K | | 2008 | | Indonesia | | — | | — | | mid Jun 2014 | | late Jun 2014 | | mobe to location | | | | | | | | | | |
| | | | | | | | | | Indonesia | | Total | | 420,000 | | late Jun 2014 | | late Aug 2014 | | One well + priced option | | | | | | | | | | |
| | | | | | | | | | |
Brazil/S. America (12) | | | | | | | | | | | | | | | | | | | | | | | | |
Ocean Spur | | | 300 | | | JU IC | | 1981 | | Ecuador | | Saipem | | 30,000 | | mid Oct 2012 | | late Apr 2015 | | bareboat charter + 1 x 6-month priced option | | | | | | | | | | |
Ocean Lexington | | | 2,200 | | | SS | | 1976 | | Trinidad | | BG Intl/Centrica | | 300,000 | | early Nov 2013 | | mid Nov 2014 | | Six wells | | | | | | | | | | |
| | | | | | | | | | GOM | | — | | — | | mid Nov 2014 | | early Feb 2015 | | Mobe and prep | | | 0 | | | | 42 | | | Mobe and prep |
| | | | | | | | | | Mexico | | Pemex | | 160,000 | | early Feb 2015 | | mid May 2018 | | 1,189-day term | | | | | | | | | | |
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 | | | | 0 | | | 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 | | | 0 | | | | | | | |
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 | | | | | | | | | | |
Ocean Star | | | 5,500 | | | SS 15K | | 1997 | | Brazil | | Queiroz Galvão | | 310,000 | | mid May 2014 | | early Aug
2014 | | Term extension | | | | | | | | | | |
Ocean Clipper | | | 7,875 | | | DS 15K DP | | 1997 | | Colombia | | Petrobras | | 425,000 | | late Jun 2014 | | late Sep 2014 | | One well | | | | | | | | | | |
| | | | | | | | | | Colombia | | Petrobras | | — | | late Sep 2014 | | mid Oct 2014 | | Mobe to Brazil | | | | | | | | | | |
| | | | | | | | | | Brazil | | Petrobras | | 312,625 | | mid Oct 2014 | | 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 | | | | | | | | | | |
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 | | | 20 | | | | | | | 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 4 |
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| | | Water1
Depth | | | | | Year3 | | | | | | Contract
Dayrate | | Estimated | | Estimated | | | | Planned
Downtime4
(For Periods Lasting > 10 days) | | |
Rig Name | | (feet) | | | Type2 | | Built | | Location | | Operator | | (USD) | | Start Date | | End Date | | Status | | 3Q14 E | | 4Q14 E | | Comments |
| | | | | | | | | |
Rigs Under Construction (5) | | | | | | | | | | | | | | | | | | |
Ocean BlackHornet | | | 12,000 | | | DS 15K DP | | 2014 | | S. Korea | | — | | — | | Q1 2011 | | Jan 2015 | | Hyundai shipyard;
commissioning; mobe;
acceptance | | | | | | |
| | | | | | | | | | US GOM | | Anadarko | | 495,000 | | Jan 2015 | | Jan 2020 | | 5-year term + unpriced option | | | | | | |
Ocean BlackRhino | | | 12,000 | | | DS 15K DP | | 2014 | | S. Korea | | — | | — | | Q2 2011 | | Q1 2015 | | Hyundai shipyard;
commissioning; mobe;
acceptance | | | | | | |
| | | | | | | | | | TBD | | Murphy | | 550,000 | | Q1 2015 | | Q4 2015 | | 265-day term; prior to
commencement of contract,
may be converted into 2-year
term at $500,000/day or 3-year
term at $485,000/day | | | | | | |
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 | | late Q4 2014 | | Jurong shipyard;
commissioning; mobe;
acceptance | | | | | | |
| | | | | | | | | | Vietnam | | ExxonMobil | | 485,000 | | late Q4 2014 | | Q1 2015 | | One well | | | | | | |
Ocean GreatWhite | | | 10,000 | | | SS 15K DP | | 2016 | | S. Korea | | — | | — | | Q3 2013 | | H2 2016 | | Hyundai shipyard;
commissioning; mobe;
acceptance | | | | | | |
| | | | | | | | | | Australia | | 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 (3) | | | | | | | | | | | | | | | | | | |
Ocean Spartan
| | | 300 | | | JU IC | | 1980 | | US GOM | | — | | — | | — | | — | | Sold during 2Q | | | | | | |
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 Built represents 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 Downtime only includes downtime periods that as of this report date are, or have been, planned and estimable and do not necessarily reflect actual downtime experienced.Additional downtime may be experienced 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
UWILD=Under Water in Lieu of Dry-dock rig inspection.
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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 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, future contract opportunities 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.
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