-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lj9/9ZXFgHixrKP6jabpu+pSwgSkJMFwY63rw1bBl+aw8TeIM7CYpa2FQDSMWa2p +MZqcxs4cnhQXaWOjkpRuA== 0000950134-08-007261.txt : 20080424 0000950134-08-007261.hdr.sgml : 20080424 20080424075934 ACCESSION NUMBER: 0000950134-08-007261 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080424 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080424 DATE AS OF CHANGE: 20080424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIAMOND OFFSHORE DRILLING INC CENTRAL INDEX KEY: 0000949039 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 760321760 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13926 FILM NUMBER: 08773096 BUSINESS ADDRESS: STREET 1: 15415 KATY FREEWAY CITY: HOUSTON STATE: TX ZIP: 77094 BUSINESS PHONE: 7134925300 MAIL ADDRESS: STREET 1: 15415 KATY FREEWAY CITY: HOUSTON STATE: TX ZIP: 77094 8-K 1 h56043e8vk.htm FORM 8-K - CURRENT REPORT e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
     
Date of report (Date of earliest event reported):
  April 24, 2008
 
   
Diamond Offshore Drilling, Inc.
 
(Exact Name of Registrant as Specified in Charter)
         
Delaware   1-13926   76-0321760
 
(State or Other Jurisdiction   (Commission File Number)   (IRS Employer
of Incorporation)       Identification No.)
15415 Katy Freeway
Houston, Texas 77094

 
(Address of Principal Executive Offices and Zip Code)
     
Registrant’s telephone number, including area code: 
  (281) 492-5300
 
   
Not Applicable
 
(Former name or former address, if changed since last report)
     Check the appropriate line below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 


 

Item 7.01. Regulation FD Disclosure
     Diamond Offshore Drilling, Inc. (the “Company”) hereby incorporates by reference into this Item 7.01 the summary report of the status, as of April 24, 2008, of the Company’s offshore drilling rigs attached as Exhibit 99.1, which is being furnished in accordance with Rule 101(e)(1) under Regulation FD and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
     Statements in this report that contain “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, include, but are not limited to, statements regarding the current term, future dayrates, 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 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, 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.
Item 9.01. Financial Statements and Exhibits
     (d) Exhibits.
         
Exhibit number   Description
99.1    
Rig Status Report as of April 24, 2008

2


 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  DIAMOND OFFSHORE DRILLING, INC.
 
 
  By:   /s/ William C. Long    
    William C. Long   
    Senior Vice President, General Counsel and Secretary   
 
Dated: April 24, 2008

3


 

EXHIBIT INDEX
         
Exhibit number   Description
99.1    
Rig Status Report as of April 24, 2008

4

EX-99.1 2 h56043exv99w1.htm RIG STATUS REPORT exv99w1
 

Exhibit 99.1
         
1   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
                                     
                                   
RECENT COMMITMENTS — (See Body of Report For Contract Details/Date Changes and Other Information)
 
Ocean Guardian
                                  Two-year extension in U.K. North Sea
Ocean Shield
                                  LOI for five-month term in Malaysia
Ocean Summit
                                  One-well extension plus option
 
Rig Name
  WD   Location   Status   Operator   Current Term   Dayrate
(000s)
  Start Date   Est. End
Date
  Future Contracts and Other Information*
 
Domestic Deepwater Semisubmersibles (8)                    
Ocean Quest
  3,500’   GOM   Contracted   Noble   two year term +
option
  upper 350’s   mid June 2007   mid June 2009   Available; actively marketing.
Ocean Star
  5,500’   GOM   Contracted   Anadarko   term extension   upper 410’s   late Nov. 2007   late Nov. 2008   Available; actively marketing.
Ocean America
  5,500’   GOM   Contracted   Mariner   term   upper 460’s   mid March 2008   early July 2009   Available, actively marketing.
Ocean Valiant
  5,500’   GOM   Contracted   Anadarko   one year term extension   upper 420’s   mid March 2008   late June 2009   One-year term extension interrupted for special survey and maintenance expected to begin mid July and end mid Oct. 2008. Available; actively marketing.
Ocean Victory
  5,500’   GOM   Contracted   Murphy   completion
Murphy contract
  upper 330’s   late July 2007   mid July 2008   Callon and Newfield have swapped slots. Next up is now two wells with Callon in low 500’s beginning mid July 2008 and ending mid Jan. 2009; followed by one well with Newfield in low 300’s (swap from old Voyager contract in low 300’s) beginning mid Jan. 2009 and ending mid Mar. 2009; followed by one well extension with Newfield plus option in low 500’s beginning mid Mar. 2009 and ending late April 2009. Available; actively marketing.
Ocean Baroness
  7,000’   GOM   Contracted   Hess   three year term extension + option   mid 360’s   late Nov. 2007   late Nov. 2009   Available; actively marketing.
Ocean Confidence
  7,500’   GOM   Contracted   Murphy   four year term + option   low 500’s   late Feb. 2008   mid March 2012   Thruster maintenance early Oct. to mid Oct. 2008. Available.
Ocean Endeavor
  10,000’   GOM   Contracted   Devon   four year term + option   mid 260’s   early July 2007   late June 2011   Available.
 
Domestic 2nd/3rd Generation Semisubmersibles (3)
Ocean Yorktown
  2,850’   GOM   Contracted   DODI   prep, mobe and acceptance test for Brazil       late July 2008   Five-year term contract with Petrobras in Brazil in mid 230’s plus lump sum mobe and potential 15% bonus beginning in late July 2008 and ending in late July 2013. Available.
Ocean Ambassador
  1,100’   GOM   Contracted   Apache   one well   mid 270’s   early April 2008   late May 2008   5-year survey and maintenance late May to mid Aug. 2008. Available; actively marketing.
Ocean Saratoga
  2,200’   GOM   Contracted   LLOG   six month term + option   low 300’s   late Oct. 2007   late June 2008   Available; actively marketing.

 


 

         
2   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
                                     
                        Dayrate       Est. End    
Rig Name
  WD   Location   Status   Operator   Current Term   (000s)   Start Date   Date   Future Contracts and Other Information*
 
Domestic Jackups (7)                    
Ocean Crusader
  200’ MC   GOM   Contracted   Apache   three wells +
option
  low 60’s   early March 2008   late May 2008   Available; actively marketing.
Ocean Drake
  200’ MC   GOM   Contracted   Fairways Offshore   one well   low 60’s   late Feb. 2008   mid May 2008   One well with Walter in low 60’s beginning mid May and ending late June 2008; followed by 5-year survey and maintenance beginning late June and ending mid August 2008. Available; actively marketing.
Ocean Champion
  250’ MS   GOM   Contracted   Bois d’Arc   90-day term + option   high 50’s   late April 2008   early July 2008   Available; actively marketing.
Ocean Spartan
  300’ IC   GOM   Contracted   Apache   one well   low 80’s   mid April 2008   late April 2008   Four wells plus option with Samson in mid 80’s beginning late April and ending late July 2008. Available; actively marketing.
Ocean Summit
  300’ IC   GOM   Contracted   Energy Partners   one well extension + option   mid 80’s   late April 2008   late May 2008   Available; actively marketing.
Ocean Titan
  350’ IC   GOM   Contracted   Apache   two wells   mid 80’s   mid Feb. 2008   mid May 2008   Three wells plus option with Apache in low 100’s, mid 100’s and low 110’s, respectively, beginning mid May and ending early Oct. 2008. Available; actively marketing.
Ocean Tower
  350’ IC   GOM   Contracted   Chevron   indexed term contract   low 140’s   early Dec. 2007   late April 2008   90-day extension plus option with Chevron in mid 100’s beginning late April and ending late July, 2008. Available; actively marketing.
 
International Semisubmersibles (18)                            
 
MEXICO
                                   
Ocean New Era
  1,500’   Mexico   Contracted   PEMEX   2 1/2-year term   mid 260’s   late Oct. 2007   mid Feb. 2010   Available.
Ocean Voyager
  3,000’   Mexico   Contracted   PEMEX   2-1/2 year term   mid 330’s   early Nov. 2007   late Feb. 2010   Available.
NORTH SEA/MED                        
Ocean Nomad
  1,200’   North Sea   Contracted   Talisman   18-month extension   mid 280’s   early Feb. 2007   late Sept. 2008   Survey and maintenance beginning late July 2008 and ending late Sept. 2008; followed by resumption of Talisman extension ending late Sept. 2008; followed by two-year term extension with Talisman in mid 330’s beginning late Sept. 2008 and ending late Sept. 2010. Available; actively marketing.
Ocean Guardian
  1,500’   North Sea   Contracted   Oilexco   two year term   low 350’s   early June 2007   mid July 2009   Intermediate survey and maintenance late June to early Aug. 2008. Two-year extension with Oilexco in mid 380’s beginning mid July 2009 and ending mid July 2011. Available; actively marketing.
Ocean Princess
  1,500’   North Sea   Contracted   Talisman   two year term extension   upper 330’s   mid Feb. 2008   mid April 2010   5-year survey and maintenance beginning late July and ending late Sept. 2008. Available; actively marketing.
Ocean Vanguard
  1,500’   North Sea   Contracted   Statoil   resume contract   low 160’s   mid Jan. 2008   late April 2008   Two year extension plus option with Statoil in low 400’s beginning late April 2008 and ending mid April 2010. Available; actively marketing.
Ocean Lexington
  2,200’   Egypt   Contracted   BP   36 month term +
option
  mid 260’s   late Nov. 2006   mid Aug. 2009   Available; actively marketing.

 


 

         
3   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
                                         
Rig Name
  WD   Location   Status   Operator   Current Term   Dayrate
(000s)
  Start Date   Est. End
Date
  Future Contracts and Other Information*
 
AUSTRALASIA                        
Ocean Bounty
    1,500’     Australia   Contracted   Chevron   sublet from Woodside   low 350’s   early Feb. 2008   early Aug. 2008   Special Survey beginning early Aug. 2008 and ending mid Sept. 2008; followed by remainder of one-year term with Woodside in low 350’s beginning mid Sept. 2008 and ending mid March 2009; followed by 240-day re-engine and upgrade ending mid Nov. 2009; followed by two year extension from Woodside in Australia in mid 420’s beginning mid Nov. 2009 and ending mid Nov. 2011. Available; actively marketing.
Ocean Patriot
    1,500’     Australia   Contracted   Anzon   one well   low 350’s   early March 2008   late April 2008   Remainder of Santos term plus option in high 370’s beginning late April 2008 and ending early Dec. 2008; followed by two-year term contract in Australia at a dayrate between 380,000 and 420,000*** with Apache, plus option, beginning early Dec. 2008 and ending early Dec. 2010. Available; actively marketing.
Ocean Epoch
    1,640’     Australia   Contracted   Apache   one-year term   low 350’s   early March 2008   early March 2009   550-day term contract in Australia in low 350’s with BHPB, plus option, beginning early March 2009 and ending early Sept. 2010. Available; actively marketing.
Ocean General
    2,400     Indonesia   Contracted   Inpex   one well   mid 170’s   late Feb. 2008   late May 2008   5-year survey and maintenance beginning late May and ending mid July 2008; followed by approximately 730 day’s work plus option in Vietnam with PVEP in low 280’s beginning mid July 2008 and ending mid July 2010. Available; actively marketing.
Ocean Rover
    7,000’     Malaysia   Contracted   Murphy   balance of previously declared option wells   high 240’s   late Feb. 2008   late Dec. 2008   Single deepwater well in low 350’s beginning late June and ending late July; followed by UWILD survey and maintenance beginning late July 2008 and ending early Sept.; followed by balance of previously declared option wells in high 240’s beginning early Sept. and ending late Dec. 2008; followed by one well with Newfield in Malaysia in low 450’s beginning late Dec. 2008 and ending early Feb. 2009; followed by two-year term with Murphy in Malaysia in low 450’s beginning early Feb. 2009 and ending early Feb. 2011. Available; actively marketing.

 


 

         
4   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
                                     
                                Est. End    
Rig Name
  WD   Location   Status   Operator   Current Term   Dayrate (000s)   Start Date   Date   Future Contracts and Other Information*
 
BRAZIL/TRINIDAD                    
Ocean Whittington
  1,500’   Brazil   Contracted   Petrobras   five year term plus potential bonus   mid 220’s   late Aug. 2007   late Aug. 2012   Resume and complete contract upgrade work beginning early Oct. 2008 and ending late Nov. 2008; followed by resumption of five year term in mid 220’s plus potential 15% performance bonus. Available.
Ocean Concord
  2,200’   Brazil   Contracted   Petrobras   five year term plus potential bonus   low 230’s   mid Jan. 2008   mid Jan. 2013   Available.
Ocean Yatzy
  3,300’   Brazil   Contracted   Petrobras   four year extension plus
potential bonus
  mid 110’s   early Oct. 2005   early Oct. 2009   Five-year term extension in mid 240’s plus potential 10% performance bonus beginning early Oct. 2009 and ending early Oct. 2014. Available.
Ocean Winner
  3,500’   Brazil   Contracted   Petrobras   four year extension plus
potential bonus
  low 110’s   mid Mar. 2006   mid Mar. 2010   Five-year term extension in low 270’s plus potential 10% performance bonus beginning mid Mar. 2010 and ending mid Mar. 2015. Available.
Ocean Worker
  3,500’   Trinidad   Contracted   Petro-Canada   six-month term   low 450’s   mid Nov. 2007   early June 2008   Lump sum mobe to Brazil plus subsequent acceptance test beginning early June 2008 and ending mid Sept. 2008; followed by six-year term contract with Petrobras in low 270’s plus potential 10% performance bonus beginning mid Sept. 2008 and ending mid Sept. 2014. Available.
Ocean Alliance
  5,000’   Brazil   Contracted   Petrobras   four year extension plus
potential bonus
  mid 150’s   mid Jan. 2008   early Sept. 2009   Six-year term extension in low 340’s plus potential 15% performance bonus beginning early Sept. 2009 and ending early Sept. 2015. Available.
 
International Drillships (1)            
Ocean Clipper
  7,500’   Brazil   Contracted   DODI   survey and maintenance       late April 2008   Resume five year extension in low 180’s plus potential 5% performance bonus ending mid Dec. 2010. Available.
 
International Jackups (6)                    
Ocean Columbia
  250’ IC   Mexico   Contracted   Pemex   1-1/2 year term   mid 120’s   late Jan. 2008   mid June 2009   Available; actively marketing.
Ocean Nugget
  300’ IC   Mexico   Contracted   Pemex   term contract   upper 160’s   early Oct 2006   late Mar. 2009   Available; actively marketing.
Ocean King
  300’ IC   Croatia   Contracted   CROSCO   two year bareboat charter   upper 100’s   mid Nov. 2007   early Nov. 2009   Two-year bareboat charter with Crosco in high 100’s, beginning mid Nov. 2007 and ending early Nov. 2009. Available; actively marketing.
Ocean Sovereign
  300’ IC   Indonesia   Contracted   Kodeco   18-month term +
option
  mid 90’s   mid Oct. 2006   mid-June 2008   Intermediate survey early July to late July 2008; followed by two-year term extension with Kodeco in mid 140’s beginning late July 2008 and ending mid Jan. 2010. Available; actively marketing.
Ocean Heritage
  300’ IC   UAE   -   DODI   hot stacked         Available; actively marketing.
Ocean Spur
  300’ IC   Egypt   Contracted   Gaz de France   one well   low 190’s   late March 2008   late May 2008   One well with British Gas in Egypt in mid 130’s beginning late May and ending in late July 2008. Available; actively marketing.

 


 

         
5   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
                                     
Rig Name
  WD   Location   Status   Operator   Current Term   Dayrate (000s)   Start Date   Est. End
Date
  Future Contracts and Other Information*
 
Upgrade (1)                        
Ocean Monarch
  2,200’   Shipyard     DODI           Singapore shipyard for upgrade to 10,000 ft. capable 5th Generation rig. Estimated completion, including commissioning and commencement of mobe to GOM, late fourth quarter 2008; followed by completion of mobe to GOM and rig prep ending late Feb. 2009; followed by four-year term, plus option, with Anadarko in the GOM in the upper 420’s beginning late Feb. 2009 and ending late Feb. 2013. Available.
 
Newbuild Rigs Under Construction (2)                        
Ocean Shield
  350’ IC   Commissioning     DODI           Commissioning, followed by mobe to Malaysia ending late May 2008; followed by LOI for five-month term in Malaysia in mid 170’s beginning late May and ending late Oct. 2008; followed by mobe to Australia for one-year term with ENI in mid 260’s beginning mid Nov. 2008 and ending late Oct. 2009. Available; actively marketing.
Ocean Scepter
  350’ IC   Shipyard               Brownsville shipyard completion, commissioning ending late May 2008; followed by mobe to destination to be determined. Available; actively marketing.
NOTES: *Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs and maintenance, weather conditions and other factors. **An LOI is subject to customary conditions, including the execution of a definitive agreement, and as such may not result in a binding contract. Options are un-priced and any extension of contract is subject to mutually agreeable terms and conditions unless otherwise indicated. Indexed contracts generally reprice every 30 days. Mobe revenues (if any) and mobe expenses are deferred, and generally are amortized over the life of the contract. GOM = Gulf of Mexico. ***Dayrate range disclosed pursuant to terms of contract.

 


 

         
6   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
EXPECTED DOWNTIME LONGER THAN ONE WEEK (Subject to Change)
Expected 1-April thru 31-Dec. 2008 Down Days
                                               
      # Days        
                               
Rig     Q2       Q3       Q4       Total       Comments
                               
Shipyard Time
                                             
Yorktown
      91         25                   116       Complete life extension/5-yr. survey, Brazil mobe, accpt. Test (46 over prev. guidance)
Bounty
                41                   41       5-year survey and maintenance
Nomad
                52                   52       5-year survey and maintenance
Drake
      22         29                   51       5-year survey and maintenance
Rover
                47                   47       5-year survey and maintenance
General
      38         14                   52       5-year survey and maintenance
Princess
                58                   58       5-year survey and maintenance
Ambassador
      31         50                   81       5-year survey and maintenance
Guardian
      6         37                   43       North Sea intermediate survey and maintenance
Valiant
                78         18         96       5-year survey/replace derrick and other maintenance
                               
 
      188         431         18         637        
 
                                             
Other Downtime
                                             
Clipper
      25                             25       12 complete survey/subsequent 13 equipment repairs (16 over previous guidance)
Whittington
                          51         51       Complete contract upgrade
Sovereign
                19                   19       Intermediate survey and install new top drive system
Worker
      30         74                   104       Mobe to Brazil, prep for contract, contract acceptance testing
Confidence
                          18         18       Change out thruster (4 over previous guidance)
                               
 
      55         93         69         217        
                               
Remaining Total 2008 Non New-build/Upgrade
      243         524         87         854        
 
                                             
                               
New-build/Upgrade Downtime
    Q2       Q3       Q4       Total        
                               
Shield
      56                             56       Complete construction, commissioning, mobe to Malaysia
Shield
                          22         22       Mobe to Australia
Scepter
      61                             61       Complete construction, commissioning
Scepter
      ??         ??                           Mobe to ??
Monarch
      91         92         92         275       Complete upgrade, commissioning, begin mobe to U.S. GOM
                               
2009 Estimated Downtime:
5-year Surveys: Concord (51 days); America (75 days); Champion (35 days); Titan (35 days); Yatzy (42 days)
Intermediate Surveys: (10 days each): Crusader, Summit, Nugget, Heritage, Alliance
Other: Bounty (240 days repower rig and water depth upgrade); Confidence (14-day thruster changeout); Monarch (60 days complete mobe to GOM and rig prep).
NOTE: *Generally, rig utilization rates approach 95-98% during contracted periods
Forward-Looking Statements: The rig status report may contain “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, start and end dates and comments concerning future

 


 

         
7   DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF    
    April 24, 2008    
contracts and availability, letters of intent, utilization, surveys, downtime and other aspects of the Company’s drilling rigs, as well as statements concerning 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, 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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