EX-99.2 3 d867368dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO   

Diamond Offshore Drilling, Inc.

Rig Status Report

February 9, 2015

Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

No new contract commitments

 

   

Water 1

Depth

         Year 3          

Contract

Dayrate

   Estimated   Estimated         Planned Downtime 4
(For Periods Lasting >10 days)		      

Rig Name

   (feet)    

Type 2

  

Built

   Location  

Operator

  

(USD)

  

Start Date

   End Date   Status     1Q15 E     2Q15 E     3Q15 E     4Q15 E    

Comments

                    Totals:        556        335        165        60     
                   

 

 

    

 

 

    

 

 

    

 

 

    

Gulf of Mexico - U.S. (6)

                      

Ocean Star

     5,500      SS 15K   1997   US GOM  

—  

   —    

—  

   —       Actively marketing             

Ocean Victory

     5,500      SS 15K   1997   US GOM  

—  

   —    

—  

   —       Customer Prep             
        US GOM  

—  

   —     late Mar 2015   early May 2015     Mobe to Trinidad        10        30          Mobe
        Trinidad   BP   398,000   early May 2015   late Apr 2017    
 
 		 2-year term + 1-
year unpriced
option		  
  
  		          

Ocean Onyx

     6,000      SS 15K   2014   US GOM   Apache Corporation   490,000   late Oct 2014   mid Feb 2015    
 		 Remainder of 1-
year term		  
  		          
        US GOM  

—  

   —     mid Feb 2015   early Apr 2015    
 
 		 Prep, mobe to
Trinidad,
acceptance		   
  
  		     45        2          Prep, mobe, acceptance
        Trinidad   BG International   390,000   early Apr 2015   early Aug 2015     One well             
        Trinidad   BG International   360,000   early Aug 2015   early Oct 2015     One well             

Ocean BlackHawk

     12,000      DS 15K DP   2014   US GOM   Anadarko   495,000   late May 2014   mid Jun 2019    
 		 5-year term +
unpriced option		   
  		     11            Installation of 2nd BOP

Ocean BlackHornet

     12,000      DS 15K DP   2014   S. Korea  

—  

   —     early Dec 2014   Apr 2015    
 
 		 Mobe to GOM;
customer
acceptance		   
  
  		     90            Mobe, acceptance testing
        US GOM   Anadarko   495,000   Apr 2015   Apr 2020    
 		 5-year term +
unpriced option		   
  		          

Ocean BlackRhino

     12,000      DS 15K DP   2014   S. Korea  

—  

   —     mid Dec 2014   Apr 2015    
 
 		 Mobe to GOM;
customer
acceptance		   
  
  		     90        15          Mobe, acceptance testing
        US GOM   Murphy   550,000   Apr 2015   Jan 2016    
 
 
 
 
 
 
 		 265-day term;
prior to
commencement of
contract, may be
converted into
term lasting until
Jun 2016 at
$485,000/day		   
  
  
  
  
  
  
  		          
        US GOM  

—  

   —     Jan 2016   Q4 2016     Actively marketing             
        US GOM   Hess   400,000   Q4 2016   Q4 2019     3-year Term             

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             

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   early Mar 2015     219-day extension             

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             

Ocean Guardian

     1,500      SS 15K   1985   UK   Shell   352,000   mid Jan 2015   mid Jul 2015    
 		 Continuation of 1-
year extension		  
  		       60          5-Year Special Survey

Ocean Princess

     1,500      SS 15K   1975   UK   EnQuest   230,000   late Nov 2014   late Feb 2015     One well             

Ocean Patriot

     3,000      SS 15K   1983   UK   Shell   400,511   late Oct 2014   late Oct 2017    
 
 		 3-year term + 2 x
1-year unpriced
options		   
  
  		          

Ocean Valiant

     5,500      SS 15K   1988   UK  

—  

   —    

—  

   —       Contract prep        65            Mobe, contract prep
        UK   Premier Oil   320,000   early Mar 2015   late Jul 2015    
 		 Two wells + 4 x 1-
well options		  
  		          

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   Mar 2015     Maintenance        90            Maintenance
         

—  

   —    

—  

   —       Actively marketing             

 

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
Depth		         Year  3
Built		             Contract
Dayrate		     Estimated
   Estimated
       Planned Downtime 4
(For Periods Lasting >10 days)		      

Rig Name

   (feet)     Type 2    

Location

  

Operator

   (USD)    

Start Date

  

End Date

  

Status

   1Q15 E     2Q15 E     3Q15 E     4Q15 E    

Comments

Australasia (5)

                  

Ocean Quest

     4,000      SS 15K     1973      Vietnam   PVEP     198,900      late Apr 2014   late Mar 2015   Remainder of 4th well + 6 x one-well priced options       60          Maintenance

Ocean America

     5,500      SS 15K     1988      Australia   Chevron     475,000      late Nov 2013   late May 2015   18-month term          

Ocean Apex

     6,000      SS 15K     2014      Vietnam   ExxonMobil     485,000      late Jan 2015   mid Apr 2015   One well     20            Mobe, acceptance testing

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      Malaysia   —       —        mid Sep 2014   early May 2015   Mobe; contract prep     63        37          Mobe, contract prep
        Australia   Apache Corporation     410,000      early May 2015   mid Oct 2016   18-month term + 1 year option          

Brazil / S. America (8)

                  

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 May 2015   Six wells          
        US GOM   BG Intl / Centrica     300,000      mid May 2015   early Jun 2015   Prep and demobe to US GOM          
        US GOM   —       —        early Jun 2015   early Sep 2015   Prep, 5-year special survey, and mobe to Mexico       25        63        Prep, 5-year survey, mobe
        Mexico   Pemex     160,000      early Sep 2015   late Mar 2018   Firm term          

Ocean Winner

     4,000      SS     1976      Brazil   Petrobras     283,500      mid Oct 2010   mid Mar 2015   5-year term (incl. 50% of potential 6% bonus)          
        Brazil   —       —        —     —     Rig to be retired following completion of contract term          

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       15          Maintenance

Ocean Clipper

     7,875      DS 15K DP     1997      Brazil   Petrobras     312,625      late Jan 2015   early Dec 2015   Remainder of 5-year term contract (incl. 50% of potential 5% bonus) + unpriced option     10            Under Water in Lieu of Dry-dock rig inspection

Ocean Baroness

     8,000      SS 15K     2002      Brazil   Petrobras     276,750      early Sep 2011   early Sep 2015   Remainder of 5-year term (incl. 50% of potential 5% bonus)          
        Brazil   Petrobras     310,000      early Sep 2015   early Sep 2018   3-year extension          

Ocean Courage

     10,000      SS 15K DP     2009      Brazil   Petrobras     522,210      late Sep 2014   late Feb 2015   5-year term + $112,000 uplift (incl. 50% of potential 6% bonus)          
        Brazil   Petrobras     567,000      late Feb 2015   late Oct 2015   3-year extension + $112,000 uplift         10        Maintenance
        Brazil   Petrobras     455,000      late Oct 2015   late Feb 2018   3-year extension          

Ocean Valor

     10,000      SS 15K DP     2009      Brazil   Petrobras     440,000      early Sep 2011   mid Oct 2015   Remainder of 5-year term          
        Brazil   Petrobras     455,000      mid Oct 2015   mid Oct 2018   3-year extension          

Rigs Under Construction (2)

                  

Ocean BlackLion

     12,000      DS 15K DP     2015      S. Korea   —       —        Q2 2012   Q4 2015   Hyundai shipyard; commissioning; mobe; acceptance       91        92        60      Mobe, acceptance testing
        US GOM   Hess     400,000      Q4 2015   Q4 2019   4-year Term          

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          

 

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

Depth

         Year 3          

Contract

Dayrate

   Estimated   Estimated       Planned Downtime 4
(For Periods Lasting >10 days)		    

Rig Name

   (feet)    

Type 2

  

Built

   Location  

Operator

  

(USD)

  

Start Date

   End Date   Status   1Q15 E     2Q15 E   3Q15 E   4Q15 E  

Comments

COLD STACKED (6)                            

Ocean King

     300      JU IC   1973   US GOM   —     —     —     —     Prep for stacking          

Ocean Titan

     350      JU 15K IC   1974   US GOM   —     —     —     —     Prep for stacking          

Ocean Vanguard

     1,500      SS 15K   1982   UK   —     —     —     —     Stacked, Actively
marketing		          

Ocean Saratoga

     2,200      SS   1976   US GOM   —     —     —     —     Stacked          

Ocean General

     3,000      SS   1976   Indonesia   —     —     —     —     Stacked          

Ocean Worker

     4,000      SS   1982   US GOM   —     —     —     —     In transit to US
GOM for Cold
Stacking		     62            Mobe, prep for stacking

RETIRED

                            

Ocean Concord

     2,300      SS   1975   —     —     —     —     —     Sold          

Ocean Epoch

     3,000      SS   1977   Malaysia   —     —     —     —     Stacked          

Ocean Yatzy

     3,300      SS DP   1989   Brazil   —     —     —     —     Prep for
exportation,
scrapping		          

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 amortized revenue related to amounts earned for certain activities, such as mobe, demobe, contract preparation, etc.

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.

 

Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC.

    Page 3 of 4

LOGO     

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.

 

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