EX-99.2 3 d719014dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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Diamond Offshore Drilling, Inc.

Rig Status Report

April 29, 2019

Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

Ocean Apex

Ocean BlackHawk

Ocean BlackRhino

Ocean GreatWhite

 

    

Water

Depth ¹

         Year           Contract
Dayrate		   Estimated   Estimated           Downtime4  

Rig Name

   (feet)    

Type2

  

Built3

   Location  

Operator

  

(USD)

  

Start Date

   End Date     Status     2Q19 E     Comments  
                    Totals:       166    
                   

 

 

    

Gulf of Mexico

                

Ocean BlackHawk

     12,000     DS 15K DP   2014   US GOM   Anadarko   495,000   mid Jun 2014     mid Apr 2020         91      

 Special Survey & upgrades
at zero rate planned for
Mar - Jun 2019		  
 
 
            Undisclosed   mid Apr 2020     mid Apr 2021       1-year extension + option      

 Revenue recognition in the
low $400’s from Jun 2018
- Apr 2021		  
 
 
        Senegal   Woodside   Undisclosed   1Q 2022     1Q 2023      
 Well based contract +
options		  
 		    

Ocean BlackHornet

     12,000     DS 15K DP   2014   US GOM   Anadarko   495,000   mid Apr 2015     late Jun 2019          

 Special Survey & upgrades
at zero rate planned for 2H
2019		  
 
 
        US GOM   BP   Undisclosed   1Q 2020     1Q 2022      
 2-year term + 2 x 1 year
options		  
 		    

Ocean BlackRhino

     12,000     DS 15K DP   2014   US GOM   Hess   400,000   mid Feb 2017     late May 2020       3-year term        
 Special Survey at zero rate
planned for 2H 2019		  
 
        Senegal   Woodside   Undisclosed   4Q 2020     4Q 2023      
 Well based contract +
options		  
 		    

Ocean BlackLion

     12,000     DS 15K DP   2015   US GOM   Hess   400,000   mid Feb 2016     late Feb 2020       4-year term      
        US GOM   BP   Undisclosed   2Q 2020     2Q 2022      
 2-year term + 2 x 1 year
options		  
 		    
                     

North Sea/Mediterranean/W. Africa

          

Ocean Patriot

     3,000     SS 15K   1983   UK   Apache   Undisclosed   early Jun 2018     early Jun 2020       2-year term + options      

Ocean Valiant

     5,500     SS 15K   1988   UK   Total   Undisclosed   early Nov 2016     late Nov 2019       Well based contract       2    
        UK   Shell   Undisclosed   early Dec 2019     late Feb 2021       Well based contract      

Ocean Endeavor

     10,000     SS 15K   2007   UK   Shell   Undisclosed   mid May 2019     mid May 2021       2-year term + options         Undergoing reactivation  

Ocean GreatWhite

     10,000     SS 15K DP   2016   UK   Siccar Point   Undisclosed   mid Mar 2019     late Jul 2019       3 wells       2    
        UK   Undisclosed   Undisclosed   late Jul 2019     mid Oct 2019       Well based contract      

Australasia

                      

Ocean Apex

     6,000     SS 15K   2014   Australia   Woodside   Undisclosed   early May 2019     late Jul 2019       2 wells      
        Australia   Shell   Undisclosed   early Aug 2019     early Oct 2019       1 well      
        Australia   Woodside   Undisclosed   early Jan 2020     late Sep 2020       4 wells      
        Australia   BP   Undisclosed   early Oct 2020     late Dec 2020       1 well      

Ocean Onyx

     6,000     SS 15K   2014   Australia   Beach   Undisclosed   early Jan 2020     late Dec 2020       6 wells + 5 option wells        
 Undergoing upgrades and
reactivation in Singapore		  
 

Ocean Monarch

     10,000     SS 15K   2008   Australia   Exxon / Cooper   Undisclosed   mid Feb 2019     late Jun 2019       5 wells + 1 option well       5    
        Myanmar   Posco Daewoo   Undisclosed   early Nov 2019     mid Mar 2021       7 wells + 5 option wells      
                     

South America

                      

Ocean Courage

     10,000     SS 15K DP   2009   Brazil   Petrobras   380,000   late Feb 2018     late Jul 2020       Term extension       65      

 Special Survey & upgrade
at zero rate planned for
Apr - May 2019		  
 
 

Ocean Valor

     10,000     SS 15K DP   2009   Brazil   Petrobras   289,000   mid Nov 2018     mid Nov 2020       2-year term extension       1      

 ~$40MM retroactive
credit to be amortized over
2 year extension		  
 
 
                     

Stacked

                      

Ocean Guardian

     1,500     SS 15K   1985   UK   —     —     —       —         Stacked         Sale pending  

Ocean America

     5,500     SS 15K   1988   Malaysia   —     —     —       —         Stacked      

Ocean Rover

     8,000     SS 15K   2003   Malaysia   —     —     —       —         Stacked      

Ocean Confidence

     10,000     SS 15K DP   2001   Canary Islands   —     —     —       —         Stacked      

 

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

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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: SS=Semisubmersible; DS=Drillship; 15K=15,000 PSI Well-Control System; DP=Dynamically Positioned Rig

(3)   Year Built represents when rig was 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)   Downtime only includes downtime periods that as of this report date are experienced, or have been planned and estimable and/or 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

Rig utilization: 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

 

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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Diamond Offshore Drilling, Inc.

Rig Status Report

Statements contained in this report that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company’s overall business and financial performance can be found in the Company’s reports filed with the Securities and Exchange Commission, and readers of this report are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website at www.diamondoffshore.com. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating risks, changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, construction of new builds, casualty losses, and various other factors, many of which are beyond the Company’s control. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this report. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.    

 

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