EX-99.2 3 d823940dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO   

Diamond Offshore Drilling, Inc.

Rig Status Report

October 28, 2019

Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

Ocean Apex

Ocean Endeavor

 

    Water
Depth ¹		         Year           Contract
Dayrate		     Estimated   Estimated       Downtime 4      

Rig Name

   (feet)    

Type 2

  

Built 3

  

Location

  

Operator

   (USD)    

Start Date

  

End Date

  

Status

   4Q19 E    

Comments

                  Totals:     15    
                   

 

 

    

Gulf of Mexico

                

Ocean BlackHawk

     12,000     DS 15K DP   2014   US GOM   Oxy     495,000     mid Jun 2014   mid Apr 2020       Revenue recognition in the low $400’s from Jun 2018-Apr 2021
              Undisclosed     mid Apr 2020   mid Apr 2021   1-year extension + options    
        Senegal   Woodside     Undisclosed     1Q 2022   1Q 2023   Well based contract + options    

Ocean BlackHornet

     12,000     DS 15K DP   2014   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     14     Special Survey at zero rate
        Senegal   Woodside     Undisclosed     1Q 2021   1Q 2024   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 Oct 2019   Well based contract    
        UK   Shell     Undisclosed     early Nov 2019   late Jan 2021   Well based contract + options    

Ocean Endeavor

     10,000     SS 15K   2007   UK   Shell     Undisclosed     late May 2019   4Q 2021      

Ocean GreatWhite

     10,000     SS 15K DP   2016   UK   Undisclosed     Undisclosed     mid Jul 2019   late Oct 2019   Well based contract    

Australasia

                

Ocean Apex

     6,000     SS 15K   2014   Australia   Shell     Undisclosed     mid Aug 2019   mid Nov 2019   1 well     1    
        Australia   Woodside     Undisclosed     early Jan 2020   late Sep 2020   4 wells + options    
        Australia   BP     Undisclosed     early Oct 2020   late Dec 2020   1 well + options    
        Australia   Woodside     Undisclosed     early Jan 2021   mid Nov 2021      

Ocean Onyx

     6,000     SS 15K   2014   Australia   Beach     Undisclosed     1Q 2020   1Q 2021   6 wells + 5 option wells     Currently undergoing upgrades and reactivation in Singapore

Ocean Monarch

     10,000     SS 15K   2008   Australia   Exxon / Cooper     Undisclosed     mid Feb 2019   late Dec 2019      
        Myanmar   Posco Daewoo     Undisclosed     1Q 2020   3Q 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    

Ocean Valor

     10,000     SS 15K DP   2009   Brazil   Petrobras     289,000     mid Nov 2018   mid Nov 2020   2-year term extension     ~$40MM retroactive credit to be amortized over 2-year extension

Stacked

                

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     Held for Sale

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.

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 1 of 2

LOGO   

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.

 

Page 2 of 2