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8-K
DIAMOND OFFSHORE DRILLING INC filed this Form 8-K on 10/23/08
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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): October 23, 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 October 23, 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 October 23, 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   
Dated: October 23, 2008    Senior Vice President, General Counsel and Secretary   
 

3

 

EXHIBIT INDEX
     
Exhibit number   Description
 
    
99.1
  Rig Status Report as of October 23, 2008

4

     
Exhibit 99.1
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
 
     
RECENT COMMITMENTS — (See Body of Report For Contract Details/Date Changes and Other Information)
 
Ocean Valiant
  Two years in Angola
 
Ocean Saratoga
  16 months in the GOM
 
Ocean Champion
  Six months in the GOM
 
Ocean Summit
  One well
 
                                     
                        Dayrate       Est. End
Rig Name   WD   Location   Status   Operator   Current Term   ($000s)   Start Date   Date
 
Domestic Deepwater Semisubmersibles (8)                    
Ocean Quest
  3,500’   GOM   Current Contract   Noble   two-year term + unpriced option   upper 350’s   mid June 2007   mid June 2009
 
      GOM/Brazil   Prep, mobe & acceptance test for OGX   OGX         0     mid June 2009   early Oct. 2009
 
      Brazil   Future Contract   OGX   two-year term + unpriced option   low 420’s   early Oct. 2009   early Oct. 2011
Ocean Star
  5,500’   GOM   Current Contract   Anadarko   term extension   upper 410’s   late Nov. 2007   early Dec. 2008
Ocean America
  5,500’   GOM   Current Contract   Mariner   Part 1 — 18-month term   low 470’s   mid March 2008   late Oct. 2008
 
      GOM   Future Contract   LOI   Remainder term.   low 520’s   late Oct. 2008   early Jan. 2009 interrupt term
 
      GOM   Special Survey & Maintenance   DODI         0     early Jan. 2009   late March 2009
 
      GOM   Future Contract   LOI   Cont. remainder term   low 520’s   late March 2009   mid July 2010
Ocean Valiant
  5,500’   GOM   Special Survey & Maintenance   DODI         0     early Aug. 2008   late Nov. 2008 resume contract
 
      GOM   Current Contract   Anadarko   resume one-year term extension   upper 420’s   late Nov. 2008   mid July 2009
 
      Mobe   Lump sum mobe   DODI               mid July 2009   mid Sept. 2009
 
      Angola   Future Contract   Total   two-year term + priced options   low 620’s   mid Sept. 2009   mid Sept. 2011
Ocean Victory
  5,500’   GOM   Current Contract   Callon   two wells   low 500’s   mid Aug. 2008   early March 2009
 
      GOM   Future Contract (swap from old Voyager contract in low 300’s)   Newfield   one well   low 300’s   early March 2009   early May 2009
 
      GOM   Future Contract   Newfield   one well extension   low 500’s   early May 2009   mid June 2009
 
      GOM   Future Contract   ATP   one-year term, minimum   low 540’s   mid June 2009   mid June 2010
Ocean Baroness
  7,000’   GOM   Current Contract   Hess   term extension +unpriced option   mid 360’s   late Nov. 2007   mid April 2010
Ocean Confidence
  10,000’   GOM   Current Contract   Murphy   four-year term + unpriced option   low 500’s   late Feb. 2008   late March 2012
Ocean Endeavor
  10,000’   GOM   Current Contract   Devon   four-year term + unpriced option   mid 260’s   early July 2007   late June 2011

 

 

DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
     
                                     
                        Dayrate       Est. End
Rig Name   WD   Location   Status   Operator   Current Term   ($000s)   Start Date   Date
 
Domestic 2nd and 3rd Generation Semisubmersibles (2)                    
Ocean Ambassador
  1,100’   GOM   Special Survey & Maintenance
(storm delayed) 		  DODI         0     early Aug. 2008   late Nov. 2008
 
      GOM   Future Contract   Taylor   seven-month term   mid 280’s   late Nov. 2008   early June 2009
 
      GOM/Brazil   Prep, mobe & acceptance test for OGX   OGX         0     early June 2009   mid Sept. 2009
 
      Brazil   Future Contract   OGX   three-year term + unpriced option   low 260’s   mid Sept. 2009   mid Sept. 2012
Ocean Saratoga
  2,200’   GOM   Current Contract   Walter   one well   mid 280’s   late July 2008   late Oct. 2008
 
      Gom   Future Contract   Deep Gulf   one well   mid 280’s   late Oct. 2008   late Nov. 2008
 
      GOM   Future Contract   Walter   four wells   mid 280’s   late Nov. 2008   late March 2009
 
      GOM   Future Contract   Taylor   16-month term   mid 280’s   late March 2009   mid July 2010
 
Domestic Jack-ups (7)
                                    
Ocean Crusader
  200’ MC   GOM   Current Contract   Walter   two wells   mid 70’s   mid Oct. 2008   late Dec. 2008
Ocean Drake
  200’ MC   GOM   Special Survey & Maintenance (storm delayed)   DODI         0     early Aug. 2008   late Oct. 2008
 
      GOM   Future Contract   Tarpon   one well   mid 60’s   late Oct. 2008   mid Dec. 2008
 
      GOM   Future Contract   Tarpon   two wells   mid 70’s   mid Dec. 2008   mid Feb. 2009
Ocean Champion
  250’ MS   GOM   Current Contract   Stone   Assignment from Bois d’Arc   mid 60’s   early Sept. 2008   late Oct. 2008
 
      GOM   Future Contract   Stone   six months + unpriced option   low 70’s   late Oct. 2008   late April 2009
Ocean Spartan
  300’ IC   GOM   Current Contract   Samson   four wells   low 100’s   early Oct. 2008   early Nov. 2008
 
      GOM   Future Contract   Samson   two-well extension, part 1   low 100’s   early Nov. 2008   mid Dec. 2008
 
      GOM   Future Contract   Samson   two-well extension, part 2   low 120’s   mid Dec. 2008   late Dec. 2008
Ocean Summit
  300’ IC   GOM   Current Contract   Energy Partners   five-wells + unpriced option   low 100’s   mid Sept. 2008   interrup current
contract late Oct.
2008
 
      GOM   Future Contract   W&T   one 10-day well   low 140’s   late Oct. 2008   late Oct. 2008
 
      GOM   Resume Current Contract   Energy Partners   five-wells + unpriced option   low 100’s   late Oct. 2008   mid Dec. 2008
Ocean Titan
  350’ IC   GOM   Current Contract   Apache   second of three wells   high 100’s   late Sept. 2008   early Nov. 2008
 
      GOM   Future Contract   Apache   third of three wells   low 110’s   early Nov. 2008   mid Dec. 2008
 
      GOM   Future Contract   Apache   four-month extension +
unpriced option 		  low 130’s   mid Dec. 2008   mid April 2009
Ocean Tower
  350’ IC   GOM   Hurricane Ike Repairs   DODI               mid Oct. 2008   early Oct. 2009

 

 

     
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
                                     
Rig Name   WD   Location   Status   Operator   Current Term   Dayrate
($000s)		   Start Date   Est. End
Date
 
International Semisubmersibles (19)
                                    
 
MEXICO
                                    
Ocean New Era
  1,500’   GOM   Current Contract   PEMEX   2 1/2 year term   mid 260’s   late Oct. 2007   mid Feb. 2010
Ocean Voyager
  3,000’   GOM   Current Contract   PEMEX   2 1/2 year term   mid 330’s   early Nov. 2007   late Feb. 2010
NORTH SEA/MEDITERRANEAN
                                    
Ocean Nomad
  1,200’   North Sea   Contract interrupted for Special
Survey & Maintenance 		  DODI         0     mid Sept. 2008   late Oct. 2008
resume contract
 
      North Sea   Current Contract   Talisman   resume two-year term
extension 		  mid 330’s   late Oct. 2008   late Sept. 2010
Ocean Guardian
  1,500’   North Sea   Current Contract   Oilexco   remainder two-year
term 		  low 350’s   early Sept. 2008   mid July 2009
 
      North Sea   Future Contract   Oilexco   two-year term
extension 		  mid 380’s   mid July. 2009   early Sept. 2011
Ocean Princess
  1,500’   North Sea   Current Contract   Talisman   two-year term
extension 		  upper 330’s   mid Feb. 2008   late Oct. 2008
 
      North Sea   Contract to be interrupted for Special Survey & Maintenance   DODI         0     late Oct. 2008   late Dec. 2008 resume contract
 
      North Sea   Current Contract   Talisman   resume two-year
term extension 		  upper 330’s   late Dec. 2008   mid April 2010
Ocean Vanguard
  1,500’   North Sea   Current Contract   Statoil   two-year term
extension + unpriced option 		  low 400’s   late April 2008   mid April 2010
Ocean Lexington
  2,200’   Egypt   Current Contract   BP   36-month term   mid 260’s   late Nov. 2006   mid Aug.2009
 
      Egypt/Brazil   Prep, mobe &
acceptance test for
OGX 		  OGX         0     mid Aug. 2009   late Jan. 2010
 
      Brazil   Future Contract   OGX   three-year term +
unpriced option 		  mid 330’s   late Jan. 2010   late Jan. 2013

 

 

     
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
                                     
Rig Name   WD   Location   Status   Operator   Current Term   Dayrate
($000s)		   Start Date   Est. End
Date
 
AUSTRALASIA
                                    
 
Ocean Bounty
  1,500’   Australia   Current Contract   Woodside   continue one-year term   low 350’s   early Sept. 2008   late March 2009
 
      Australia   Re-engine and upgrade   DODI         0     late March 2009   to be determined
followed by
two-year term
 
      Australia   Future Contract   Woodside   two-year term +
unpriced option 		  mid 420’s   to be determined   to be determined
Ocean Patriot
  1,500’   Australia   Current Contract   Santos   one-year term +
unpriced option 		  upper 370’s   mid May 2008   late Dec. 2008
 
      Australia   Future Contract   Apache   two-year term +
unpriced option 		  between 380-420   late Dec. 2008   late Dec. 2010
Ocean Epoch
  1,640’   Australia   Current Contract   Apache   one-year term   mid 350’s   early March 2008   early March 2009
 
      Australia   Future Contract   BHPB   550-day term +
unpriced options 		  low 350’s   early March 2009   early Sept. 2010
Ocean General
  2,400’   Vietnam   Future Contract   PVEP   Approx. two-year term + unpriced options   low 280’s   mid Oct. 2008   mid Oct. 2010
Ocean Rover
  7,000’   Malaysia   Current Contract   Resume Murphy
contract 		  balance previously
declared option wells 		  high 240’s   mid Oct. 2008   early Jan. 2009
 
      Malaysia   Future Contract   Newfield   one well   low 450’s   early Jan. 2009   late Feb. 2009
 
      Malaysia   Future Contract   Murphy   two-year term
extension 		  low 450’s   late Feb. 2009   late Feb. 2011

 

 

     
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
                                     
                        Dayrate       Est. End
Rig Name   WD   Location   Status   Operator   Current Term   ($000s)   Start Date   Date
 
BRAZIL
                                    
Ocean Whittington
  1,500’   Brazil   Contract interrrupted to resume and complete contract upgrade work   DODI         0     mid Oct. 2008   early Dec. 2008 resume contract
 
      Brazil   Current Contract   Petrobras   resume five-year term plus potential 15% bonus   mid 220’s   early Dec. 2008   late Aug. 2012
Ocean Concord
  2,200’   Brazil   Current Contract   Petrobras   five-year term plus potential 15% bonus   low 230’s   mid Jan. 2008   mid Jan. 2013
Ocean Yorktown
  2,850’   Brazil   Current Contract   Petrobras   five-year term plus potential 15% bonus   mid 230’s   mid Aug. 2008   mid Aug. 2013
Ocean Yatzy
  3,300’   Brazil   Current Contract   Petrobras   four-year term extension plus potential 17% bonus   mid 110’s   early Oct. 2005   early Oct. 2009
 
      Brazil   Future Contract   Petrobras   five-year term plus potential 10% bonus   mid 240’s   early Oct. 2009   early Oct. 2014
Ocean Winner
  3,500’   Brazil   Current Contract   Petrobras   four-year term extension plus potential 5% bonus   low 110’s   mid March 2006   mid March 2010
 
      Brazil   Future Contract   Petrobras   five-year term extension plus potential 10% bonus   low 270’s   mid March 2010   mid March 2015
Ocean Worker
  3,500’   Brazil   Current   DODI   prep., plus acceptance testing     0     late July 2008   late Dec. 2008
 
      Brazil   Future Contract   Petrobras   six-year term plus potential 10% bonus   low 270’s   late Dec. 2008   late Dec. 2014
Ocean Alliance
  5,000’   Brazil   Current Contract   Petrobras   one-well extension retroactive to late March 2008   mid 520’s   late March 2008   late Oct. 2008 resume contract
 
      Brazil   Resume Contract   Petrobras   resume four-year extension plus 20% potential bonus   mid 150’s   late Oct. 2008   late Nov. 2009
 
      Brazil   Future Contract   Petrobras   six-year term extension plus potential 15% bonus   low 340’s   late Nov. 2009   late Nov. 2015
 
International Drillship (1)
                                    
Ocean Clipper
  7,000’   Brazil   Current Contract   Petrobras   five-year extension plus potential 5% bonus   low 180’s   mid Dec. 2005   mid Dec. 2010

 

 

     
DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
                                     
                        Dayrate       Est. End
Rig Name   WD   Location   Status   Operator   Current Term   ($000s)   Start Date   Date
 
International Jack-ups (8)
Ocean Columbia
  250’ IC   Mexico   Current Contract   Pemex   1 1/2-year term   mid 120’s   late Jan. 2008   mid June 2009
Ocean Nugget
  300’ IC   Mexico   Current Contract   Pemex   term contract   upper 160’s   early Oct. 2006   late March 2009
Ocean King
  300’ IC   Croatia   Current Contract   CROSCO   two-year bareboat charter   upper 100’s   mid Nov. 2007   early Nov. 2009
Ocean Sovereign
  300’ IC   Indonesia   Current Contract   Kodeco   extension up to survey   upper 130’s   early Aug. 2008   mid Nov. 2008
 
      Indonesia   Intermediate Survey & upgrade   DODI         0     mid Nov. 2008   early Feb. 2009
 
      Indonesia   Future Contract   Kodeco   15-month extension + unpriced option   mid 140’s   early Feb. 2009   late April 2010
Ocean Heritage
  300’ IC   Gulf of Suez   Current Contract   IPR   seven-month term   mid 110’s   mid July 2008   mid Feb. 2009
Ocean Spur
  300’ IC   Egypt   Current Contract   WEPCO   well work on platform   low 140’s   mid Aug. 2008   late Oct. 2008
 
      Egypt   Future Contract   WEPCO   one-year term   low 140’s   late Oct. 2008   late Aug. 2009
Ocean Shield
  350’ IC   Malaysia   Current Contract   Newfield   six-month term + two wells   mid 170’s   late May 2008   mid Dec. 2008
 
      Malaysia   Future Contract   Newfield   demobe to Singapore, then mobe to Australia followed by term     0     mid Dec. 2008   early Jan. 2009
 
      Australia   Future Contract   ENI   term   mid 260’s   early Jan. 2009   mid Dec. 2009
Ocean Scepter
  350’ IC   Argentina   Current Contract   Enap Sipetrol/YPF   300-day term contract + unpriced option   high 190’s   late Sept. 2008   late July 2009

 

 

DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
                                     
                        Dayrate       Est. End  
Rig Name   WD   Location   Status   Operator   Current Term   ($000s)   Start Date   Date  
 -
Upgrade (1)
                                    
Ocean Monarch
   10,000   Singapore   Current   DODI   commission, wait on dry tow vessel   0   late Sept. 2008   mid Dec. 2008
         
 
       mobe GOM   Future   DODI   mobe to GOM and prep for contract   0   mid Dec. 2008   mid March 2009
         
 
                   four-year term +                
 
       GOM   Future Contract   Anadarko   unpriced option   high 420’s   mid March 2009   mid March 2013
 
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 & conditions unless otherwise indicated. Mobe revenues (if any) and mobe expenses are deferred, and generally are amortized over the life of the contract. GOM = Gulf of Mexico.
Cost/Revenue Footnote: Contract Drilling Expenses applies to contract drilling expenses ONLY and
does not include Reimbursable Expenses
On rig utilization, assume 95% for DP units, 96% for conventionally moored rigs, and 98% for jack-ups.

 

 

DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
EXPECTED DOWNTIME LONGER THAN ONE WEEK (Subject to Change)
                     
Expected 1 Oct. - 31 Dec. 2008 Down Days (Total thru Q3 = 1,111)   # Days            
Rig   Q4     Total     Comments
 
Shipyard Time
                    
Princess
     59       59     5-year survey and maintence
Ambassador
     57       57     5-year survey and maintenance
Valiant
     57       57     5-year survey/replace derrick and other maint.
Nomad
     48       48     5-year survey and maintenance
Drake
     29       29     5-year survey and maintenance
Rover
     16       16     5-year survey and maintenance
 
 
     266       266      
Other Downtime
                    
Worker
     87       87     Prep for contract, accpt. test
Tower
     75       75     Equipment repair (Hurricane Ike damage)
Whittington
     63       63     Complete contract upgrade
Sovereign
     45       45     Intermediate survey, install new crane & top drive
Shield
     30       30     Mobe to Australia
General
     8       8     Mobe to Vietnam
 
 
     308       308      
 
Remaining 2008 Non-New-build/Upgrade
     574       574      
 
                    
 
New-build/Upgrade Downtime
     Q4     Total    
 
Monarch
     92       92     Commission, mobe to U.S. GOM
 

 

 

DIAMOND OFFSHORE DRILLING, INC. RIG STATUS REPORT AS OF
October 23, 2008
ESTIMATED 2009 DOWNTIME (PRELIMINARY PENDING FINALIZATION OF 2009 BUDGET)
             
 
5-YEAR SURVEYS   DAYS   COMMENTS
 
America
    81      
Champion
    61      
Concord
    51      
Titan
    45      
Yatzy
    42      
 
INTERMEDIATE SURVEYS
            
 
Summit
    16      
Columbia
    15      
Nugget
    13      
Heritage
    10      
 
OTHER DOWNTIME
            
 
Bounty
    ???     Approx. 1 year re-engine and water depth upgrade — work start time to be determined, may extend into 2010
Tower
    275     Hurricane repair
Lexington
    161     Prep, mobe & acceptance test
Quest
    135     Prep, mobe & acceptance test
Ambassador
    110     Prep, mobe & acceptance test
Monarch
    75     Complete mobe to GOM and rig prep.
Valiant
    60     Mobe
Sovereign
    33     Completion of maintenance and upgrade begun in 2008
Confidence
    18     Thruster changeout
 
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 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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