Form 8-K DIAMOND OFFSHORE DRILLIN For: Jan 15
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section�13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): January�15, 2015
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Diamond Offshore Drilling, Inc.
(Exact Name of Registrant as Specified in Charter)
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Delaware | � | 1-13926 | � | 76-0321760 |
(State or Other Jurisdiction of Incorporation) |
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� | (IRS Employer 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)
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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:
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� | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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� | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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� | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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� | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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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 January�15, 2015, 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 (the �Exchange Act�), and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended (the �Securities Act�), 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 and Section�21E of the Exchange Act, 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 opportunities 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 the Company�s 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.
Item�9.01. Financial Statements and Exhibits
(d) Exhibits.
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Exhibit�number |
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99.1 | �� | Rig Status Report as of January 15, 2015 |
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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.
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DIAMOND OFFSHORE DRILLING, INC. | ||
By: | � | /s/ David L. Roland |
� | David L. Roland | |
� | Senior�Vice�President,�General�Counsel�and�Secretary |
Dated: January�15, 2015
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Exhibit 99.1
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� | �� | Diamond Offshore Drilling, Inc. Rig Status Report January�15, 2015 Updated information noted in bold print |
RECENT COMMITMENTS (See Body of Report For Contract Details)
Ocean Onyx: One well
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� | � | Water1 Depth |
� | � | � | � | Year�3 | � | � | � | � | � | � | Contract Dayrate |
� | Estimated | � | Estimated | � | � | � |
Planned�Downtime�4 | ||||
Rig Name |
� | (feet) | � | � | Type2 |
� | Built | � | � | Location | � | Operator |
� | (USD) |
� | Start�Date |
� | End Date |
� | Status |
� | - |
� | Comments | ||
Gulf of Mexico - U.S. (8) |
�� |
� | � | � | � | � | � | � | � | |||||||||||||||||
Ocean King |
� | � | 300 | �� | � | JU IC | � | � | 1973 | �� | � | US GOM | � | ��� | � | ��� | � | ��� | � | ��� | � | Actively�marketing | � | � | ||
Ocean Titan |
� | � | 350 | �� | � | JU�15K�IC | � | � | 1974 | �� | � | US GOM | � | ��� | � | ��� | � | ��� | � | ��� | � | Actively marketing | � | � | 2015 Downtime estimates to be included in the next Rig Status Report, issued on February 9. | |
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 | � | late�Apr�2015 | � | Mobe to Trinidad | � | � | ||||||||||
� | � | � | � | Trinidad | � | BP | � | 398,000 | � | late Apr 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 | � | late Jan 2015 | � | Remainder of 1-year term | � | � | ||
� | � | � | � | US GOM | � | ��� | � | ��� | � | late Jan 2015 | � | mid Mar 2015 | � | Mobe to Trinidad | � | � | ||||||||||
� | � | � | � | Trinidad | � | BG International | � | 390,000 | � | mid Mar 2015 | � | mid Jul 2015 | � | One well | � | � | ||||||||||
� | � | � | � | Trinidad | � | BG International | � | 360,000 | � | mid Jul 2015 | � | mid Sep 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 | � | � | ||
Ocean BlackHornet |
� | � | 12,000 | �� | � | DS�15K�DP | � | � | 2014 | �� | � | S. Korea | � | ��� | � | ��� | � | early�Dec�2014 | � | Apr 2015 | � | Mobe to GOM; customer acceptance | � | � | ||
� | � | � | � | 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 | � | � | ||
� | � | � | � | 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 | � | Customer prep | � | � | ||||||||||
� | � | � | � | US�GOM | � | Hess | � | 400,000 | � | Q4 2016 | � | Q4 2019 | � | 3-year Term | � | � | ||||||||||
Gulf of Mexico - Mexico (5) |
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� | � | � | � | � | � | � | � | |||||||||||||||||
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 | � | 265,000 | � | late Nov 2014 | � | mid Jan 2015 | � | 60-day rate swap | � | � | ||
� | � | � | � | UK | � | Shell | � | 352,000 | � | mid Jan 2015 | � | mid Jul 2015 | � | Continuation of 1-year extension | � | � | ||||||||||
Ocean Princess |
� | � | 1,500 | �� | � | SS 15K | � | � | 1975 | �� | � | UK | � | EnQuest | � | 230,000 | � | late Nov 2014 | � | early�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 � 1-year unpriced options | � | � | ||
Ocean Valiant |
� | � | 5,500 | �� | � | SS 15K | � | � | 1988 | �� | � | Canary�Islands | � | ��� | � | ��� | � | ��� | � | ��� | � | Mobe to UK; contract prep | � | � | ||
� | � | � | � | UK | � | Premier Oil | � | 320,000 | � | early Mar 2015 | � | late Jul 2015 | � | Two wells + 4 � 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 � 6-month unpriced options. | � | � | ||
Ocean Confidence |
� | � | 10,000 | �� | � | SS 15K DP | � | � | 2001 | �� | � | Canary Islands | � | ��� | � | ��� | � | late Apr 2014 | � | Mar 2015 | � | Maintenance | � | � | ||
� | � | � | � | � | ��� | � | ��� | � | ��� | � | ��� | � | Actively marketing | � | � |
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Please refer to accompanying disclaimer as well as Diamond Offshore�s 10-K and 10-Q filings with the SEC. |
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� | � | Water1 Depth |
� | � | � | � | Year�3 | � | � | � | � | � | Contract Dayrate |
� | Estimated | � | Estimated | � | � | � |
Planned�Downtime�4 | |||
Rig Name |
� | (feet) | � | � | Type2 |
� | Built | � | Location | � | Operator |
� | (USD) |
� | Start�Date |
� | End Date |
� | Status |
� | - |
� | Comments | |
Australasia (4) |
� | � | � | � | � | � | ||||||||||||||||||
Ocean Quest |
� | � | 4,000 | �� | � | SS 15K | � | 1973 | � | Vietnam | � | PVEP | � | 198,900 | � | late Apr 2014 | � | late Jul 2015 | � | Ten wells | � | � | ||
Ocean America |
� | � | 5,500 | �� | � | SS 15K | � | 1988 | � | Australia | � | Chevron | � | 475,000 | � | late Nov 2013 | � | late May 2015 | � | 18-month term | � | � | ||
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 | � | mid Apr 2015 | � | Mobe; BOP recertification; contract prep | � | � | ||
� | � | � | � | Australia | � | Apache Corporation | � | 410,000 | � | mid Apr 2015 | � | mid Oct 2016 | � | 18-month term + 1 year option | � | � | ||||||||
Brazil / S. America (9) |
� | � | � | � | � | � | ||||||||||||||||||
Ocean Spur |
� | � | 300 | �� | � | JU IC | � | 1981 | � | Ecuador | � | Saipem | � | 30,000 | � | mid Oct 2012 | � | late Apr 2015 | � | bareboat charter + 1 � 6-month priced option | � | � | ||
Ocean Lexington |
� | � | 2,200 | �� | � | SS | � | 1976 | � | Trinidad | � | BG Intl / Centrica | � | 300,000 | � | early Nov 2013 | � | early Apr 2015 | � | Six wells | � | � | ||
� | � | � | � | US GOM | � | BG Intl / Centrica | � | 300,000 | � | early Apr 2015 | � | mid May 2015 | � | Prep and demobe to US GOM | � | � | ||||||||
� | � | � | � | US GOM | � | ��� | � | ��� | � | mid May 2015 | � | mid Aug 2015 | � | Prep and mobe to Mexico | � | � | ||||||||
� | � | � | � | Mexico | � | Pemex | � | 160,000 | � | mid Aug 2015 | � | early Jun 2018 | � | 1,026-day 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 Worker |
� | � | 4,000 | �� | � | SS | � | 1982 | � | Brazil | � | Petrobras | � | 283,500 | � | late Feb 2009 | � | late Dec 2014 | � | 6-year term (incl. 50% of potential 10% bonus) | � | � | ||
� | � | � | � | Brazil | � | ��� | � | ��� | � | late Dec 2014 | � | late Feb 2015 | � | Standby, mobe to US GOM for Cold Stacking | � | � | ||||||||
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 | � | � | ||
Ocean Clipper |
� | � | 7,875 | �� | � | DS 15K DP | � | 1997 | � | Colombia | � | Petrobras | � | ��� | � | mid Dec 2014 | � | late Jan 2015 | � | Mobe to Brazil | � | � | ||
� | � | � | � | Brazil | � | Petrobras | � | 312,625 | � | late Jan 2015 | � | early Dec 2015 | � | Remainder of 5-year term contract (incl. 50% of potential 5% bonus) + unpriced option | � | � | ||||||||
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 | � | � | ||||||||
� | � | � | � | 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 (3) |
� | � | � | � | � | � | ||||||||||||||||||
Ocean BlackLion |
� | � | 12,000 | �� | � | DS 15K DP | � | 2015 | � | S. Korea | � | ��� | � | ��� | � | Q2 2012 | � | Q3 2015 | � | Hyundai shipyard; commissioning; mobe; acceptance | � | � | ||
� | � | � | � | US GOM | � | Hess | � | 400,000 | � | Q4 2015 | � | Q4 2019 | � | 4-year Term | � | � | ||||||||
Ocean Apex |
� | � | 6,000 | �� | � | SS 15K | � | 2014 | � | Singapore | � | ��� | � | ��� | � | Q3 2012 | � | Jan 2015 | � | Jurong shipyard; commissioning; mobe; acceptance | � | � | ||
� | � | � | � | Vietnam | � | ExxonMobil | � | 485,000 | � | Jan 2015 | � | May 2015 | � | One well | � | � | ||||||||
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 � 1-year priced options (@ 585,000 + escalations); *Dayrate to increase for customer-requested equipment additions | � | � |
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Please refer to accompanying disclaimer as well as Diamond Offshore�s 10-K and 10-Q filings with the SEC. |
�� | Page�2�of�4 |
� | � | Water1 Depth |
� | � | � | � | Year�3 | � | � | � | � | � | Contract Dayrate |
� | Estimated | � | Estimated | � | � | � |
Planned�Downtime�4 | |||
Rig�Name |
� | (feet) | � | � | Type2 |
� | Built | � | Location | � | Operator |
� | (USD) |
� | Start�Date |
� | End Date |
� | Status |
� | - |
� | Comments | |
COLD STACKED (3) |
� | � | � | � | � | � | ||||||||||||||||||
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 | � | � | ||
RETIRED (3) |
� | � | � | � | � | � | ||||||||||||||||||
Ocean Epoch |
� | � | 3,000 | �� | � | SS | � | 1977 | � | Malaysia | � | ��� | � | ��� | � | ��� | � | ��� | � | Stacked | � | � | ||
Ocean Concord |
� | � | 2,300 | �� | � | SS | � | 1975 | � | Brazil | � | ��� | � | ��� | � | ��� | � | ��� | � | Prep for exportation, scrapping | � | � | ||
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.
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Please refer to accompanying disclaimer as well as Diamond Offshore�s 10-K and 10-Q filings with the SEC. |
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� | �� | 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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