Diamond Offshore Welcomes New Member to Board

- Diamond Offshore Welcomes New Member to Board

Friday, July 22, 2011
Diamond Offshore Drilling Inc.

Diamond Offshore has appointed Ambassador Clifford M. Sobel to the Company's Board of Directors.

Ambassador Sobel served as U.S. Ambassador to the Netherlands from 2001 until 2005 and U.S. Ambassador to Brazil from July 2006 until August 2009. He is presently the Managing Partner of Valor Capital Group LLC, an investment group investing in Brazil. Previously he served as Chairman of Net2Phone, an Internet provider listed on the NASDAQ.

Ambassador Sobel is a member of the Millennium Promise Board, a non-governmental organization supporting the UN Millennium Development Goals, and also serves on the Advisory Boards to the American Military Commander of Europe and NATO, as well as the Command for American Forces for Central and South America.

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Diamond Offshore 2Q Earnings Up 19%

- Diamond Offshore 2Q Earnings Up 19%

Thursday, July 21, 2011
Diamond Offshore Drilling Inc.

Diamond Offshore Drilling reported net income for the second quarter of 2011 of $266.6 million, or $1.92 per share on a diluted basis, compared with net income of $224.4 million, or $1.61 per share on a diluted basis, in the same period a year earlier. Revenues in the second quarter of 2011 were $889.5 million, compared with revenues of $822.6 million for the second quarter of 2010.

For the six months ended June 30, 2011, the Company reported net income of $517.2 million, or $3.72 per share on a diluted basis, compared with net income of $515.2 million, or $3.70 per share on a diluted basis, for the same period in 2010. Revenue for the six months ended June 30, 2011 was $1.7 billion, essentially identical with $1.7 billion for the first six months of 2010.

In addition, in the past 45 days the Company has put in place 10 new agreements that are expected to generate combined maximum total revenue of approximately $1 billion and represent over 14 years of contract drilling backlog. Significant among these agreements:

• Petrobras has given notice of its intent to exercise a right to convert the Ocean Baroness and Ocean Valor contracts from three years to five years, in return for which the Company will lower each dayrate by $10,000. The two rigs are expected to earn additional combined maximum total revenue of approximately $500 million, excluding any potential performance bonus payments.
• The Company has reached agreement with OGX to extend both the Ocean Quest and Ocean Star contracts in Brazil by one year. The extensions are expected to result in combined maximum total revenue of approximately $200 million.
• The Ocean Yorktown has received a letter of award for a 930-day contract with Pemex in Mexico commencing mid-November 2011 that is expected to earn maximum total revenue of approximately $171 million. The unit is currently under contract to Petrobras in Brazil, but under mutually agreed terms will demobe to Mexico as soon as practical. The remaining days of the Yorktown contract with Petrobras will be added to the Ocean Concord contract.
• The jack-up Ocean Summit has received a letter of award for a 985-day contract with Pemex in Mexico commencing in late February 2012 that is expected to earn maximum total revenue of approximately $85 million.
• The jack-up Ocean Titan has received a letter of award for a 777-day contract with Pemex in Mexico commencing in mid-November 2011 that is expected to earn maximum total revenue of approximately $80 million.

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling.

Maximum contract revenue as stated above assumes 100% rig utilization. Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs, maintenance and weather.

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Triple Diamond Places Murray Well on Production

- Triple Diamond Places Murray Well on Production

Monday, July 18, 2011
Triple Diamond Energy

Triple Diamond Energy put the new Murray #14-3 well into production on Thursday, June 30. Located in Garvin County, Oklahoma, the well represents the company’s first success using a technique called Seismic Geophysical Survey Testing.

Seismic methods are the most widely employed of all geophysical methods used in petroleum exploration, as they provide highly accurate renditions of the geometry of subsurface layers. However, the costs associated with seismic methods are much higher than other types of geophysical surveys, requiring a substantial investment for companies interested in using the technology.

“This was a large seismic project, but the results back up our geophysicists’ theories on the area, and really validate what we’re doing,” explains President Chris Jent of Triple Diamond Energy.

The company finished strong in 2010 and has continued the trend throughout the first half of 2011. Thanks to impressive numbers and streamlined operations, TDE is zeroing in on achieving impressive goals of growth for this year. In keeping with this success, the company projects Murray #14-3 well will have a twenty-four month payback.

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Diamond Offshore to Move Rig from US GOM to Vietnam

- Diamond Offshore to Move Rig from US GOM to Vietnam

Wednesday, June 15, 2011
Dow Jones Newswires
HOUSTON
by Ryan Dezember

Diamond Offshore said that it will move one of its deep-water rigs from the U.S. Gulf of Mexico later this year to drill wells off Vietnam for BP.

When the Ocean Monarch is moved, it will be the third Diamond rig to leave the Gulf of Mexico since BP's deadly Deepwater Horizon explosion in April and the subsequent shut-down of deep-water drilling in U.S. waters.

Diamond said in a fleet status report that the Ocean Monarch should conclude its current contract with Marathon, for which the driller earned about $290,000 per day, in mid-August.

The rig, capable of drilling in up to 10,000 feet of water, is scheduled to arrive in Vietnam in November to drill two wells for the British oil giant with options to drill two more. That contract carries a day rate of about $340,000, Diamond said.

The Ocean Monarch's move did not come as a surprise as Diamond has talked about its intentions with analysts, said Simmons & Co. analyst Pearce Hammond, who said the day rate is "in line" with expectations.

The Ocean Monarch, which was featured in the 1997 Bruce Willis movie "Armageddon," was stripped down and rebuilt in 2006 after it was acquired by Diamond.

It was drilling for Anadarko when U.S. regulators shut down Gulf operations. Anadarko sued Diamond in a U.S. court in Houston, claiming that the drilling moratorium triggered cancellation clauses in its contract.

Anadarko and Diamond last month decided to dismiss claims against one another as the companies entered into a pair of long-term drilling contracts for rigs that are now under construction.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Diamond Offshore Orders 3rd Ultra-Deepwater Drillship

- Diamond Offshore Orders 3rd Ultra-Deepwater Drillship

Thursday, May 19, 2011
Diamond Offshore Drilling Inc.

Diamond Offshore announced that a subsidiary, Diamond Offshore Drilling Limited, has exercised its option to build a third ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. with delivery scheduled for the second quarter of 2014. Total cost, including commissioning, spares and project management, is estimated to be approximately $610 million and is anticipated to be paid out of cash flow and available funds.

Like its previously announced sister drillships, the new unit will be dynamically-positioned, have a seven ram blow-out preventer, dual activity capability, five mud pumps and a maximum hook-load capacity of 1,250 tons. The unit will be designed for operations in up to 12,000 feet of water.

Diamond Offshore President and Chief Executive Officer Larry Dickerson said, "The addition of this third new drillship is part of our ongoing effort to provide multiple ultra-deepwater options to our customers, allowing state of the art drilling with Diamond Offshore's high standards of systems integrity, safety and operational excellence. Including our acquisitions of the Ocean Courage and Ocean Valor, we have over the past two years increased our ultra-deepwater fleet by five units. Coupled with the Ocean Confidence, Ocean Endeavor and Ocean Monarch, Diamond Offshore will be able to provide eight rigs for the growing 10,000 foot and deeper market."

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Anadarko Hires Diamond Drillship Duo

- Anadarko Hires Diamond Drillship Duo

Tuesday, May 17, 2011
Diamond Offshore Inc.

Diamond Offshore has entered into two term drilling contracts with Anadarko. The contracts, which will utilize Diamond Offshore's two new-build drillships now on order, are expected to generate combined maximum total revenue of approximately $1.8 billion and represent 10 years of contract drilling backlog. In addition, Anadarko and Diamond have mutually agreed to dismiss all claims related to the Ocean Monarch.

The dynamically positioned, ultra-deepwater drillships, Ocean BlackHawk and Ocean BlackHornet, are each contracted for five years commencing in late 2013 and early 2014, respectively. As previously reported, Hyundai Heavy Industries Co., Ltd. is currently preparing to commence construction of the two drillships at its South Korean shipyard.

Diamond Offshore President and Chief Executive Officer Larry Dickerson said, "We are pleased to place our newest rigs under contract with Anadarko, with whom we have had a successful long-term relationship. We look forward to contributing to Anadarko's exploration and development efforts, working to bring to market energy resources for the world's increasing demand. A first class customer, two state of the art rigs and Diamond Offshore's high operational standards are all part of a formula for success."

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Diamond Offshore Declares Quarterly Dividend

Diamond Offshore Declares Quarterly Dividend

Thursday, April 21, 2011
Diamond Offshore Inc.

Diamond Offshore has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on June 1, 2011 to shareholders of record on May 2, 2011.

The Board reiterated its stated policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis. Any determination to declare a special dividend, as well as the amount of any special dividend that may be declared, will be based on the Company's financial position, earnings, earnings outlook, capital spending plans, and other relevant factors at that time.

Diamond Offshore Briefs Net Income for 1Q 2011

Diamond Offshore Briefs Net Income for 1Q 2011

Thursday, April 21, 2011
Diamond Offshore Inc.

Diamond Offshore reported net income for the first quarter of 2011 of $250.6 million, or $1.80 per share on a diluted basis, compared with net income of $290.9 million, or $2.09 per share on a diluted basis, in the same period a year earlier. Revenues in the first quarter of 2011 were $806.4 million, compared with revenues of $859.7 million for the first quarter of 2010.

ATP Gets Go-Ahead to Complete Drilling at GOM Green Canyon Block

ATP Gets Go-Ahead to Complete Drilling at GOM Green Canyon Block

Friday, April 08, 2011

ATP O&G Corp.

ATP has received a permit to complete the previously drilled #2 well at Green Canyon (GC) Block 300 (Clipper) in the deepwater Gulf of Mexico.

"We are pleased that the BOEMRE is confident in ATP's commitment to safe and environmentally sound operations," stated T. Paul Bulmahn, ATP's Chairman and CEO. "The Gulf of Mexico is where we refined our deepwater expertise and we are looking forward to generating further production growth."

The GC 300 #2 well, located in 3,454 feet of water, was sidetracked and encountered a gas reservoir between 15,590 and 15,721 feet total vertical depth in 2006. ATP plans to commence well operations with Diamond Offshore's Ocean Victory in 2011. ATP operates GC 300 with a 55% working interest.