Profile: Diamond Offshore Drilling Inc (DO.N)
9 Dec 2013
Diamond Offshore Drilling, Inc., incorporated on April 12, 1989, is a global offshore oil and gas drilling contractor. The Company has a fleet of 44 offshore drilling rigs, consisting of 32 semisubmersibles, seven jack-ups and five dynamically positioned drillships, four of which are under construction. The Company’s jackups include Ocean King, Ocean Nugget, Ocean Scepter, Ocean Spartan, Ocean Spur, Ocean Summit and Ocean Titan. The Company’s Deepwater Semisubmersibles include Ocean Alliance, Ocean America, Ocean Apex, Ocean Onyx, Ocean Valiant, and Ocean Star. Ultra-Deepwater Semisubmersibles include Ocean Valor, Ocean Courage, Ocean Monarch, Ocean Baroness, and Ocean Confidence. Ultra-Deepwater Drillships include Ocean BlackLion, Ocean BlackRhino, Ocean BlackHornet, and Ocean Clipper. Mid-Water Semisubmersibles includes Ocean Winner, Ocean Quest, Ocean Concord, Ocean Guardian, Ocean Whittington, and Ocean Yorktown.
The Company's diverse fleet enables the Company to offer a range of services worldwide in both the floater market (ultra-deepwater, deepwater and mid-water) and the non-floater, or jack-up, market. A floater rig is a type of mobile offshore drilling unit that floats and does not rest on the seafloor. Semisubmersible rigs consist of an upper working and living deck resting on vertical columns connected to lower hull members. The Company's floater fleet (semisubmersibles and drillships) is of three types: ultra-deepwater, deepwater, and mid-water. Jack-up rigs are mobile, self-elevating drilling platforms equipped with legs that are lowered to the ocean floor. The Company's jack-ups are used for drilling in water depths from 20 feet to 350 feet. All of the Company's jack-up rigs are equipped with a cantilever system that enables the rig to extend its drilling package over the aft end of the rig.
The Company's contracts to provide offshore drilling services vary in terms and provisions. The Company typically obtains its contracts through a competitive bid process. The Company's drilling contracts generally provide for a basic fixed dayrate regardless of whether or not such drilling results in a productive well. Drilling contracts may also provide for reductions in rates during periods when the rig is being moved or when drilling operations are interrupted or restricted by equipment breakdowns, adverse weather conditions or other circumstances. Under dayrate contracts, the Company generally pays the operating expenses of the rig, including wages and the cost of incidental supplies. Certain of the Company's contracts also permit the customer to terminate the contract early by giving notice; in most circumstances this requires the payment of an early termination fee by the customer. The Company provides offshore drilling services to a customer base that includes major and independent oils and gas companies and government-owned oil companies.
Diamond Offshore Drilling Inc
15415 KATY FREEWAY
HOUSTON TX 77094