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HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc.

Diamond Offshore Drilling, Inc. · Mar 27, 2012 · 26 slides

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Slides

  1. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 1
    Howard Weil 40th Annual Energy Conference Larry Dickerson President and Chief Executive Officer New Orleans, March 27, 2012
  2. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 2
    Agenda Investing in the Fleet Fleet Profile Operations Market Outlook Shareholder Focus Diamond Offshore Drilling, Inc. 2
  3. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 3
    Click to edit Master title style Investing in the Fleet Diamond Offshore
  4. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 4
    Recent Fleet Modernization Expenditures Year Cost Rig Name Ordered / Purchased Description (millions) Onyx 2012 6,000' Semi 300 BlackRhino 2011 UDW Drillship 610 BlackHornet 2011 UDW Drillship 590 BlackHawk 2010 UDW…
  5. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 5
    BlackHawk, BlackHornet, BlackRhino Diamond Offshore Drilling, Inc. 5
  6. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 6
    Drillship Video Diamond Offshore Drilling, Inc. 6
  7. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 7
    Ocean Onyx 6,000 ft. Water Depth Capability To be Built at Keppel AmFELS in Texas Total Cost: 300MM Scheduled Delivery: Q3 2013 Market Opportunities: US GOM West Africa Brazil Diamond Offshore Drilling, Inc. 77
  8. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 8
    Return on Investment Ocean Onyx Drillship Time to Construct (months) 18 36 Delivered Cost 300 million 650 million Assumed Dayrate 400,000 550,000 Assumed Cost per Day 110,000 175,000 EBITDA per Day 290,000 375,000 Payback…
  9. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 9
    Ocean Courage Ocean Valor Diamond Offshore Drilling, Inc. 9
  10. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 10
    Click to edit Master title style Fleet Profile Diamond Offshore
  11. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 11
    Fleet Profile Ultra-Deepwater Units (7,500) Confidence Courage Valor Monarch Endeavor Baroness 11 Rover Clipper BlackHawk BlackHornet BlackRhino Deepwater Units (5,000 to 7,499) 6 America Alliance Valiant Star Victory…
  12. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 12
    Age of Ultra-Deepwater Fleets Alleged UDW Fleet Age Actual UDW Fleet Age per peer investor presentation 20 20 20 15 15 10 10 7 5 5 0 0 ESV SDRL RIG NE DO ESV SDRL RIG NE DO Excludes drillships under construction Diamond…
  13. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 13
    Contract Status & Backlog Ultra-Deepwater Endeavor Re-pricing Rover Revenue Backlog: BlackRhino Opportunity 4.9 Billion Confidence 33.1 Rig Years Courage Baroness Valor Clipper Monarch BlackHawk BlackHornet Jan-12 Dec-12…
  14. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 14
    Contract Status & Backlog Deepwater Valiant Revenue Backlog: 1.1 Billion America 8.7 Rig Years Re-pricing Victory Opportunity Onyx Star Alliance Jan-12 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Contract status and revenue…
  15. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 15
    Click to edit Master title style Operations Diamond Offshore
  16. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 16
    Steady Improvement in Operations Declining Downtime 2008 2009 2010 2011 6th Gen & DP 27.1% 11.3% 5th Gen & DP 5.7% 4.7% 4.9% 4.4% Other Semi 3.3% 2.9% 4.7% 2.9% Jack-ups 1.4% 1.3% 2.2% 1.2% Downtime represents unplanned…
  17. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 17
    Click to edit Master title style Market Outlook Diamond Offshore
  18. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 18
    Strengthening Dayrates Example: Ocean Victory (5,500 moored semi) 600 560 500 500 420 400 365 (000/day) 325 300 250 200 200 150 100 0 Nov-07 Jul-08 Feb-09 Oct-09 Oct-10 Apr-11 Nov-11 Mar-12 Fixture Dates Diamond…
  19. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 19
    Market Outlook USGOM MW - P&A work DW / UDW term work increasing Permit process better Mexico Aggressive on JUs Investigating floaters Brazil Local newbuild uncertainty PBR going to market Limited availability…
  20. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 20
    Market Outlook Africa Very tight DW / UDW market Strong dayrate environment Significant exploration success & development programs Diamond Offshore Drilling, Inc. 20
  21. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 21
    Market Outlook SE Asia N. Sea Steady market Very tight MW market Increasing rates with Dayrates continue to term visibility increase Australia Med Strong floater market Continued demand Significant development expected…
  22. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 22
    Click to edit Master title style Shareholder Focus Diamond Offshore
  23. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 23
    Return on Capital Employed (ROCE) 2011 20% 18.4% 15% 10% 5% 0% DO ATW SDRL ESV RDC NE RIG Source: Credit Suisse Diamond Offshore Drilling, Inc. 23
  24. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 24
    Return on Capital Employed (ROCE) 5-Yr Average (2007-2011) 35% 31.9% 30% 25% 20% 15% 10% 5% 0% DO ATW ESV NE RDC RIG SDRL Source: Credit Suisse Diamond Offshore Drilling, Inc. 24
  25. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 25
    Cumulative Dividends Since 2006 35 31.51 30 25 20 15 10 5 0 2006 2007 2008 2009 2010 2011 1Q 2012 Total regular and special dividends paid since 1/1/2006 Diamond Offshore Drilling, Inc. 25
  26. HOWARD WEIL 40TH ANNUAL ENERGY CONFERENCE – Diamond Offshore Drilling, Inc. – slide 26
    Click to edit Master title style Summary Fleet Renewal at Attractive Prices Strong Market Outlook, Re-Pricing Opportunities Focused on Shareholder Value Diamond Offshore

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