UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): JANUARY 10, 2005
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DIAMOND OFFSHORE DRILLING, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 1-13926 76-0321760
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
15415 KATY FREEWAY
HOUSTON, TEXAS 77094
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(Address of Principal Executive Offices and Zip Code)
Registrant's telephone number, including area code: (281) 492-5300
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NOT APPLICABLE
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(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:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT
ITEM 8.01. OTHER EVENTS
On January 10, 2005, Diamond Offshore Drilling, Inc. (the "Company")
issued a press release announcing the initiation of a major upgrade of the
Victory-class semisubmersible Ocean Endeavor for ultra-deepwater service. The
modernized rig will be designed to operate in up to 10,000 feet of water and
will be the most capable of the Company's upgraded Victory-class units. The
project is budgeted at $250 million including capitalized overhead and interest,
spares, testing and delivery, mobilization to Singapore, and all other
associated expenditures. Delivery is expected in approximately two years.
The Ocean Endeavor will be fully outfitted for 8,000-foot moored
operations upon delivery and in certain applications will be capable of
deploying a 12-point mooring system. In addition, the rig will have increased
crew quarters' capacity, over 6,000 tons of operating variable deck load, and
more than twice the useable deck space compared to the design of the previously
upgraded Ocean Rover and Ocean Baroness. The Ocean Endeavor will employ the same
Tripsaver(TM) technology that is at work on the Ocean Rover and Ocean Baroness,
which provides for significant drilling efficiencies.
Filed herewith is a copy of such press release.
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, may include, but
are not limited to, statements regarding the design of the Ocean Endeavor
upgrade, the capabilities of the upgraded rig, budget projections for the
upgrade and the amount of expenditures and construction costs associated with
the upgrade, the delivery date and construction schedule, the technical
specifications of the upgraded rig including, without limitation, technology
used by the upgraded rig, drilling efficiencies, market conditions and
mobilization of the rig. Forward-looking statements include, without limitation,
statements which project, indicate or imply future results and may contain words
like "expect," "intend," "plan," "will," "estimated" and "budgeted," among
others. Such statements are inherently subject to a variety of risks and
uncertainties that could cause actual results to differ materially from those
anticipated or projected. These factors include, among others, delayed delivery
dates, higher expenses and reduced capabilities of the Ocean Endeavor's
modernization, commitments for drilling work or contracts, future dayrates, and
future contracts, unknown defects in equipment, shipyard delays, labor strikes,
shortages of materials, general economic and business conditions, changes in oil
and natural gas prices, 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
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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 this report. The Company
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statement to reflect any change in
the Company's expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement is based. A
further 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 filings with the Securities and Exchange Commission.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
Exhibit number Description
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99.1 Press release of January 10, 2005
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant 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
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William C. Long
Vice President, General Counsel
and Secretary
Dated: January 10, 2005
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EXHIBIT INDEX
Exhibit number Description
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99.1 Press release of January 10, 2005
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