Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • AI Tools
  • Multichannel Amplification
  • Guaranteed Paid Placement
  • SocialBoost
  • All Products
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Hamburger menu
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • Overview
  • Distribution by PR Newswire
  • AI Tools
  • Multichannel Amplification
  • SocialBoost
  • All Products
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Client Login
  • Resources
  • Blog
  • Journalists
  • RSS

Diamond Offshore Announces Second Quarter 2014 Results

Diamond Offshore Drilling, Inc. Logo. (PRNewsFoto/Diamond Offshore Drilling, Inc.) (PRNewsFoto/)

News provided by

Diamond Offshore Drilling, Inc.

Jul 24, 2014, 06:00 ET

Share this article

Share toX

Share this article

Share toX

HOUSTON, July 24, 2014 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) today reported net income of $90 million, or $0.65 per share, for the second quarter of 2014, compared with net income of $185 million, or $1.33 per share, in the same period a year earlier.  Revenues in the second quarter of 2014 were $692 million, compared with revenues of $758 million in the prior-year quarter.

Net income for the quarter included $0.08 per share received from Niko Resources Ltd. related to a previously announced settlement agreement.  Results also included a gain of $0.05 per share from the sale of the jack-up rig Ocean Spartan during the second quarter.  Offsetting these items was a negative impact of $0.14 per share related to customer cancellation of the Ocean Vanguard contract.

"During the quarter, the first of our four newbuild drillships, the Ocean BlackHawk, commenced operations in the Gulf of Mexico," said Marc Edwards, President and Chief Executive Officer.  "During 2014, Diamond Offshore will have added five very capable assets to its fleet, three new drillships and two semi-submersibles, with a fourth drillship to be delivered in early 2015."

"We retain a strong credit rating and a healthy balance sheet," added Mr. Edwards.  "Diamond Offshore remains well positioned to navigate through the current market cycle."

CONFERENCE CALL

A conference call to discuss Diamond Offshore's earnings results has been scheduled for 8:00 a.m. CDT today.   A live webcast of the call will be available online on the Company's website, www.diamondoffshore.com. Those interested in participating in the question and answer session should dial 800-247-9979 or 973-321-1100, for international callers. The conference ID number is 63586906.  An online replay will also be available on www.diamondoffshore.com following the call.

ABOUT DIAMOND OFFSHORE

Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe with a total fleet of 44 offshore drilling rigs, including five rigs under construction.  Diamond Offshore's fleet consists of 33 semisubmersibles, two of which are under construction, five dynamically positioned drillships, three of which are under construction, and six jack-ups. Additional information about the Company and access to the Company's SEC filings are available at www.diamondoffshore.com. Diamond Offshore is owned 51% by Loews Corporation (NYSE: L).

FORWARD-LOOKING STATEMENTS

Statements contained in this press release that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws.  Such statements include, but are not limited to, statements concerning drilling rig deliveries and timing, and future performance, financial condition and market conditions.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company.  A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this press release are urged to review those reports carefully when considering these forward-looking statements.  Copies of these reports are available through the Company's website at www.diamondoffshore.com.  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 risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Each forward-looking statement speaks only as of the date of this press release.  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. 


 

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)















Three Months Ended



Six Months Ended



June 30,



June 30,



2014



2013



2014



2013













Revenues:












           Contract drilling

$

649,554


$

744,898


$

1,334,862


$

1,444,871

          Revenues related to reimbursable expenses


42,690



13,120



66,806



42,888

                     Total revenues


692,244



758,018



1,401,668



1,487,759













Operating expenses:












           Contract drilling, excluding depreciation


395,376



369,036



765,166



744,130

           Reimbursable expenses


42,290



12,805



65,956



42,094

           Depreciation


108,906



97,143



215,917



193,964

           General and administrative


20,478



16,435



43,305



33,250

           Gain on disposition of assets


(8,572)



(260)



(8,719)



(2,264)

                     Total operating expenses


558,478



495,159



1,081,625



1,011,174













Operating income


133,766



262,859



320,043



476,585













Other income (expense):












           Interest income


150



271



558



888

           Interest expense


(18,523)



(7,951)



(36,678)



(16,020)

Foreign currency transaction gain (loss)


(2,971)



448



(4,149)



607

           Other, net


181



674



508



420













Income before income tax expense


112,603



256,301



280,282



462,480













Income tax expense


(22,890)



(70,967)



(44,759)



(101,157)













Net Income                                                                                    

$

89,713


$

185,334


$

235,523


$

361,323













Income per share, Basic and Diluted

$

0.65


$

1.33


$

1.71


$

2.60













Weighted average shares outstanding:












Shares of common stock


137,145



139,035



137,803



139,034

Dilutive potential shares of common stock


4



37



5



43

      Total weighted average shares outstanding


137,149



139,072



137,808



139,077

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS

(Unaudited) 
(In thousands)






Three Months Ended



Jun 30,


Mar 31,


Jun 30,



2014


2014


2013

REVENUES







 Floaters:







   Ultra-Deepwater 

$

182,656

$

205,794

$

231,101

    Deepwater 


120,539


146,559


184,105

    Mid-water 


300,902


285,979


288,860

      Total Floaters 


604,097


638,332


704,066

  Jack-ups 


45,457


46,976


40,832

Total Contract Drilling Revenue 

$

649,554

$

685,308

$

744,898








Revenues Related to Reimbursable Expenses 







$

42,690

$

24,116

$

13,120








CONTRACT DRILLING EXPENSE







 Floaters:







   Ultra-Deepwater 

$

122,327

$

123,530

$

128,147

    Deepwater 


81,641


71,949


60,126

    Mid-water 


148,931


134,046


139,252

      Total Floaters 


352,899


329,525


327,525

  Jack-ups 


29,851


28,029


27,377

  Other 


12,626


12,236


14,134

Total Contract Drilling Expense 

$

395,376

$

369,790

$

369,036








Reimbursable Expenses 

$

42,290

$

23,666

$

12,805








OPERATING INCOME







 Floaters:







   Ultra-Deepwater 

$

60,329

$

82,264

$

102,954

    Deepwater 


38,898


74,610


123,979

    Mid-water 


151,971


151,933


149,608

      Total Floaters 


251,198


308,807


376,541

  Jack-ups 


15,606


18,947


13,455

  Other 


(12,626)


(12,236)


(14,134)

  Reimbursable expenses, net 


400


450


315

  Depreciation 


(108,906)


(107,011)


(97,143)

  General and administrative expense 


(20,478)


(22,827)


(16,435)

  Gain on disposition of assets 


8,572


147


260

          Total Operating Income 

$

133,766

$

186,277

$

262,859

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)








June 30,


December 31,


2014


2013

ASSETS












Current assets:







Cash and cash equivalents

$

980,817


$

347,011









Marketable securities


350,156



1,750,053









Accounts receivable, net of allowance for bad debts


545,024



469,355









Prepaid expenses and other current assets


200,867



143,997









Asset held for sale


--



7,694





2,076,864



2,718,110







Drilling and other property and equipment, net of






     accumulated depreciation


6,055,990



5,467,227








Other assets


229,468



206,097


Total assets

$

8,362,322


$

8,391,434









LIABILITIES AND STOCKHOLDERS' EQUITY












Current portion of long-term debt

$

249,992


$

249,954







Other current liabilities


550,224



495,628







Long-term debt


2,244,336



2,244,189







Deferred tax liability


533,788



525,541







Other liabilities


237,034



238,864









Stockholders' equity


4,546,948



4,637,258










Total liabilities and stockholders' equity

$

8,362,322


$

8,391,434


 

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES

AVERAGE DAYRATES AND UTILIZATION

(Dayrate in thousands)




Second Quarter (A)

First Quarter

Second Quarter



2014

2014

2013



Dayrate

Utilization

Dayrate

Utilization

Dayrate

Utilization

 

Ultra-Deepwater Floaters

$403

51%

$387

66%

$342

92%

Deepwater Floaters

$418

51%

$418

64%

$409

99%

Mid-Water Floaters

$266

68%

$276

64%

$271

65%

Jack-Ups

$97

74%

$93

79%

$88

74%

A)  Dayrate and utilization calculations for Mid-Water Floaters exclude 22 revenue earning days for which we did not recognize revenue pursuant to GAAP.

Contact: 
Darren Daugherty
Director, Investor Relations
(281) 492-5370

Logo- http://photos.prnewswire.com/prnh/20130725/NY53104LOGO-b

SOURCE Diamond Offshore Drilling, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

icon3
440k+
Newsrooms &
Influencers
icon1
9k+
Digital Media
Outlets
icon2
270k+
Journalists
Opted In
GET STARTED

Modal title

Contact PR Newswire

  • Call PR Newswire at 888-776-0942
    from 8 AM - 9 PM ET
  • Chat with an Expert
  • General Inquiries
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Italy
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom
  • Vietnam

My Services

  • All New Releases
  • Platform
  • ProfNet
  • Data Privacy

Do not sell or share my personal information:

  • Submit via [email protected] 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Platform
  • ProfNet
Call PR Newswire at
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookies
Copyright © 2025 Cision US Inc.