Diamond Offshore announces second quarter 2013 results

Thursday, July 25, 2013
  • Revenues in the second quarter of 2013 were $758 million, compared with revenues of $738 million in the prior-year quarter.

Diamond Offshore Drilling, Inc. (NYSE: DO) reported net income for the second quarter of 2013 of $185 million, or $1.33 per share on a diluted basis, compared with net income of $201 million, or $1.45 per share on a diluted basis, in the same period a year earlier. Results for the prior-year second quarter included an after-tax gain of approximately $50.5 million, or $0.36 per share, related to the sale of five jack-up rigs.

Revenues in the second quarter of 2013 were $758 million, compared with revenues of $738 million in the prior-year quarter.

"Our solid operating results for the quarter reflect our ongoing focus on cost and downtime management," said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore.

"During the quarter we announced an agreement to build a new harsh environment semisubmersible that will work offshore South Australia for BP beginning in 2016," said Dickerson. "This represents a unique opportunity to construct a rig whose initial contract should return a substantial portion of our investment. Additionally, our construction efforts include four ultra-deepwater drillships and two deepwater semis that should meaningfully contribute to earnings beginning next year based on the contracts covering the first three units."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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