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2015-08-04 18:40:00

DIAMOND OFFSHORE LOSS $ (165.3) MLN

DIAMOND OFFSHORE LOSS $ (165.3) MLN

 

 

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,

   

2015

 

2014

 

2015

 

2014

Revenues:

               

         Contract drilling

$

617,442

$

649,554

$

1,217,019

$

1,334,862

         Revenues related to reimbursable expenses

 

16,590

 

42,690

 

37,069

 

66,806

                Total revenues

 

634,032

 

692,244

 

1,254,088

 

1,401,668

                 

Operating expenses:

               

         Contract drilling, excluding depreciation

 

342,869

 

395,376

 

693,527

 

765,166

         Reimbursable expenses

 

16,336

 

42,290

 

36,428

 

65,956

         Depreciation

 

123,329

 

108,906

 

260,628

 

215,917

         General and administrative

 

16,548

 

20,478

 

34,000

 

43,305

         Impairment of assets

 

--

 

--

 

358,528

 

--

         Restructuring and separation costs

 

993

 

--

 

7,161

 

--

         Gain on disposition of assets

 

(164)

 

(8,572)

 

(775)

 

(8,719)

                Total operating expenses

 

499,911

 

558,478

 

1,389,497

 

1,081,625

                 

Operating income (loss)

 

134,121

 

133,766

 

(135,409)

 

320,043

                 

Other income (expense):

               

         Interest income

 

584

 

150

 

1,167

 

558

         Interest expense

 

(25,468)

 

(18,523)

 

(49,450)

 

(36,678)

Foreign currency transaction gain (loss)

 

(3,473)

 

(2,971)

 

2,117

 

(4,149)

         Other, net

 

264

 

181

 

485

 

508

                 

Income (loss) before income tax (expense) benefit

 

106,028

 

112,603

 

(181,090)

 

280,282

                 

Income tax (expense) benefit

 

(15,642)

 

(22,890)

 

15,767

 

(44,759)

                 

Net income (loss)

$

90,386

$

89,713

$

(165,323)

$

235,523

                 

Income (loss) per share

$

0.66

$

0.65

$

(1.21)

$

1.71

 

Diamond Offshore Drilling, Inc. (NYSE: DO) today reported net income of $90 million, or $0.66 per share, in the second quarter of 2015, compared to $90 million, or $0.65 per share, in the second quarter of 2014. Revenues in the second quarter of 2015 were $634 million, compared to revenues of $692 million in the second quarter of 2014.

"During the quarter, our second and third newbuild drillships, the Ocean BlackHornet and Ocean BlackRhino, began working in the Gulf of Mexico, and we have taken delivery of our fourth and final newbuild drillship, the Ocean BlackLion, which we expect to be on dayrate near year-end," said Marc Edwards, President and Chief Executive Officer. "All four of these units will be working in the Gulf, where we will enjoy operational economies of scale."

"Our results for the quarter reflect ongoing efforts to manage costs effectively while remaining focused on safe operations and fleet reliability," added Mr. Edwards. "We delivered our best safety performance on record during Q2."

Additionally, the Company today announced that the Ocean Apex was awarded a contract for an 18-month term offshore Australia beginning in the second quarter of 2016 at a rate of $285,000 per day.

Diamond Offshore also announced today that it has declared a regular quarterly dividend of $0.125 per share, payable on September 1, 2015 to shareholders of record as of August 14, 2015.

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 35 offshore drilling rigs, including one rig under construction. Diamond Offshore's fleet consists of 24 semisubmersibles, one of which is under construction, five dynamically positioned drillships, 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 53% by Loews Corporation (NYSE: L).

diamondoffshore.com

More: 

1Q2015 WORLD OIL & GAS KEY POINTS  

TRANSOCEAN: OIL'S DECLINE: $2.76 BLN  

SUFFERING DRILLING

 

 

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