Press Release
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Diamond Offshore Announces Third Quarter 2001 Earnings
For the nine months ended Sept. 30, 2001, the Company reported net income before extraordinary items of $141.7 million, or $1.02 per share on a diluted basis compared to net income of $43.6 million, or $0.32 per share on a diluted basis for the same period in 2000. Revenue for the nine months ended Sept. 30, 2001 were $663.2 million compared to revenues of $468.5 million for the first nine months of 2000. Net income after extraordinary items related to the early retirement of debt was $134.0 million, or $0.97 per share on a diluted basis, for the nine months ended Sept. 30, 2001.
As of Sept. 30, 2001, there were 132.1 million common shares outstanding. Depending on market conditions, the Company may, from time to time, purchase shares of its outstanding common stock in the open market or otherwise. During the third quarter of 2001, the Company repurchased 1.3 million shares of its common stock at an aggregate cost of $33.6 million.
Diamond Offshore is a leader in deep water drilling. The Company's fleet of 45 offshore drilling rigs consists of 30 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.
As previously announced, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its 2001 third quarter earnings release conference call. The live broadcast of the Diamond Offshore Drilling Inc. quarterly conference call will be available online at www.diamondoffshore.com on Oct. 16, 2001, beginning at 9:00 a.m. Central Time. The online replay will follow immediately and continue for 5 days after the original call. Please go to the Web site at least 15 minutes before the broadcast to register, download and install any necessary audio software.
Statements in this press release that contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. A 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 filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.
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 INCOME
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2001 2000 2001 2000
-------- -------- -------- --------
Revenues $230,636 $157,348 $663,192 $468,493
Operating expenses:
Contract drilling 115,726 111,294 338,979 315,000
Depreciation and
amortization 43,143 37,008 126,873 110,500
General and
administrative 6,054 5,918 19,020 17,853
-------- -------- -------- --------
Total operating
expenses 164,923 154,220 484,872 443,353
-------- -------- -------- --------
Operating income 65,713 3,128 178,320 25,140
Other income (expense):
Gain on sale of assets 83 149 292 14,231
Interest income 13,156 16,703 36,436 35,237
Interest expense (5,927) (3,861) (20,364) (6,702)
Other, net 6,405 (51) 16,437 (737)
-------- -------- -------- --------
Income before income tax
expense and
extraordinary item 79,430 16,068 211,121 67,169
Income tax expense (26,003) (5,591) (69,384) (23,567)
-------- -------- -------- --------
Income before
extraordinary item 53,427 10,477 141,737 43,602
-------- -------- -------- --------
Extraordinary item-loss
on early debt
extinguishment, less
applicable income
tax of $4,158 -- -- (7,722) --
-------- -------- -------- --------
Net income $53,427 $10,477 $134,015 $43,602
======== ======== ======== ========
Earnings per share:
Basic
Income before
extraordinary item $0.40 $0.08 $1.06 $0.32
Extraordinary item -- -- (0.06) --
-------- -------- -------- --------
Net $0.40 $0.08 $1.00 $0.32
======== ======== ======== ========
Diluted
Income before
extraordinary item $0.38 $0.08 $1.02 $0.32
Extraordinary item -- -- (0.05) --
-------- -------- -------- --------
Net $0.38 $0.08 $0.97 $0.32
======== ======== ======== ========
Weighted average shares
outstanding
Common shares 132,889 135,469 133,166 135,563
Dilutive potential
common shares 16,528 -- 16,362 9,876
-------- -------- -------- --------
Total weighted
average shares
outstanding 149,417 135,469 149,528 145,439
======== ======== ======== ========
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(Unaudited)
(In thousands)
Three Months Ended
September 30,
-------------------------
2001 2000
--------- ---------
REVENUES
High Specification Floaters $81,168 $48,770
Other Semisubmersibles 101,206 74,391
Jack-ups 48,245 31,333
Integrated Services 16 4,889
Other 1 140
Eliminations -- (2,175)
--------- ---------
Total Revenues $230,636 $157,348
========= =========
CONTRACT DRILLING EXPENSE
High Specification Floaters $30,921 $27,816
Other Semisubmersibles 56,074 49,301
Jack-ups 27,619 27,895
Integrated Services 196 6,044
Other 916 2,413
Eliminations -- (2,175)
--------- ---------
Total Contract Drilling
Expense $115,726 $111,294
========= =========
OPERATING INCOME
High Specification Floaters $50,247 $20,954
Other Semisubmersibles 45,132 25,090
Jack-ups 20,626 3,438
Integrated Services (180) (1,155)
Other (915) (2,273)
Depreciation and Amortization
Expense (43,143) (37,008)
General and Administrative
Expense (6,054) (5,918)
--------- ---------
Total Operating Income $65,713 $3,128
========= =========
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, December 31,
----------------------------
2001 2000
---------- ----------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $244,161 $144,456
Marketable securities 744,915 717,678
Accounts receivable 198,350 153,452
Rig inventory and
supplies 40,791 40,698
Prepaid expenses and
other 20,287 44,673
---------- ----------
Total current assets 1,248,504 1,100,957
Drilling and other property and
equipment, net of
accumulated depreciation 1,939,243 1,902,415
Goodwill, net of accumulated
amortization 42,464 55,205
Other assets 84,265 20,929
---------- ----------
Total assets $3,314,476 $3,079,506
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $158,709 $123,013
Long-term debt 927,400 856,559
Deferred tax liability 356,266 316,627
Other liabilities 25,028 15,454
Stockholders' equity 1,847,073 1,767,853
---------- ----------
Total liabilities and
stockholders' equity $3,314,476 $3,079,506
========== ==========
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
AVERAGE DAYRATES AND UTILIZATION
Third Quarter Second Quarter Third Quarter
2001 2001 2000
-----------------------------------------------------
Dayrate Utili- Dayrate Utili- Dayrate Utili-
zation zation zation
-----------------------------------------------------
(Dayrate in thousands)
High
Specification
Floaters $121 91% $118 96% $95 80%
Other
Semi-
submersibles $67 74% $65 75% $60 59%
Jack-ups $45 84% $44 85% $27 91%
CONTACT: Diamond Offshore Drilling, Houston
Caren W. Steffes, 281/492-5393
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