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Diamond Offshore Drilling Inc. Announces First Quarter 2001 Earnings
Diamond Offshore Drilling Inc. Announces First Quarter 2001 Earnings
HOUSTON--(BUSINESS WIRE)--April 17, 2001--Diamond Offshore Drilling Inc. (NYSE:DO) today reported net income of $36.8 million, or $0.27 per share on a diluted basis, on revenues of $205.2 million for the first quarter of 2001, compared to net income of $29.5 million, or $0.21 per share on a diluted basis, on revenues of $167.8 million for the first quarter of 2000.
"We are very pleased with our first quarter 2001 results," said Larry Dickerson, Diamond Offshore Drilling Inc. president and chief operating officer. "These earnings are the result of the continuing strength in all markets in which we participate. We are especially encouraged with the intermediate water-depth semisubmersible market, which to this point has lagged behind the recovery enjoyed by the jackup market."
On April 12, 2001 the board of directors declared a cash dividend of $0.125 per common share payable June 1, 2001 to stockholders of record on May 1, 2001.
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 first 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 April 17, 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
March 31,
---------------------
2001 2000
-------- --------
Revenues $205,225 $167,828
Operating expenses:
Contract drilling 108,697 100,823
Depreciation and amortization 41,559 36,875
General and administrative 6,887 6,020
-------- --------
Total operating expenses 157,143 143,718
-------- --------
Operating income 48,082 24,110
Other income (expense):
Gain on sale of assets 121 14,017
Interest income 11,687 8,622
Interest expense (8,318) (1,234)
Other, net (1) 3,105 (89)
-------- --------
Income before income
tax expense 54,677 45,426
Income tax expense (17,849) (15,938)
-------- --------
Net income $36,828 $29,488
======== ========
Earnings per share:
Basic $0.28 $0.22
======== ========
Diluted $0.27 $0.21
======== ========
Weighted average shares
outstanding:
Common shares 133,165 135,688
Dilutive potential
common shares 9,862 9,876
-------- --------
Total weighted average
shares outstanding 143,027 145,564
======== ========
(1) Primarily includes gain on sale of investment securities,
settlement of past litigation and reserve for pending litigation.
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(Unaudited)
(In thousands)
Three Months Ended
March 31,
---------------------
2001 2000
-------- --------
REVENUES
High Specification Floaters $76,666 $56,862
Other Semisubmersibles 80,969 88,511
Jack-ups 43,468 21,019
Integrated Services 5,490 2,601
Other -- --
Eliminations (1,368) (1,165)
-------- --------
Total Revenues $205,225 $167,828
======== =========
CONTRACT DRILLING EXPENSE
High Specification Floaters $28,003 $23,350
Other Semisubmersibles 50,544 54,892
Jack-ups 25,385 19,845
Integrated Services 5,154 3,071
Other 979 830
Eliminations (1,368) (1,165)
-------- --------
Total Contract Drilling
Expense $108,697 $100,823
======== =========
OPERATING INCOME
High Specification Floaters $48,663 $33,512
Other Semisubmersibles 30,425 33,619
Jack-ups 18,083 1,174
Integrated Services 336 (470)
Other (979) (830)
Depreciation and Amortization
Expense (41,559) (36,875)
General and Administrative
Expense (6,887) (6,020)
-------- --------
Total Operating Income $48,082 $24,110
======== =========
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, Dec. 31,
---------- ----------
2001 2000
---------- ----------
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $304,563 $144,456
Marketable securities 604,050 717,678
Accounts receivable 161,703 153,452
Rig inventory and supplies 41,123 40,698
Prepaid expenses and other 44,296 44,673
---------- ----------
Total current assets 1,155,735 1,100,957
Drilling and other property
and equipment, net of
Accumulated depreciation 1,894,957 1,902,415
Goodwill, net of accumulated
amortization 50,901 55,205
Other assets 22,200 20,929
---------- ----------
Total assets $3,123,793 $3,079,506
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $124,262 $123,013
Long-term debt 856,804 856,559
Deferred tax liability 330,083 316,627
Other liabilities 13,325 15,454
Stockholders' equity 1,799,319 1,767,853
---------- ----------
Total liabilities and
stockholders' equity $3,123,793 $3,079,506
========== ==========
DIAMOND OFFSHORE DRILLING INC. AND SUBSIDIARIES
AVERAGE DAYRATES AND UTILIZATION
First Quarter Fourth Quarter First Quarter
2001 2000 2000
-------------------------------------------------
Dayrate Utili- Dayrate Utili- Dayrate Utili-
zation zation zation
---------------------------------------------------
(Dayrate in thousands)
High Specification
Floaters $112 95% $96 94% $95 97%
Other
Semisubmersibles $65 63% $63 65% $67 63%
Jack-ups $40 87% $35 87% $20 82%
--30--BMD/ho*
CONTACT: Diamond Offshore Drilling Inc., Houston
Caren W. Steffes, 281/492-5393
KEYWORD: TEXAS
INDUSTRY KEYWORD: ENERGY OIL/GAS CONFERENCE CALLS EARNINGS