Press Release
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Diamond Offshore Announces First Quarter 2013 Results
“We are pleased with the first-quarter results, which reflect our
ongoing success at containing operating expenses,” said
“We have recently signed a new commitment for the Ocean
“Additionally, we are proud that
CONFERENCE CALL
A conference call to discuss Diamond Offshore’s first-quarter results
has been scheduled for
ABOUT
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 future operating costs and expenses and future
operations. 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
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES |
|||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share data) | |||||||||||
Three Months Ended | |||||||||||
March 31, | |||||||||||
2013 | 2012 | ||||||||||
Revenues: | |||||||||||
Contract drilling | $ | 699,973 | $ | 755,155 | |||||||
Revenues related to reimbursable expenses | 29,768 | 13,487 | |||||||||
Total revenues | 729,741 | 768,642 | |||||||||
Operating expenses: | |||||||||||
Contract drilling, excluding depreciation | 375,094 | 397,102 | |||||||||
Reimbursable expenses | 29,289 | 13,151 | |||||||||
Depreciation | 96,821 | 101,393 | |||||||||
General and administrative | 16,815 | 17,586 | |||||||||
Bad debt recovery | -- | (618 | ) | ||||||||
Gain on disposition of assets | (2,004 | ) | (25,382 | ) | |||||||
Total operating expenses | 516,015 | 503,232 | |||||||||
Operating income | 213,726 | 265,410 | |||||||||
Other income (expense): | |||||||||||
Interest income | 617 | 1,783 | |||||||||
Interest expense | (8,069 | ) | (15,329 | ) | |||||||
Foreign currency transaction gain (loss) | 159 | (104 | ) | ||||||||
Other, net |
(254 | ) | (325 | ) | |||||||
Income before income tax expense | 206,179 | 251,435 | |||||||||
Income tax expense | (30,190 | ) | (66,266 | ) | |||||||
Net income | $ | 175,989 | $ | 185,169 | |||||||
Earnings per share: | |||||||||||
Basic | $ | 1.27 | $ | 1.33 | |||||||
Diluted | $ | 1.27 | $ | 1.33 | |||||||
Weighted average shares outstanding: | |||||||||||
Shares of common stock | 139,032 | 139,028 | |||||||||
Dilutive potential shares of common stock | 49 | 12 | |||||||||
Total weighted average shares outstanding |
139,081 | 139,040 | |||||||||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | ||||||||||||||||
RESULTS OF OPERATIONS | ||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands) |
||||||||||||||||
|
Three Months Ended | |||||||||||||||
Mar 31, | Dec 31, | Mar 31, | ||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||
REVENUES | ||||||||||||||||
Floaters: | ||||||||||||||||
Ultra-Deepwater |
$ | 191,357 | $ | 229,560 | $ | 244,589 | ||||||||||
Deepwater |
164,420 | 145,310 | 146,003 | |||||||||||||
Mid-water | 305,221 | 326,520 | 318,595 | |||||||||||||
Total Floaters | 660,998 | 701,390 | 709,187 | |||||||||||||
Jack-ups | 38,975 | 39,233 | 45,968 | |||||||||||||
Total Contract Drilling Revenue | $ | 699,973 | $ | 740,623 | $ | 755,155 | ||||||||||
Revenues Related to Reimbursable Expenses |
$ |
29,768 |
$ |
9,914 |
$ |
13,487 |
||||||||||
CONTRACT DRILLING EXPENSE | ||||||||||||||||
Floaters: | ||||||||||||||||
Ultra-Deepwater | $ | 135,776 | $ | 135,837 | $ | 139,961 | ||||||||||
Deepwater | 56,436 | 67,772 | 58,594 | |||||||||||||
Mid-water | 143,647 | 143,124 | 162,779 | |||||||||||||
Total Floaters | 335,859 | 346,733 | 361,334 | |||||||||||||
Jack-ups | 29,667 | 21,582 | 31,443 | |||||||||||||
Other | 9,568 | 9,274 | 4,325 | |||||||||||||
Total Contract Drilling Expense | $ | 375,094 | $ | 377,589 | $ | 397,102 | ||||||||||
Reimbursable Expenses | $ | 29,289 | $ | 9,427 | $ | 13,151 | ||||||||||
OPERATING INCOME | ||||||||||||||||
Floaters: | ||||||||||||||||
Ultra-Deepwater | $ | 55,581 | $ | 93,723 | $ | 104,628 | ||||||||||
Deepwater | 107,984 | 77,538 | 87,409 | |||||||||||||
Mid-water | 161,574 | 183,396 | 155,816 | |||||||||||||
Total Floaters | 325,139 | 354,657 | 347,853 | |||||||||||||
Jack-ups | 9,308 | 17,651 | 14,525 | |||||||||||||
Other | (9,568 | ) | (9,274 | ) | (4,325 | ) | ||||||||||
Reimbursable expenses, net | 479 | 487 | 336 | |||||||||||||
Depreciation | (96,821 | ) | (92,844 | ) | (101,393 | ) | ||||||||||
General and administrative expense | (16,815 | ) | (14,837 | ) | (17,586 | ) | ||||||||||
Impairment of assets | -- | (62,437 | ) | -- | ||||||||||||
Bad debt recovery | -- | -- | 618 | |||||||||||||
Gain on disposition of assets | 2,004 | 1,559 | 25,382 | |||||||||||||
Total Operating Income | $ | 213,726 | $ | 194,962 | $ | 265,410 | ||||||||||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands) | |||||||||
March 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
(unaudited) | |||||||||
ASSETS | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 308,109 | $ | 335,432 | |||||
Marketable securities | 1,150,168 | 1,150,158 | |||||||
Accounts receivable, net of allowance for bad debts | 485,900 | 499,660 | |||||||
Prepaid expenses and other current assets | 117,804 | 136,099 | |||||||
Assets held for sale |
11,594 | 11,594 | |||||||
Total current assets | 2,073,575 | 2,132,943 | |||||||
Drilling and other property and equipment, net of accumulated depreciation |
4,967,242 | 4,864,972 | |||||||
Other assets | 226,042 | 237,371 | |||||||
Total assets | $ | 7,266,859 |
$ |
7,235,286 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||
Current liabilities | $ | 458,132 | $ | 485,546 | |||||
Long-term debt | 1,496,128 | 1,496,066 | |||||||
Deferred tax liability | 500,292 | 490,946 | |||||||
Other liabilities | 182,855 | 186,334 | |||||||
Stockholders’ equity | 4,629,452 | 4,576,394 | |||||||
Total liabilities and stockholders’ equity | $ | 7,266,859 | $ | 7,235,286 | |||||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | ||||||||||||||||||||
AVERAGE DAYRATES AND UTILIZATION | ||||||||||||||||||||
(Dayrate in thousands) |
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First Quarter | Fourth Quarter | First Quarter | ||||||||||||||||||
2013 | 2012 | 2012 | ||||||||||||||||||
Dayrate | Utilization | Dayrate | Utilization | Dayrate | Utilization | |||||||||||||||
Ultra-Deepwater Floaters | $360 | 73% | $348 | 89% | $364 | 85% | ||||||||||||||
Deepwater Floaters | $389 | 94% | $372 | 85% | $359 | 88% | ||||||||||||||
Mid-Water Floaters | $262 | 64% | $268 | 70% | $266 | 65% | ||||||||||||||
Jack-Ups | $85 | 71% | $85 | 71% | $87 | 44% | ||||||||||||||
Source:
Diamond Offshore Drilling, Inc.
Darren Daugherty, 281-492-5370
Director,
Investor Relations