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Diamond Offshore Announces First Quarter 2014 Results
"I am pleased to begin my tenure at
At
CONFERENCE CALL
A conference call to discuss
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 strategic opportunities and future performance, shareholder returns, financial performance and market conditions. 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 |
||||
Three Months Ended |
||||
March 31, |
||||
2014 |
2013 |
|||
Revenues: |
||||
Contract drilling |
$ |
685,308 |
$ |
699,973 |
Revenues related to reimbursable expenses |
24,116 |
29,768 |
||
Total revenues |
709,424 |
729,741 |
||
Operating expenses: |
||||
Contract drilling, excluding depreciation |
369,790 |
375,094 |
||
Reimbursable expenses |
23,666 |
29,289 |
||
Depreciation |
107,011 |
96,821 |
||
General and administrative |
22,827 |
16,815 |
||
Gain on disposition of assets |
(147) |
(2,004) |
||
Total operating expenses |
523,147 |
516,015 |
||
Operating income |
186,277 |
213,726 |
||
Other income (expense): |
||||
Interest income |
408 |
617 |
||
Interest expense |
(18,155) |
(8,069) |
||
Foreign currency transaction gain (loss) |
(1,178) |
159 |
||
Other, net |
327 |
(254) |
||
Income before income tax expense |
167,679 |
206,179 |
||
Income tax expense |
(21,869) |
(30,190) |
||
Net income |
$ |
145,810 |
$ |
175,989 |
Income per share |
$ |
1.05 |
$ |
1.27 |
Weighted average shares outstanding: |
||||
Shares of common stock |
138,469 |
139,032 |
||
Dilutive potential shares of common stock |
4 |
49 |
||
Total weighted average shares outstanding |
138,473 |
139,081 |
||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES |
||||||
RESULTS OF OPERATIONS |
||||||
(Unaudited) |
||||||
(In thousands) |
||||||
Three Months Ended |
||||||
Mar 31, |
Dec 31, |
Mar 31, |
||||
2014 |
2013 |
2013 |
||||
REVENUES |
||||||
Floaters: |
||||||
Ultra-Deepwater |
$ |
205,794 |
$ |
236,842 |
$ |
191,357 |
Deepwater |
146,559 |
121,222 |
164,420 |
|||
Mid-Water |
285,979 |
306,485 |
305,221 |
|||
Total Floaters |
638,332 |
664,549 |
660,998 |
|||
Jack-ups |
46,976 |
43,423 |
38,975 |
|||
Total Contract Drilling Revenue |
$ |
685,308 |
$ |
707,972 |
$ |
699,973 |
Revenues Related to Reimbursable Expenses |
$ |
24,116 |
$ |
18,525 |
$ |
29,768 |
CONTRACT DRILLING EXPENSE |
||||||
Floaters: |
||||||
Ultra-Deepwater |
$ |
123,530 |
$ |
135,153 |
$ |
135,776 |
Deepwater |
71,949 |
76,649 |
56,436 |
|||
Mid-Water |
134,046 |
156,075 |
143,647 |
|||
Total Floaters |
329,525 |
367,877 |
335,859 |
|||
Jack-ups |
28,029 |
29,349 |
29,667 |
|||
Other |
12,236 |
11,681 |
9,568 |
|||
Total Contract Drilling Expense |
$ |
369,790 |
$ |
408,907 |
$ |
375,094 |
Reimbursable Expenses |
$ |
23,666 |
$ |
17,969 |
$ |
29,289 |
OPERATING INCOME |
||||||
Floaters: |
||||||
Ultra-Deepwater |
$ |
82,264 |
$ |
101,689 |
$ |
55,581 |
Deepwater |
74,610 |
44,573 |
107,984 |
|||
Mid-Water |
151,933 |
150,410 |
161,574 |
|||
Total Floaters |
308,807 |
296,672 |
325,139 |
|||
Jack-ups |
18,947 |
14,074 |
9,308 |
|||
Other |
(12,236) |
(11,681) |
(9,568) |
|||
Reimbursable expenses, net |
450 |
556 |
479 |
|||
Depreciation |
(107,011) |
(96,985) |
(96,821) |
|||
General and administrative expense |
(22,827) |
(16,298) |
(16,815) |
|||
Bad debt recovery |
-- |
50 |
-- |
|||
Gain on disposition of assets |
147 |
1,281 |
2,004 |
|||
Total Operating Income |
$ |
186,277 |
$ |
187,669 |
$ |
213,726 |
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) (In thousands) |
||||||
March 31, |
December 31, |
|||||
2014 |
2013 |
|||||
ASSETS |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ |
420,140 |
$ |
347,011 |
||
Marketable securities |
1,175,135 |
1,750,053 |
||||
Accounts receivable, net of allowance for bad debts |
416,177 |
469,355 |
||||
Prepaid expenses and other current assets |
146,510 |
143,997 |
||||
Assets held for sale |
7,694 |
7,694 |
||||
Total current assets |
2,165,656 |
2,718,110 |
||||
Drilling and other property and equipment, net of |
||||||
accumulated depreciation |
5,954,496 |
5,467,227 |
||||
Other assets |
207,835 |
206,097 |
||||
Total assets |
$ |
8,327,987 |
$ |
8,391,434 |
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||
Current portion of long-term debt |
$ |
249,973 |
$ |
249,954 |
||
Other current liabilities |
504,487 |
495,628 |
||||
Long-term debt |
2,244,262 |
2,244,189 |
||||
Deferred tax liability |
531,988 |
525,541 |
||||
Other liabilities |
219,186 |
238,864 |
||||
Stockholders' equity |
4,578,091 |
4,637,258 |
||||
Total liabilities and stockholders' equity |
$ |
8,327,987 |
$ |
8,391,434 |
||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES |
||||||
First Quarter |
Fourth Quarter (a) |
First Quarter |
||||
2014 |
2013 |
2013 |
||||
Dayrate |
Utilization |
Dayrate |
Utilization |
Dayrate |
Utilization |
|
Ultra-Deepwater Floaters |
$387 |
66% |
$350 |
91% |
$360 |
73% |
Deepwater Floaters |
$418 |
64% |
$402 |
65% |
$389 |
94% |
Mid-Water Floaters |
$276 |
64% |
$277 |
66% |
$262 |
64% |
Jack-Ups |
$93 |
79% |
$87 |
76% |
$85 |
71% |
(a) Dayrate and utilization calculations include revenue earning days for which revenue was not recognized pursuant to GAAP. By rig category, these are 82 days in Q4 for ultra-deepwater floaters and 42 days in Q4 for mid-water floaters.
Contact:
Director, Investor Relations
(281) 492-5370
Logo - http://photos.prnewswire.com/prnh/20130725/NY53104LOGO-b
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