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Diamond Offshore Announces Second Quarter 2013 Results
HOUSTON,
Revenues in the second quarter of 2013 were
"Our solid operating results for the quarter reflect our ongoing focus on cost and downtime management," said
"During the quarter we announced an agreement to build a new harsh environment semisubmersible that will work offshore
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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, future operations, future earnings and future return on investment. 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 |
Six Months Ended | |||||||||
June 30, |
June 30, | |||||||||
2013 |
2012 |
2013 |
2012 | |||||||
Revenues: |
||||||||||
Contract drilling |
$ |
744,898 |
$ |
726,261 |
$ |
1,444,871 |
$ |
1,481,416 | ||
Revenues related to reimbursable expenses |
13,120 |
11,927 |
42,888 |
25,414 | ||||||
Total revenues |
758,018 |
738,188 |
1,487,759 |
1,506,830 | ||||||
Operating expenses: |
||||||||||
Contract drilling, excluding depreciation |
369,036 |
405,252 |
744,130 |
802,354 | ||||||
Reimbursable expenses |
12,805 |
11,637 |
42,094 |
24,788 | ||||||
Depreciation |
97,143 |
99,469 |
193,964 |
200,862 | ||||||
General and administrative |
16,435 |
18,741 |
33,250 |
36,327 | ||||||
Bad debt recovery |
-- |
(400) |
-- |
(1,018) | ||||||
Gain on disposition of assets |
(260) |
(53,695) |
(2,264) |
(79,077) | ||||||
Total operating expenses |
495,159 |
481,004 |
1,011,174 |
984,236 | ||||||
Operating income |
262,859 |
257,184 |
476,585 |
522,594 | ||||||
Other income (expense): |
||||||||||
Interest income |
271 |
1,496 |
888 |
3,279 | ||||||
Interest expense |
(7,951) |
(12,731) |
(16,020) |
(28,060) | ||||||
Foreign currency transaction gain |
448 |
1,083 |
607 |
979 | ||||||
Other, net |
674 |
(274) |
420 |
(599) | ||||||
Income before income tax expense |
256,301 |
246,758 |
462,480 |
498,193 | ||||||
Income tax expense |
(70,967) |
(45,297) |
(101,157) |
(111,563) | ||||||
Net Income |
$ |
185,334 |
$ |
201,461 |
$ |
361,323 |
$ |
386,630 | ||
Income per share: |
||||||||||
Basic |
$ |
1.33 |
$ |
1.45 |
$ |
2.60 |
$ |
2.78 | ||
Diluted |
$ |
1.33 |
$ |
1.45 |
$ |
2.60 |
$ |
2.78 | ||
Weighted average shares outstanding: |
||||||||||
Shares of common stock |
139,035 |
139,029 |
139,034 |
139,028 |
||||||
Dilutive potential shares of common stock |
37 |
11 |
43 |
11 |
||||||
Total weighted average shares outstanding |
139,072 |
139,040 |
139,077 |
139,039 |
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | ||||||||||
Three Months Ended | ||||||||||
Jun 30, |
Mar 31, |
Jun 30, | ||||||||
2013 |
2013 |
2012 | ||||||||
REVENUES |
||||||||||
Floaters: |
||||||||||
Ultra-Deepwater |
$ |
231,101 |
$ |
191,357 |
$ |
233,071 | ||||
Deepwater |
184,105 |
164,420 |
142,565 | |||||||
Mid-water |
288,860 |
305,221 |
310,462 | |||||||
Total Floaters |
704,066 |
660,998 |
686,098 | |||||||
Jack-ups |
40,832 |
38,975 |
40,163 | |||||||
Total Contract Drilling Revenue |
$ |
744,898 |
$ |
699,973 |
$ |
726,261 | ||||
Revenues Related to Reimbursable |
$ |
13,120 |
$ |
29,768 |
$ |
11,927 | ||||
CONTRACT DRILLING EXPENSE |
||||||||||
Floaters: |
||||||||||
Ultra-Deepwater |
$ |
128,147 |
$ |
135,776 |
$ |
137,087 | ||||
Deepwater |
60,126 |
56,436 |
68,653 | |||||||
Mid-water |
139,252 |
143,647 |
160,642 | |||||||
Total Floaters |
327,525 |
335,859 |
366,382 | |||||||
Jack-ups |
27,377 |
29,667 |
29,240 | |||||||
Other |
14,134 |
9,568 |
9,630 | |||||||
Total Contract Drilling Expense |
$ |
369,036 |
$ |
375,094 |
$ |
405,252 | ||||
Reimbursable Expenses |
$ |
12,805 |
$ |
29,289 |
$ |
11,637 | ||||
OPERATING INCOME |
||||||||||
Floaters: |
||||||||||
Ultra-Deepwater |
$ |
102,954 |
$ |
55,581 |
$ |
95,984 | ||||
Deepwater |
123,979 |
107,984 |
73,912 | |||||||
Mid-water |
149,608 |
161,574 |
149,820 | |||||||
Total Floaters |
376,541 |
325,139 |
319,716 | |||||||
Jack-ups |
13,455 |
9,308 |
10,923 | |||||||
Other |
(14,134) |
(9,568) |
(9,630) | |||||||
Reimbursable expenses, net |
315 |
479 |
290 | |||||||
Depreciation |
(97,143) |
(96,821) |
(99,469) | |||||||
General and administrative expense |
(16,435) |
(16,815) |
(18,741) | |||||||
Bad debt recovery |
-- |
-- |
400 | |||||||
Gain on disposition of assets |
260 |
2,004 |
53,695 | |||||||
Total Operating Income |
$ |
262,859 |
$ |
213,726 |
$ |
257,184 | ||||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | ||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
(In thousands) | ||||||||||
June 30, |
December 31, | |||||||||
2013 |
2012 | |||||||||
(unaudited) |
||||||||||
ASSETS |
||||||||||
Current assets: |
||||||||||
Cash and cash equivalents |
$ |
369,972 |
$ |
335,432 | ||||||
Marketable securities |
850,232 |
1,150,158 | ||||||||
Accounts receivable, net of allowance for bad debts |
485,878 |
499,660 | ||||||||
Prepaid expenses and other current assets |
145,111 |
136,099 | ||||||||
Assets held for sale |
11,594 |
11,594 | ||||||||
Total current assets |
1,862,787 |
2,132,943 | ||||||||
Drilling and other property and equipment, net of |
||||||||||
accumulated depreciation |
5,239,231 |
4,864,972 | ||||||||
Other assets |
210,484 |
237,371 | ||||||||
Total assets |
$ |
7,312,502 |
$ |
7,235,286 | ||||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
Current liabilities |
$ |
432,584 |
$ |
485,546 | ||||||
Long-term debt |
1,496,192 |
1,496,066 | ||||||||
Deferred tax liability |
511,492 |
490,946 | ||||||||
Other liabilities |
186,067 |
186,334 | ||||||||
Stockholders' equity |
4,686,167 |
4,576,394 | ||||||||
Total liabilities and stockholders' equity |
$ |
7,312,502 |
$ |
7,235,286 | ||||||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | |||||||||||||||||||
Second Quarter |
First Quarter |
Second Quarter | |||||||||||||||||
2013 |
2013 |
2012 | |||||||||||||||||
Dayrate |
Utilization |
Dayrate |
Utilization |
Dayrate |
Utilization | ||||||||||||||
Ultra-Deepwater Floaters |
$342 |
92% |
$360 |
73% |
$354 |
89% | |||||||||||||
Deepwater Floaters |
$409 |
99% |
$389 |
94% |
$372 |
83% | |||||||||||||
Mid-Water Floaters |
$271 |
65% |
$262 |
64% |
$262 |
66% | |||||||||||||
Jack-Ups |
$88 |
74% |
$85 |
71% |
$94 |
49% | |||||||||||||
Contact:
Director, Investor Relations
(281) 492-5370
SOURCE