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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 URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
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