Diamond Offshore Drilling Announces 3Q Results

Thursday, October 27, 2005
Diamond Offshore Drilling, Inc. reported net income of $82 million, or $0.60 per share on a diluted basis, for the third quarter of 2005, compared to net income of $2.9 million, or $0.02 per share on a diluted basis, in the same period a year earlier. Revenue for the third quarter of 2005 was $310.5 million, compared to revenue of $208.2 million for the third quarter of 2004. For the nine months ended September 30, 2005, the company reported net income of $153.4 million, or $1.14 per share on a diluted basis, compared to a net loss of $18.5 million, or $0.14 per share on a diluted basis for the same period in 2004. Revenue for the nine months ended September 30, 2005 was $852.7 million, compared to $577.3 million for the first nine months of 2004. Results for the third quarter of 2005 reflect the impact of hurricanes Katrina and Rita. The company recorded a third quarter after-tax gain of $21.8 million, or $0.16 per diluted share, related to insurance proceeds from the previously reported casualty loss of the 300-ft. jack-up Ocean Warwick. Other damage to the fleet resulted in hurricane related after-tax costs of $2.6 million, or $0.02 per diluted share, which were reported within operating expenses. Exclusive of the Warwick, the Company experienced a total of 41.5 days of contractual downtime in the third quarter directly related to the two hurricanes and expects to experience approximately an additional 110 days of contractual downtime in the fourth quarter of 2005 for storm related repairs. At this time, all of the damaged rigs have returned to work at their drilling locations, with the exception of the Ocean Star, which is expected to return to service in mid November. In addition, reactivation of the Ocean New Era has been delayed by approximately three weeks until mid December. Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling.
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2374 sec (4 req/sec)