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.

Offshore

Onshore Spending on the Cusp of Recovery?

DW’s recently released quarterly World Oilfield Services Market Forecast (OFS) and World Oilfield Equipment Market Forecast (OFE) continue to suggest 2016 will

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1225 sec (8 req/sec)