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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Tampnet, Marlink Partner for Offshore 4G Services

New low latency mobile communication services set to improve support of offshore vessel operations   Marlink and Tampnet have signed a partner agreement for the

Mexican Offshore Rig Accident Kills 2 Workers

Mexican oil company Pemex said an accident on Tuesday has left an offshore maintenance rig in the southern Bay of Campeche listing, killing two workers, but has not affected crude production.

Rolls Royce Awards Fiber Rope Contract to Cortland

Cortland’s BOB rope helps reduce operating costs and improve installation time   Cortland announce the recent award of a patented BOB 12x12 Fiber Rope by Rolls

 
 
Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Sonar 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: 0.1156 sec (9 req/sec)