Diamond Offshore Drilling Inc (DO)

[Dennisb68]

I thought DO would be down more today.

[willlbone]

Sorry WTI crude under 18.

[willlbone]

Brent Oil under 18.

[Dennisb68]

Me too. Added at .76 and wish I had added more.

[lvhd]

Added DO. Patience

[Dennisb68]

I'm guessing this might tank on Monday. Good luck!

[lvhd]

Back in DO 1.70

[Dennisb68]

Stock halted and up sharply.

[lvhd]

DO hello

[lvhd]

DO dirty cheap

[lvhd]

Added DO today. GLTA

[willlbone]

Ten year downward trend, below all moving averages, new lows. Skippity DO.

[CHARLIE125]

DIAMOND OFFSHORE INCOME UP FAST AND SHARE DROP LIKE A STONE IN JUPITER
LOL
buy a big block now for me

[willlbone]

DON't DO.

[makinezmoney]

$DO: They should buyout Vantage-Drilling with Backlogs


$DO can buyout $VTGDF on the cheap right now after its come out
of restructuring.


Nothing but easy increase to asset base for $DO by taking them out.


$VTGDF is sooooooooooo cheap right now.



GO $DO

[lvhd]

DO all time low

[lvhd]

Loaded big. DO $$$

[lvhd]

DO super cheap.

[ClayTrader]

* * $DO Video Chart 08-05-2019 * *

Link to Video - click here to watch the technical chart video

[OTCpicks1]

$DO Diamond Offshore -6% as Q1 revenue, dayrates drop

Diamond Offshore Drilling (DO -6.3%) sinks deep into the red after reporting a slightly smaller than expected Q1 loss, a 21% Y/Y decline in revenues and steadily lower average dayrates for its vessels.

Contract drilling revenue fell during the quarter mostly due to lower average daily revenue earned ($30.5M) and the effect of 74 fewer revenue-earning days ($25.9M).

DO says average dayrates for its fleet in Q1 were $309K, down from $315K in Q4 last year and $351K in the year-ago quarter.

Total contracted backlog at the end of Q1 was $1.8B, which excludes backlog secured in April 2019 from new four-year contracts with Woodside Petroleum for the Ocean BlackRhino and Ocean BlackHawk drillships in Senegal; the new dayrates are not disclosed.

[ctcollins]

Why is there no one on IHub talking about DO, it's a great company to buy right now and even better if you bought it a few months ago...

[eFinanceMarkets]

$DO Diamond Offshore +3% after strong Q2 earnings beat

Diamond Offshore Drilling (DO +3.3%) enjoys strong gains after easily beating Q2 earnings expectations, boosted by higher utilization in the ultra-deep and deepwater segments.

Q2 revenues in DO's ultra-deepwater segment rose 16% Q/Q in Q2, representing 72% of total drilling revenues vs. 67% in Q1, with utilization of 59% vs. Q1's 50% but at a slightly lower dayrate of $436K.

DO says its contracted backlog as of June 30 was $2.9B.

Additionally, DO says it stacked one semi-sub rig and is selling five others, according to its latest fleet status report; the Ocean Victory reportedly was stacked after working for BP offshore Trinidad and Tobago under a two-year term which ended in May at a dayrate of $398K.

[eFinanceMarkets]

Diamond Offshore wins favorable ruling vs. Petrobras in Brazilian court
Diamond Offshore Drilling (DO +1.2%) is higher after disclosing a favorable appeal court ruling in Brazil upholding a lower court decision barring Petrobras (PBR -2%) from unilaterally terminating its contract with the company.
DO filed suit last August after PBR terminated a drilling contract for the Ocean Valor drilling rig more than two years ahead of its scheduled October 2018 expiration; in September, a Brazilian court issued a preliminary injunction suspending PBR's action and ordering the contract to remain in effect until the end of its term.

[Yo-Yo]

Wonder if this oil ticker might run a few bucks to the north?

[Timothy Smith]

The oil industry nightmare will not end anytime soon, and "it seems clear that the oversupply of drilling capacity may persist well into 2017 and possibly beyond," Diamond Offshore (NYSE:DO) CEO Marc Edwards said in today's earnings conference call.

[Timothy Smith]

Diamond Offshore (NYSE:DO) +4.6% premarket on news that Petrobras (NYSE:PBR) terminated contracts for two of its drilling rigs ahead of schedule in return for extending the contract on another rig by 875 days.

While ending contracts on the Alliance and Clipper ahead of schedule, DO says it extended the contract on the Ocean Courage in Brazil at a $380K dayrate, representing revenue backlog of $333M, and will extend the contract into mid-2020.

DO also books a one-year contract on the Ocean Guardian in the U.K. North Sea at $220K/day, starting in March 2016.

[Timothy Smith]

Moody's places 11 offshore drilling companies under review for a downgrade, citing concerns regarding "an extremely challenging operating environment through at least 2017."

The ratings agency expects oil prices to remain volatile and rise minimally through 2017, meaning the energy producers that hire offshore drillers will remain under pressure to keep a lid on spending.

"Sustained weak crude oil prices and a steady supply of newbuild rigs will cause significant credit erosion as contracted backlogs, revenues and cash flows continue to fade," Moody's writes, and "fewer offshore drilling opportunities will be available, resulting in a potentially prolonged period of lower dayrates and fleet utilization."

The companies under review are DO, ESV, NE, RDC, RIG, ATW, SDLP, ORIG, PGN, PACD and Shelf Drilling Midco.

[Timothy Smith]

Offshore drilling stocks could see further downside despite already falling ~30% in two months, Barclays analysts say, expecting offshore spending to decline by double digits again in 2016 as operators wait for signs of oil price stability and lower development costs before committing resources.

[Timothy Smith]

The Goldman Sachs energy team is as gloomy as ever on offshore drillers such as Sell-rated Transocean (RIG -3%) and Diamond Offshore (DO +0.9%), as well as downgraded Atwood Oceanics (ATW -3.2%), believing that 2017 will be "a particularly painful year."

[Timothy Smith]

Diamond Offshore (DO -0.2%) is downgraded to Underperform from Market Perform with a $24 price target, lowered from $30, at FBR Capital, which says it is significantly reducing its estimates given DO's Q1 earnings as well as an industry floating rig market consensus that not only should utilization and dayrates remain under pressure through 2015, but also that the start of the next up cycle remains unlikely before H2 2016 at the earliest.

[stocktrademan]

$DO recent news/filings

bullish

## source: finance.yahoo.com

Thu, 30 Apr 2015 19:01:00 GMT ~ Ensco, Transocean & Noble Top S&P 500 as Oil Finishes Best Month in Six Years


read full: http://blogs.barrons.com/stockstowatchtoday/2015/04/30/ensco-transocean-noble-top-sp-500-as-oil-finishes-best-month-in-six-years/?mod=yahoobarrons&ru=yahoo
*********************************************************

Tue, 28 Apr 2015 13:00:44 GMT ~ What to Expect From Oil Services ETFs


read full: http://finance.yahoo.com/news/expect-oil-services-etfs-130044482.html
*********************************************************

Fri, 24 Apr 2015 18:06:09 GMT ~ IMF Hikes the Eurozone’s 2015 Growth Forecast to 1.5%


read full: http://finance.yahoo.com/news/imf-hikes-eurozone-2015-growth-180609241.html
*********************************************************

Fri, 24 Apr 2015 16:31:03 GMT ~ How To Spot An Undervalued Oil Company


read full: http://finance.yahoo.com/news/spot-undervalued-oil-company-163103711.html
*********************************************************

Fri, 17 Apr 2015 15:07:48 GMT ~ Blue Harbour Eliminates Its Position in Nabors Industries


read full: http://finance.yahoo.com/news/blue-harbour-eliminates-position-nabors-150748352.html
*********************************************************

$DO charts

basic chart ## source: stockcharts.com



basic chart ## source: stockscores.com



big daily chart ## source: stockcharts.com



big weekly chart ## source: stockcharts.com



$DO company information

## source: otcmarkets.com

Link: http://www.otcmarkets.com/stock/DO/company-info
Ticker: $DO
OTC Market Place: Not Available
CIK code: 0000949039
Company name: Diamond Offshore Drilling, Inc.
Incorporated In: DE, USA

$DO share structure

## source: otcmarkets.com

Market Value: $4,590,340,180 a/o Apr 30, 2015
Shares Outstanding: 137,147,899 a/o Feb 16, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.01

$DO extra dd links

Company name: Diamond Offshore Drilling, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/DO/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/DO/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=DO+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=DO+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=DO+Industry

## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/DO/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/DO/news - http://finance.yahoo.com/q/h?s=DO+Headlines

## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/DO/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/DO/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/DO/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/DO/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/DO/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/DO/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/DO/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/DO/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=DO+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/DO
DTCC (dtcc.com): http://search2.dtcc.com/?q=Diamond+Offshore+Drilling%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Diamond+Offshore+Drilling%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Diamond+Offshore+Drilling%2C+Inc.&x=0&y=0

## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/DO/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/DO
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/DO/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/DO/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/DO/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000949039&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/DO/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/DO/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/DO/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/DO/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=DO&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=DO
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/DO/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=DO+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=DO+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=DO
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=DO
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=DO+Cash+Flow&annual

## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/DO/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=DO+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/DO.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=DO
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/DO/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/DO/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/DO/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/DO/insider-transactions

## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/DO
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/DO
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/DO:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=DO
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=DO



$DO DD Notes ~ http://www.ddnotesmaker.com/DO

[Alpha Investor]

Holy crap I have no holdings in oil/gas and I am very lucky to have not had any. DO has been on my watch for a while just never got around to executing on this. I am waiting till after December when stocks IMO take a nasty dive after QE ends but I very much want a piece of this co

[mutjin]

I had the 47.50 calls and sold them too early but still nice profit on earnings!

[johnsyn]

Diamond Offshore Declares Special Cash Dividend of $0.75 per Share
Thu July 25, 2013 6:00 AM | about: DO

NEWS PROVIDED BY:
PR Newswire

HOUSTON, July 25, 2013 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) announced today that the Company has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on September 3, 2013 to shareholders of record on August 6, 2013.

(Logo: http://photos.prnewswire.com/prnh/20130725/NY53104LOGO-b )

The Board reiterated its stated policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis. Any determination to declare a special dividend, as well as the amount of any special dividend that may be declared, will be based on the Company's financial position, earnings, earnings outlook, capital spending plans and other relevant factors at that time.

[ChuckD-MSB]

Bought some June $70.25 calls today

[johnsyn]

6:05 AM Diamond Offshore (DO): Q1 EPS of $1.27 beats by $0.13. Revenue of $730M beats by $17.34M.

[johnsyn]

$.875 DIVIE coming up! 6:25 AM Diamond Offshore Drilling, Inc. (DO) declares $0.125/share quarterly dividend, in line with previous. Forward yield 0.73%. For shareholders of record May 07. Payable June 03. Ex-div date May 03. The board declares special dividend of $0.75/share, payable with regular dividend.

[Timothy Smith]

Bet the sector! :)

[johnsyn]

Long too, glad I have both it and it's main competitor, easier than just picking one, LOL.

[Timothy Smith]

I am long $DO here and glad to see the ongoing dividend guidance.

[johnsyn]

Diamond Offshore Declares Special Cash Dividend of $0.75 per Share
Tue February 5, 2013 6:00 AM | about: DO

NEWS PROVIDED BY:
Business Wire

Also Declares Regular Cash Dividend of $0.125 per Share

HOUSTON--(BUSINESS WIRE)-- Diamond Offshore Drilling, Inc. (NYSE: DO) announced today that the Company has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on March 1, 2013 to shareholders of record on February 19, 2013.

The Board reiterated its stated policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis. Any determination to declare a special dividend, as well as the amount of any special dividend that may be declared, will be based on the Company's financial position, earnings, earnings outlook, capital spending plans and other relevant factors at that time.

ABOUT DIAMOND OFFSHORE (DO)

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling. Diamond Offshores fleet of offshore drilling rigs consists of 30 semisubmersibles, seven jack-ups and one drillship, in addition to four ultra-deepwater drillships and two deepwater semisubmersibles currently under construction. For additional information and access to SEC filings, please visit the Companys website at www.diamondoffshore.com. Diamond Offshore is a 50.4% owned subsidiary of Loews Corporation.

FORWARD-LOOKING STATEMENTS

Statements contained in this press release which are not historical facts are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those 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 Companys overall business and financial performance can be found in the Companys reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Companys website www.diamondoffshore.com. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. 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 Companys expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

[Timothy Smith]

At Diamond Offshore, earnings per share peaked at $9.89 in 2009 before retreating to $4.63 in 2012.

However, this year may be the trough for earnings. Analysts are projecting a return to earnings growth in FY13, with consensus looking for a 14% lift to $5.27.

This would mark the most substantial percentage gain in earnings since 2008.

[Timothy Smith]

Nice and steady. Market looks like its ready to go to the next level.

[johnsyn]

3:18 PM Recent deals struck by Diamond Offshore (DO +1.8%) and Noble (NE +4.3%) paint a picture of a market in which deepwater oil rigs will be in high demand for years, while other drilling segments may end up being too well supplied. DO predicts as many as 40 deepwater rigs in the Gulf of Mexico next year, vs. 31 now; both firms expect ultra-deepwater rates to keep heading higher.

[johnsyn]

http://seekingalpha.com/article/932971-diamond-offshore-drilling-management-discusses-q3-2012-results-earnings-call-transcript

[johnsyn]

6:39 AM Diamond Offshore Drilling (DO) declares $0.125/share quarterly dividend, in line with previous. Forward yield 0.72%. For shareholders of record Nov 01. Payable Dec 03. Ex-div date Oct 30. Additionally, the company has declared special dividend of $0.75/share payable with regular dividend.

[johnsyn]

3:21 PM Offshore drilling is in a "very, very strong” position thanks to global rig demand and the booming oil and gas E&P business, Diamond Offshore (DO -1.9%) chairman James Tisch tells CNBC. Dayrates for sixth-generation rigs have risen from $400K/day a few years ago to $550K-$600K now, he says; natural gas is “transformative for our economy."

[johnsyn]

12:21 PM Midwater rigs are in a sweet spot, Credit Suisse says, as increasing demand coupled with tight supply should push dayrates higher into 2014. Transocean (RIG), Diamond Offshore (DO) and Ensco (ESV) have the most midwater exposure, with 12, nine and five rigs respectively rolling off contract through 2014.

[johnsyn]

earnings call transcript http://seekingalpha.com/article/733761-diamond-offshore-drilling-management-discusses-q2-2012-results-earnings-call-transcript?source=email_rt_article_title&ifp=0

[Timothy Smith]

Diamond Offshore Announces Second Quarter 2012 Results

Jul 19, 2012 5:00:00 AM
Copyright Business Wire 2012
HOUSTON--(BUSINESS WIRE)-- Diamond Offshore Drilling, Inc. (NYSE:DO) today reported net income for the second quarter of 2012 of $201.5 million, or $1.45 per share on a diluted basis, compared with net income of $266.6 million, or $1.92 per share on a diluted basis, in the same period a year earlier. Revenues in the second quarter of 2012 were $738.2 million, compared with revenues of $889.5 million for the second quarter of 2011.

Results for the quarter included an after-tax gain of approximately $50.5 million, or $0.36 per share, related to the sale of five jack-up rigs. These transactions included the sale of the Ocean Sovereign for $38.5 million cash, in addition to the previously announced sales of the Ocean Heritage, Ocean Drake, Ocean Crusader and Ocean Champion. The reduction in the Company’s overall effective tax rate for the quarter, compared to the previous quarter, resulted primarily from the low effective tax rate associated with these sales transactions.

Since the first quarter of 2012, the Company put in place 14 new agreements that are expected to generate maximum total revenue of approximately $1.1 billion and 10 rig-years of contract drilling backlog. Significant among these awarded contracts are the following:

The Ocean Onyx was awarded a one-year contract with Apache Deepwater LLC, a subsidiary of Apache Corporation, at a rate of $490,000 per day. The rig will work in the U.S. Gulf of Mexico upon its completion and delivery from the shipyard in 3Q of 2013.
The Ocean Vanguard was extended with Statoil by 20 months to continue operating in the Norwegian sector of the North Sea into March of 2015. The new rate will be $450,000 per day, up from the previous rate of $352,000 per day.
The Ocean Nomad was awarded a two-year contract with Dana Petroleum to work in the U.K. North Sea until June of 2015. The rate will be $330,000 per day.
The Ocean Guardian was extended with Shell for one year at a rate of $350,000 per day to continue working in the U.K. North Sea until July of 2015. The current rate is $263,000 per day.
“Our contract announcements reflect the continued strength in deep and mid-water markets,” said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore. “In particular, we are pleased with the award for the Ocean Onyx, our deepwater semisubmersible rig currently under construction. The Company is currently evaluating another potential project that would deliver a rig with enhanced capabilities, similar to the Ocean Onyx.”

“Over the past several quarters, our results have also benefitted from our ongoing efforts to control costs and reduce unanticipated rig downtime,” said Dickerson. “During the second quarter, we continued to execute on these initiatives, which contributed to our strong operating results.”

CONFERENCE CALL

Diamond Offshore will host a conference call to discuss first quarter results on Thursday, July 19, 2012 beginning at 9:00 a.m. CDT. A live webcast of the call will be available online on the Company’s website, www.diamondoffshore.com. Those interested in participating in the question and answer session should dial 800-247-9979, or 973-321-1100 for international callers. The conference ID number is 93863487. An online replay will also be available on www.diamondoffshore.com following the call.

ABOUT DIAMOND OFFSHORE

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling. Diamond Offshore’s fleet of offshore drilling rigs consists of 31 semisubmersibles, seven jack-ups, and one drillship, in addition to four ultra-deepwater drillships and one deepwater semisubmersible currently under construction. For additional information and access to SEC filings, please visit the Company’s website at www.diamondoffshore.com. Diamond Offshore is a 50.4% owned subsidiary of Loews Corporation (NYSE:L).

FORWARD-LOOKING STATEMENTS

Maximum contract revenue as stated above assumes 100% rig utilization. Generally, rig utilization rates approach 92-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs, maintenance and weather. Additional information on Diamond Offshore Drilling, Inc. (“the Company”) and access to the Company’s SEC filings is available on the Internet at www.diamondoffshore.com.

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 revenues and backlog, future performance under contract awards and extensions, future operations and dayrates, delivery of the Ocean Onyx from the shipyard, market outlook and future market conditions, future rig construction and future contracting opportunities. 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 Securities and Exchange Commission and readers of this press release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website at www.diamondoffshore.com. These factors include, among others, general economic and business conditions, contract cancellations, customer bankruptcy, operating risks, casualty losses, industry fleet capacity, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preferences and various other matters, many of which are beyond the Company’s control. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this press release. 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 OPERATIONS
(Unaudited)
(In thousands, except per share data)

Three Months Ended


Six Months Ended

June 30,


June 30,

2012 2011 2012 2011

Revenues:
Contract drilling $ 726,261 $ 869,646 $ 1,481,416 $ 1,658,519
Revenues related to reimbursable expenses 11,927 19,850 25,414 37,366
Total revenues 738,188 889,496 1,506,830 1,695,885

Operating expenses:
Contract drilling, excluding depreciation 405,252 388,006 802,354 750,370
Reimbursable expenses 11,637 19,287 24,788 36,237
Depreciation 99,469 101,175 200,862 202,348
General and administrative 18,741 16,372 36,327 34,097
Bad debt recovery (400 ) (1,700 ) (1,018 ) (10,147 )
Gain on disposition of assets (53,695 ) (1,240 ) (79,077 ) (3,881 )
Total operating expenses 481,004 521,900 984,236 1,009,024

Operating income 257,184 367,596 522,594 686,861

Other income (expense):
Interest income 1,496 1,091 3,279 1,541
Interest expense (12,731 ) (22,226 ) (28,060 ) (44,270 )
Foreign currency transaction gain (loss) 1,083 (1,555 ) 979 (3,161 )
Other, net (274 ) (880 ) (599 ) (96 )

Income before income tax expense 246,758 344,026 498,193 640,875

Income tax expense (45,297 ) (77,440 ) (111,563 ) (123,677 )

Net Income $ 201,461 $ 266,586 $ 386,630 $ 517,198

Income per share:
Basic $ 1.45 $ 1.92 $ 2.78 $ 3.72
Diluted $ 1.45 $ 1.92 $ 2.78 $ 3.72

Weighted average shares outstanding:
Shares of common stock 139,029 139,027 139,028 139,027
Dilutive potential shares of common stock 11 25 11 25
Total weighted average shares outstanding

139,040 139,052 139,039 139,052
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(Unaudited)
(In thousands)

Three Months Ended
Jun 30, Mar 31, Jun 30,
2012 2012 2011

REVENUES
Floaters:
Ultra-Deepwater $ 233,071 $ 244,589 $ 233,271
Deepwater 142,565 146,003 192,791
Mid-water 310,462 318,595 383,067
Total Floaters 686,098 709,187 809,129
Jack-ups 40,163 45,968 60,512
Other -- -- 5
Total Contract Drilling Revenue $ 726,261 $ 755,155 $ 869,646

Revenues Related to Reimbursable Expenses
$

11,927


$

13,487


$

19,850



CONTRACT DRILLING EXPENSE
Floaters:
Ultra-Deepwater $ 137,087 $ 139,961 $ 132,907
Deepwater 68,653 58,594 59,658
Mid-water 160,642 162,779 149,773
Total Floaters 366,382 361,334 342,338
Jack-ups 29,240 31,443 38,552
Other 9,630 4,325 7,116
Total Contract Drilling Expense $ 405,252 $ 397,102 $ 388,006

Reimbursable Expenses $ 11,637 $ 13,151 $ 19,287

OPERATING INCOME
Floaters:
Ultra-Deepwater $ 95,984 $ 104,628 $ 100,364
Deepwater 73,912 87,409 133,133
Mid-water 149,820 155,816 233,294
Total Floaters 319,716 347,853 466,791
Jack-ups 10,923 14,525 21,960
Other (9,630 ) (4,325 ) (7,111 )
Reimbursable expenses, net 290 336 563
Depreciation (99,469 ) (101,393 ) (101,175 )
General and administrative expense (18,741 ) (17,586 ) (16,372 )
Bad debt recovery 400 618 1,700
Gain on disposition of assets 53,695 25,382 1,240
Total Operating Income $ 257,184 $ 265,410 $ 367,596
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

June 30, December 31,
2012 2011
(unaudited)
ASSETS

Current assets:
Cash and cash equivalents $ 376,359 $ 333,765

Marketable securities 975,947 902,414

Accounts receivable, net of allowance for bad debts 532,302 563,934

Prepaid expenses and other current assets 160,012 192,570

Total current assets 2,044,620 1,992,683

Drilling and other property and equipment, net of accumulated depreciation

4,780,747 4,667,469

Other assets 257,530 304,005
Total assets $ 7,082,897 $ 6,964,157

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities $ 392,458 $ 427,291

Long-term debt 1,495,943 1,495,823

Deferred tax liability 535,965 536,815

Other liabilities 176,539 171,165

Stockholders’ equity 4,481,992 4,333,063

Total liabilities and stockholders’ equity $ 7,082,897 $ 6,964,157
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
AVERAGE DAYRATES AND UTILIZATION
(Dayrate in thousands)

Second Quarter First Quarter Second Quarter
2012 2012 2011
Dayrate Utilization Dayrate Utilization Dayrate Utilization
Ultra-Deepwater Floaters $354 89% $364 85% $340 92%
Deepwater Floaters $372 83% $359 88% $422 98%
Mid-Water Floaters $262 66% $266 65% $265 77%
Jack-Ups $94 49% $87 44% $82 60%


Diamond Offshore Drilling, Inc.

Darren Daugherty, Director, Investor Relations, 281-492-5370

Source: Diamond Offshore Drilling, Inc.


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Diamond Offshore Drilling
Inc.

Darren Daugherty
Director

Investor Relations
281-492-5370