DO - Diamond Offshore: 1Q07 Results & Contract Awards
Diamond Offshore Thursday, April 26, 2007
Diamond Offshore Drilling, Inc. (NYSE:DO) reported net income for the first quarter of 2007 of $224.1 million, or $1.64 per share on a diluted basis, compared with net income of $145.3 million, or $1.06 per share on a diluted basis, in the same period a year earlier. Revenues for the first quarter of 2007 were $608.2 million, compared with revenues of $447.7 million for the first quarter of 2006.
Additionally, three of Diamond Offshore's mid-water semisubmersibles have received new term commitments.
The Ocean Whittington and the Ocean Yorktown have each received notification of award for five-year term contracts with Petrobras in Brazil. The Whittington could earn maximum total revenue of approximately $409 million, excluding mobilization fee and a potential performance bonus of 15%, and is expected to begin work in Brazil in the third quarter of 2007. The Yorktown could earn maximum total revenue of approximately $427 million, excluding mobilization fee and a potential performance bonus of 15%, and is expected to begin work in Brazil in the first quarter of 2008.
In the Gulf of Mexico, the Ocean Saratoga, has received a six-month contract extension with LLOG. The contract extension for the rig could provide maximum total revenue of approximately $55 million and is expected to begin in the third quarter of 2007
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