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Diamond Offshore Announces First Quarter 2012 Results

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johnsyn   Thursday, 04/19/12 07:01:07 AM
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Diamond Offshore Announces First Quarter 2012 Results
Diamond Offshore Drilling (NYSE:DO)
Today : Thursday 19 April 2012
Diamond Offshore Drilling, Inc. (NYSE:DO) today reported net income for the first quarter of 2012 of $185.2 million, or $1.33 per share on a diluted basis, compared with net income of $250.6 million, or $1.80 per share on a diluted basis, in the same period a year earlier. Revenues in the first quarter of 2012 were $768.6 million, compared with revenues of $806.4 million for the first quarter of 2011. The sale of the jack-up rig Ocean Columbia was completed during the quarter, resulting in an after-tax gain of approximately $16 million, or $0.12 per share.
“Our ongoing efforts to control costs and maximize operating efficiency, expressed in terms of minimal rig downtime, enabled us to achieve favorable operating results for the quarter,” said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore. “Our systems and employees continue to perform for our customers and shareholders.”
“Looking ahead, we are optimistic about future contracting opportunities for our fleet, given the continuing market strength in the offshore drilling industry,” noted Dickerson.
CONFERENCE CALL
Diamond Offshore will host a conference call to discuss first quarter results on Thursday, April 19, 2012 beginning at 9:00 a.m. CDT. A live webcast of the call will be available online on our 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 65195830. 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 32 semisubmersibles, 12 jack-ups, and one drillship, in addition to three ultra-deepwater drillships 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).



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