Diamond Offshore Earns $176 Mln in 1Q 2013 (USA)

Diamond Offshore Drilling, Inc. today reported net income for the first quarter of 2013 of $176 million, or $1.27 per share on a diluted basis, compared with net income of $185 million, or $1.33 per share on a diluted basis, in the same period a year earlier.

Revenues in the first quarter of 2013 were $730 million, compared with revenues of $769 million in the prior-year quarter. Results for the prior-year quarter included the sale of the jack-up rig Ocean Columbia, which yielded an after-tax gain of approximately $16 million, or $0.12 per share.

“We are pleased with the first-quarter results, which reflect our ongoing success at containing operating expenses,” said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore.

“We have recently signed a new commitment for the Ocean Saratoga in Nicaragua at a rate of $320,000 per day, which we believe highlights the continuing demand for our mid-water semisubmersibles,” said Dickerson. “Along with our previously announced contract for the Ocean Nomad in Latvia, this commitment demonstrates how new markets can generate additional demand for this segment of our fleet.”

“Additionally, we are proud that Diamond Offshore was recently recognized by EnergyPoint Research in its 2012 customer satisfaction survey as No. 1 in two important categories: Deepwater Drilling and Latin America & Mexico.”

April 25, 2013

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