Diamond Offshore makes $90M in Q2

Diamond Offshore Drilling, Inc. has reported net income of $90 million, or $0.65 per share, for the second quarter of 2014, compared with net income of $185 million, or $1.33 per share, in the same period a year earlier.

Revenues in the second quarter of 2014 were $692 million, compared with revenues of $758 million in the prior-year quarter.

Net income for the quarter included $0.08 per share received from Niko Resources Ltd. related to a previously announced settlement agreement. Results also included a gain of $0.05 per share from the sale of the jack-up rig Ocean Spartan during the second quarter. Offsetting these items was a negative impact of $0.14 per share related to customer cancellation of the Ocean Vanguard contract.

“During the quarter, the first of our four newbuild drillships, the Ocean BlackHawk, commenced operations in the Gulf of Mexico,” said Marc Edwards, President and Chief Executive Officer.

“During 2014, Diamond Offshore will have added five very capable assets to its fleet, three new drillships and two semi-submersibles, with a fourth drillship to be delivered in early 2015.”

“We retain a strong credit rating and a healthy balance sheet,” added Mr. Edwards. “Diamond Offshore remains well positioned to navigate through the current market cycle.”

Related: Diamond Offshore 1Q profit at $146M. CEO pleased

 

Press Release, July 24, 2014

 

 

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