USA: Diamond Offshore 1Q 2011 Net Profit Down by USD 40.3 Million

Diamond Offshore Drilling, Inc. today reported net income for the first quarter of 2011 of $250.6 million, or $1.80 per share on a diluted basis, compared with net income of $290.9 million, or $2.09 per share on a diluted basis, in the same period a year earlier.

Revenues in the first quarter of 2011 were $806.4 million, compared with revenues of $859.7 million for the first quarter of 2010.

Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the oil and gas industry. The company’s headquarters are located in Houston, Texas, but they have offices in Metairie, Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and the Netherlands. Diamond Offshore’s beginnings can be traced back to the earliest days of the offshore drilling industry. Its predecessor companies were ODECO, Zapata Corporation, and Diamond M Drilling Co.

In 1992, Diamond M Corporation purchased all of the outstanding stock of ODECO Drilling Inc. from ODECO Oil and Gas Co., a subsidiary of Murphy Oil. Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993. Diamond Offshore began trading on the New York Stock Exchange in October 1995 and acquired Arethusa (Offshore) Ltd. in April 1996. As of 2009, Diamond Offshore Drilling operates around 47 drilling rigs in all areas of the world.

Source: Diamond Offshore, April 21,2011

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