USA: Diamond Offshore 3Q Net Income Up

USA: Diamond Offshore 3Q Net Income Up

Diamond Offshore Drilling, Inc. yesterday reported net income for the third quarter of 2011 of $256.9 million, or $1.85 per share on a diluted basis, compared with net income of $198.5 million, or $1.43 per share on a diluted basis, in the same period a year earlier. Revenues in the third quarter of 2011 were $878.2 million, compared with revenues of $799.7 million in the third quarter of 2010.

“Additionally, results benefited from revenues related to the mobilization of a rig from Brazil to the Gulf of Mexico and a shift of some planned downtime into the fourth quarter.”

“We are pleased with our third quarter results, which reflect continued strength in the market,” said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore. “Since the second quarter, we have added 14 new contracts, totaling 18 rig years or $1.4 billion of revenue backlog.”

“We continue to execute on initiatives to contain operating costs and minimize unplanned rig repair downtime,” said Dickerson. “Additionally, results benefited from revenues related to the mobilization of a rig from Brazil to the Gulf of Mexico and a shift of some planned downtime into the fourth quarter.”

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling.

Source:Diamond Offshore , October 21, 2011

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