USA:First Quarter Net Income of Diamond Offshore $290 Million

Diamond Offshore Drilling has reported a net income for the first quarter of 2010 of US$290.9 million, or US$2.09 per share on a diluted basis, compared with net income of US$348.6 million, or US$2.51 per share on a diluted basis, in the same period a year earlier.

Revenues in the first quarter of 2010 were US$859.7 million, compared with revenues of US$885.7 million for the first quarter of 2009.

In addition, the company has announced its regular quarterly dividend of US$0.125 per share of common stock, and a special dividend of US$1.375 per share of common stock. The special dividend represents a reduction of US$0.50 per share from the previous special dividend, reflecting current and anticipated industry conditions, including a decline in renewal contract dayrates from peak levels.

The company also said that it considers it prudent at this time to retain cash for potential rig acquisition opportunities and other corporate purposes.

Diamond Offshore Drilling, Inc., a leading deepwater drilling contractor, owns and operates one of the largest fleets of offshore drilling units in the world. The company’s diverse fleet consists of 32 semisubmersibles, 14 jack-ups and one dynamically positioned drillship.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. Configured to achieve the optimum balance of flexibility and performance, Diamond Offshore’s fleet has built its reputation on more than four decades of real-world global drilling experience. Its crews have honed their skills in the harshest environments. From the North Sea, the Gulf of Alaska, the Straits of Magellan, the south China Sea and Australia’s Bass Strait, Diamond Offshore’s industry veterans know how to meet the most formidable challenges.

Diamond Offshore employs approximately 5,500 men and women worldwide to offer a complete spectrum of offshore drilling services tailored to our customers’ needs. Headquartered in Houston, Texas, the Company also maintains primary regional offices in Australia, Brazil, and Scotland, with local offices in other countries as required to support operations

Source: Diamondoffshore,April 23, 2010;

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