HOUSTON -- Diamond Offshore Drilling, Inc. (NYSE:DO) today reported net income for the second quarter of 2011 of $266.6 million, or $1.92 per share on a diluted basis, compared with net income of $224.4 million, or $1.61 per share on a diluted basis, in the same period a year earlier. Revenues in the second quarter of 2011 were $889.5 million, compared with revenues of $822.6 million for the second quarter of 2010.
For the six months ended June 30, 2011, the Company reported net income of $517.2 million, or $3.72 per share on a diluted basis, compared with net income of $515.2 million, or $3.70 per share on a diluted basis, for the same period in 2010. Revenue for the six months ended June 30, 2011 was $1.7 billion, essentially identical with $1.7 billion for the first six months of 2010.
In addition, in the past 45 days the Company has put in place 10 new agreements that are expected to generate combined maximum total revenue of approximately $1 billion and represent over 14 years of contract drilling backlog. Significant among these agreements:
* Petrobras has given notice of its intent to exercise a right to convert the Ocean Baroness and Ocean Valor contracts from three years to five years, in return for which the Company will lower each dayrate by $10,000. The two rigs are expected to earn additional combined maximum total revenue of approximately $500 million, excluding any potential performance bonus payments.
* The Company has reached agreement with OGX to extend both the Ocean Quest and Ocean Star contracts in Brazil by one year. The extensions are expected to result in combined maximum total revenue of approximately $200 million.
* The Ocean Yorktown has received a letter of award for a 930-day contract with Pemex in Mexico commencing mid-November 2011 that is expected to earn maximum total revenue of approximately $171 million. The unit is currently under contract to Petrobras in Brazil, but under mutually agreed terms will demobe to Mexico as soon as practical. The remaining days of the Yorktown contract with Petrobraswill be added to the Ocean Concord contract.
* The jack-up Ocean Summit has received a letter of award for a 985-day contract with Pemex in Mexico commencing in late February 2012 that is expected to earn maximum total revenue of approximately $85 million.
* The jack-up Ocean Titan has received a letter of award for a 777-day contract with Pemex in Mexico commencing in mid-November 2011 that is expected to earn maximum total revenue of approximately $80 million.
Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling.
Maximum contract revenue as stated above assumes 100% rig utilization. Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs, maintenance and weather.
Additional information on Diamond Offshore and access to the Company's SEC filings is available on the Internet at www.diamondoffshore.com.
As previously announced, Diamond Offshore will provide a simulcast and rebroadcast of its second quarter 2011 earnings release conference call. The live broadcast of our quarterly conference call will be available online at www.diamondoffshore.com on July 21, 2011 beginning at 9:00 a.m. Central Daylight Time. The online replay will follow immediately and continue for the remainder of the calendar quarter after the original call. Please go to the website at least 15 minutes before the broadcast to register, download and install any necessary audio software.
Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website www.diamondoffshore.com. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
| DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2011 | 2010 | 2011 | 2010 | |||||||||||||
| Revenues: | ||||||||||||||||
| Contract drilling | $869,646 | $811,739 | $1,658,519 | $1,656,177 | ||||||||||||
| Revenues related to reimbursable expenses | 19,850 | 10,864 | 37,366 | 26,107 | ||||||||||||
| Total revenues | 889,496 | 822,603 | 1,695,885 | 1,682,284 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Contract drilling, excluding depreciation | 388,006 | 351,769 | 750,370 | 657,996 | ||||||||||||
| Reimbursable expenses | 19,287 | 10,379 | 36,237 | 25,084 | ||||||||||||
| Depreciation | 101,175 | 100,746 | 202,348 | 198,148 | ||||||||||||
| General and administrative | 16,372 | 16,849 | 34,097 | 33,503 | ||||||||||||
| Bad debt recovery | (1,700) | (2,798) | (10,147) | (3,898) | ||||||||||||
| Gain on disposition of assets | (1,240) | (149) | (3,881) | (1,033) | ||||||||||||
| Total operating expenses | 521,900 | 476,796 | 1,009,024 | 909,800 | ||||||||||||
| Operating income | 367,596 | 345,807 | 686,861 | 772,484 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 1,091 | 477 | 1,541 | 1,759 | ||||||||||||
| Interest expense | (22,226) | (21,333) | (44,270) | (43,654) | ||||||||||||
| Foreign currency transaction loss | (1,555) | (3,991) | (3,161) | (3,530) | ||||||||||||
| Other, net | (880) | (34) | (96) | (121) | ||||||||||||
| Income before income tax expense | 344,026 | 320,926 | 640,875 | 726,938 | ||||||||||||
| Income tax expense | (77,440) | (96,533) | (123,677) | (211,692) | ||||||||||||
| Net Income | $266,586 | $224,393 | $517,198 | $515,246 | ||||||||||||
| Income per share: | ||||||||||||||||
| Basic | $1.92 | $1.61 | $3.72 | $3.71 | ||||||||||||
| Diluted | $1.92 | $1.61 | $3.72 | $3.70 | ||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Shares of common stock | 139,027 | 139,026 | 139,027 | 139,026 | ||||||||||||
| Dilutive potential shares of common stock | 25 | 53 | 25 | 78 | ||||||||||||
| Total weighted average shares outstanding | 139,052 | 139,079 | 139,052 | 139,104 |
| DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS (Unaudited) (In thousands) | ||||||||
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2011 | 2010 | |||||||
| REVENUES | ||||||||
| High Specification Floaters | $452,289 | $340,387 | ||||||
| Intermediate Semisubmersibles | 356,840 | 389,094 | ||||||
| Jack-ups | 60,512 | 82,223 | ||||||
| Other | 5 | 35 | ||||||
| Total Contract Drilling Revenue | $869,646 | $811,739 | ||||||
| Revenues Related to Reimbursable Expenses | $19,850 | $10,864 | ||||||
| CONTRACT DRILLING EXPENSE | ||||||||
| High Specification Floaters | $203,459 | $134,500 | ||||||
| Intermediate Semisubmersibles | 138,879 | 157,446 | ||||||
| Jack-ups | 38,552 | 51,717 | ||||||
| Other | 7,116 | 8,106 | ||||||
| Total Contract Drilling Expense | $388,006 | $351,769 | ||||||
| Reimbursable Expenses | $19,287 | $10,379 | ||||||
| OPERATING INCOME | ||||||||
| High Specification Floaters | $248,830 | $205,887 | ||||||
| Intermediate Semisubmersibles | 217,961 | 231,648 | ||||||
| Jack-ups | 21,960 | 30,506 | ||||||
| Other | (7,111) | (8,071) | ||||||
| Reimbursable expenses, net | 563 | 485 | ||||||
| Depreciation | (101,175) | (100,746) | ||||||
| General and administrative expense | (16,372) | (16,849) | ||||||
| Bad debt recovery | 1,700 | 2,798 | ||||||
| Gain on disposition of assets | 1,240 | 149 | ||||||
| Total Operating Income | $367,596 | $345,807 |
| DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2011 | 2010 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $279,876 | $464,393 | ||||||
| Marketable securities | 700,486 | 612,346 | ||||||
| Accounts receivable, net of allowance for bad debts | 592,157 | 609,606 | ||||||
| Prepaid expenses and other | 196,689 | 177,153 | ||||||
| Total current assets | 1,769,208 | 1,863,498 | ||||||
| Drilling and other property and equipment, net of | ||||||||
| accumulated depreciation | 4,159,542 | 4,283,792 | ||||||
| Long-term receivable | -- | 35,361 | ||||||
| Construction deposits | 478,320 | 154,427 | ||||||
| Other assets | 323,553 | 389,906 | ||||||
| Total assets | $6,730,623 | $6,726,984 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | $370,059 | $626,288 | ||||||
| Long-term debt | 1,495,707 | 1,495,593 | ||||||
| Deferred tax liability | 527,903 | 542,258 | ||||||
| Other liabilities | 197,357 | 201,133 | ||||||
| Stockholders' equity | 4,139,597 | 3,861,712 | ||||||
| Total liabilities and stockholders' equity | $6,730,623 | $6,726,984 |
| DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES AVERAGE DAYRATES AND UTILIZATION | ||||||||||||||
| Second Quarter | First Quarter | Second Quarter | ||||||||||||
| 2011 | 2011 | 2010 | ||||||||||||
| Dayrate | Utilization | Dayrate | Utilization | Dayrate | Utilization | |||||||||
| (Dayrate in thousands) | ||||||||||||||
| High Specification Floaters | $364 | 94% | $339 | 81% | $373 | 69% | ||||||||
| Intermediate Semis | $266 | 76% | $273 | 80% | $269 | 82% | ||||||||
| Jack-ups | $82 | 60% | $82 | 47% | $85 | 76% |
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