![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Diamond Offshore Drilling Inc (PK) | USOTC:DODRW | OTCMarkets | Equity Warrant |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.05 | 0.04 | 0.15 | 0.05 | 0.04 | 0.05 | 4,866 | 21:00:01 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission file number) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices, including Zip Code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class |
Trading |
Name of each exchange | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On May 7, 2024, Diamond Offshore Drilling, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2024. A copy of the press release is furnished herewith as Exhibit 99.1.
Item 7.01. Regulation FD Disclosure
A conference call to discuss the Company’s first quarter 2024 earnings results and update on operations has been scheduled for 8:00 a.m. Central Time on May 8, 2024. The information for accessing the conference call is included in the press release.
The Company hereby incorporates by reference into this Item 7.01 the summary report of the status, as of May 7, 2024, of the Company’s offshore drilling rigs attached as Exhibit 99.2.
The information contained in Items 2.02 and 7.01 and Exhibits 99.1 and 99.2 to this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any previous or future registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), unless specifically identified therein as being incorporated by reference.
Statements in this report and statements in the press release furnished as Exhibit 99.1 to this report or the rig status report furnished as Exhibit 99.2 to this report, and statements made during the conference call described in this report, in each case that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements may include, but are not limited to, statements concerning future contract effectiveness and estimated duration; expectations regarding rig downtime, reactivation, upgrades and capital expenditures, equipment recovery and repair cost and efforts, insurance claims and recoveries, surveys, retirements, availability, utilization, scrapping, impairments, backlog and revenue expected to result from backlog, future revenue, operating costs and performance; future liquidity and financial condition, market conditions, commodity prices and strategic opportunities; contract noncompliance by customers and other third parties; outcomes of customer discussions; future impact of regulations; and other statements that are not of historical fact. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those currently anticipated or expected by management of the Company. A discussion of certain of the 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 report are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website at www.diamondoffshore.com. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating and equipment recovery risks, litigation and disputes, permits and approvals for drilling operations, the novel coronavirus (COVID-19) pandemic and related disruptions to the global economy, supply chain and normal business operations across sectors and countries,
2
changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, casualty losses, and various other factors, many of which are beyond the Company’s control. Given these risk factors and other considerations, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of such statement, and 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.
In addition, information contained in this report is as of the date of this report. There can be no assurance as to future developments, as future events could differ materially from those anticipated. Forward-looking statements are not guarantees of future performance or developments and involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such statements.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
Exhibit number |
Description | |
99.1 | Press Release dated May 7, 2024 | |
99.2 | Rig Status Report as of May 7, 2024 | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 8, 2024 | DIAMOND OFFSHORE DRILLING, INC. | |||||
By: | /s/ David L. Roland | |||||
David L. Roland | ||||||
Senior Vice President, General Counsel and Secretary |
4
Exhibit 99.1
|
Contact: Kevin Bordosky Senior Director, Investor Relations (281) 647-4035 |
Diamond Offshore Reports First Quarter 2024 Results
| Secured $731 million in contract awards year to date, including $713 million in Q1 |
| Total backlog was $1.9 billion as of April 1, 2024 |
| Ocean GreatWhite repairs progressing well; expected back on location in the first half of June |
| Secured marketing rights for 3 high-specification 7th generation drillships |
HOUSTON, May 7, 2024 Diamond Offshore Drilling, Inc. (NYSE: DO) today reported the following results for the first quarter of 2024:
Three Months Ended | ||||||||
Thousands of dollars, except per share data |
March 31, 2024 | December 31, 2023 | ||||||
Total revenues |
$ | 274,610 | $ | 297,637 | ||||
Operating income |
21,813 | 44,915 | ||||||
Net income (loss) |
11,612 | (145,702 | ) | |||||
Income (loss) per diluted share |
0.11 | (1.42 | ) | |||||
Adjusted operating income |
31,813 | 44,915 | ||||||
Adjusted EBITDA (1) |
64,163 | 72,340 | ||||||
Adjusted net income (loss) |
25,434 | (145,702 | ) | |||||
Adjusted income (loss) per diluted share |
0.25 | (1.42 | ) |
(1) | Adjusted to exclude the $10 million insurance deductible associated with a claim for the Ocean GreatWhite. |
Bernie Wolford, Jr., President and Chief Executive Officer, stated, The demand landscape remains compelling for our business. The high-specification deepwater rig supply-demand balance continues to tighten, which is resulting in strong contracting conditions that have already begun to benefit our fleet. The average contract dayrate across our fleet will notably increase as we transition to our recently awarded contracts.
New Contract Awards and Marketing Rights
As previously disclosed, the Company secured $713 million in new contract awards in the first quarter, including two-year contract extensions for the Ocean BlackLion and Ocean BlackHornet in the U.S. Gulf of Mexico at leading-edge dayrates as well as additional plug and abandonment (P&A) work for the Ocean Patriot, which is currently underway.
In addition, after quarter-end, the Company signed an estimated 30-day, one-well contract for the Ocean BlackRhino, representing approximately $18 million in total contract value that will be pre-paid prior to commencement. The work is scheduled to begin immediately after the rigs Special Periodical Survey and Managed Pressure Drilling upgrade later this year.
Further, the Company has recently secured the marketing rights for three 7th generation drillships. The Company entered into an agreement with the owner of the West Dorado and West Draco to market the rigs in Brazil, Latin America, West Africa, Malaysia, and Indonesia. In addition, the Company agreed with the owner of the former West Libra, now known as the Tidal Action, to market the rig in the U.S. Gulf of Mexico.
Financial Results
Revenue for the first quarter of 2024 totaled $275 million compared to $298 million in the fourth quarter of 2023. The decrease in revenue quarter-over-quarter was primarily driven by the reduction in revenue for the Ocean GreatWhite following its equipment incident in the first quarter and the West Aurigas return to the rig owner at the end of February upon expiration of the rigs charter. The decrease in revenue was partially offset by a full quarter of revenue for the Ocean BlackHawk and Ocean Courage at higher dayrates after completion of shipyard upgrades and contract preparation work in the fourth quarter of 2023.
Contract drilling expense for the first quarter of 2024 was $184 million, a $5 million decrease from the prior quarter. The decrease in contract drilling expense was primarily due to lower charter and other operating expenses attributable to the two managed rigs and the absence of the well control equipment efficiency bonus accrued in the fourth quarter of 2023. The reduction in expense was partially offset by incremental contract drilling expense for the Ocean Courage and Ocean BlackHawk, both of which operated for the entire first quarter of 2024, and the recording of $7.6 million in insurance deductible associated with the Ocean GreatWhites equipment incident.
General and administrative expenses were flat at $19 million for both the first quarter of 2024 and the fourth quarter of 2023.
For the first quarter of 2024, the Company recognized a net tax benefit of $3.2 million compared to tax expense of $174 million for the fourth quarter of 2023. The benefit in 2024 is inclusive of a $12.2 million tax benefit on the remeasurement of uncertain tax positions due to the movement in foreign currency exchange rates. The expense in the fourth quarter of 2023 reflected the reversal of a previously recorded tax benefit earlier in 2023.
Operational Highlights
The Companys rigs continued to perform well, with six rigs achieving revenue efficiency of over 96% for the first quarter, with overall revenue efficiency for the quarter of 94% excluding the Ocean GreatWhite incident. The Ocean Courage and Ocean BlackHawk operated for the full quarter under new contracts, and the Ocean Patriot completed its campaign with Repsol and began its two-well P&A contract with Serica. The Ocean GreatWhite safely recovered the LMRP from the seabed and arrived in the Kishorn port on March 15 for repairs. The repairs are progressing well, and the rig is currently scheduled to be back on the well location in the first half of June, in-line with prior estimates.
Wolford concluded, Looking ahead, we are focused on the Ocean GreatWhite returning to work safely, securing additional backlog for our rigs, and delivering operational excellence across the fleet to maximize our cash flow generation.
CONFERENCE CALL
A conference call to discuss Diamond Offshores earnings results and an update on operations has been scheduled for 8:00 a.m. CDT on Wednesday, May 8, 2024. A live webcast of the call will be available online on the Companys website at www.diamondoffshore.com. Participants who want to join the call via telephone or want to participate in the question and answer session may register here to receive the dial-in numbers and unique PIN to access the call. An online replay will also be available on www.diamondoffshore.com following the call.
ABOUT DIAMOND OFFSHORE
Diamond Offshore is a leader in offshore drilling, providing innovation, thought leadership and contract drilling services to solve complex deepwater challenges around the globe. Additional information and access to the Companys SEC filings are available at www.diamondoffshore.com.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release and made in the referenced conference call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may include, but are not limited to, statements concerning future contract effectiveness and estimated duration; expectations regarding rig downtime, reactivation, upgrades and capital expenditures, equipment recovery and repair cost and efforts, insurance claims and recoveries, surveys, retirements, availability, utilization, scrapping, impairments, backlog and revenue expected to result from backlog, future revenue, operating costs and performance; future liquidity and financial condition, market conditions, commodity prices and strategic opportunities; contract noncompliance by customers and other third parties; outcomes of customer discussions; future impact of regulations; and other statements that are not of historical fact. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those currently anticipated or expected by management of the Company. A discussion of certain of the risk factors and other considerations that could materially impact these matters as well as the Companys overall business and financial performance can be found in the Companys reports filed with the Securities and Exchange Commission, and investors and analysts are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Companys website at www.diamondoffshore.com. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements,
operating and equipment recovery risks, litigation and disputes, permits and approvals for drilling operations, supply chain and normal business operations across sectors and countries, changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, casualty losses, and various other factors, many of which are beyond the Companys control. Given these risk factors and other considerations, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of such statement, and 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 Companys expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. In addition, information contained in this press release is as of the date of this release. There can be no assurance as to future developments, as future events could differ materially from those anticipated. Forward-looking statements are not guarantees of future performance or developments and involve known and unknown risks, uncertainties and other important factors beyond the Companys control that could cause the Companys actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such statements.
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended | ||||||||
March 31, 2024 |
December 31, 2023 |
|||||||
Revenues: |
||||||||
Contract drilling |
$ | 258,770 | $ | 279,681 | ||||
Revenues related to reimbursable expenses |
15,840 | 17,956 | ||||||
|
|
|
|
|||||
Total revenues |
274,610 | 297,637 | ||||||
|
|
|
|
|||||
Operating expenses: |
||||||||
Contract drilling, excluding depreciation |
184,205 | 188,803 | ||||||
Reimbursable expenses |
15,266 | 17,304 | ||||||
Depreciation |
31,354 | 27,705 | ||||||
General and administrative |
18,576 | 19,190 | ||||||
Loss (gain) on disposition of assets |
3,396 | (280 | ) | |||||
|
|
|
|
|||||
Total operating expenses |
252,797 | 252,722 | ||||||
|
|
|
|
|||||
Operating income |
21,813 | 44,915 | ||||||
Other income (expense): |
||||||||
Interest income |
1,774 | 1,464 | ||||||
Interest expense |
(15,346 | ) | (14,847 | ) | ||||
Foreign currency transaction gain (loss) |
231 | (2,863 | ) | |||||
Other, net |
(71 | ) | (54 | ) | ||||
|
|
|
|
|||||
Income before income tax expense |
8,401 | 28,615 | ||||||
Income tax benefit (expense) |
3,211 | (174,317 | ) | |||||
|
|
|
|
|||||
Net Income (loss) |
$ | 11,612 | $ | (145,702 | ) | |||
|
|
|
|
|||||
Income (loss) per share: |
||||||||
Basic and Diluted |
$ | 0.11 | $ | (1.42 | ) | |||
|
|
|
|
|||||
Weighted-average shares outstanding, Basic |
102,440 | 102,322 | ||||||
|
|
|
|
|||||
Weighted-average shares outstanding, Diluted |
104,740 | 102,322 | ||||||
|
|
|
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, 2024 |
December 31, 2023 |
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 162,409 | $ | 124,457 | ||||
Restricted cash |
6,832 | 14,231 | ||||||
Accounts receivable, net of allowance for credit losses |
219,923 | 254,323 | ||||||
Prepaid expenses and other current assets |
57,402 | 63,412 | ||||||
Asset held for sale |
1,000 | 1,000 | ||||||
|
|
|
|
|||||
Total current assets |
447,566 | 457,423 | ||||||
Drilling and other property and equipment, net of accumulated depreciation |
1,153,040 | 1,156,368 | ||||||
Other assets |
89,488 | 98,762 | ||||||
|
|
|
|
|||||
Total assets |
$ | 1,690,094 | $ | 1,712,553 | ||||
|
|
|
|
|||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Other current liabilities |
$ | 275,344 | $ | 296,150 | ||||
Long-term debt |
534,009 | 533,514 | ||||||
Noncurrent finance lease liabilities |
108,537 | 113,201 | ||||||
Deferred tax liability |
15,472 | 10,966 | ||||||
Other liabilities |
97,421 | 113,871 | ||||||
Stockholders equity |
659,311 | 644,851 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders equity |
$ | 1,690,094 | $ | 1,712,553 | ||||
|
|
|
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended | ||||
March 31, | ||||
2024 | ||||
Operating activities: |
||||
Net income |
$ | 11,612 | ||
Adjustments to reconcile net income to net cash used in operating activities: |
||||
Depreciation |
31,354 | |||
Loss on disposition of assets |
3,396 | |||
Deferred tax provision and other non-cash income taxes |
(7,525 | ) | ||
Stock-based compensation expense |
3,590 | |||
Contract liabilities, net |
4,865 | |||
Contract assets, net |
10 | |||
Deferred contract costs, net |
5,867 | |||
Other assets, noncurrent |
860 | |||
Other liabilities, noncurrent |
(874 | ) | ||
Other |
963 | |||
Net changes in operating working capital |
4,900 | |||
|
|
|||
Net cash provided by operating activities |
59,018 | |||
|
|
|||
Investing activities: |
||||
Capital expenditures |
(27,935 | ) | ||
Proceeds from disposition of assets, net of disposal costs |
3,805 | |||
|
|
|||
Net cash used in investing activities |
(24,130 | ) | ||
|
|
|||
Financing activities: |
||||
Principal payments of finance lease liabilities |
(4,335 | ) | ||
|
|
|||
Net cash used in financing activities |
(4,335 | ) | ||
|
|
|||
Net change in cash, cash equivalents and restricted cash |
30,553 | |||
Cash, cash equivalents and restricted cash, beginning of period |
138,688 | |||
|
|
|||
Cash, cash equivalents and restricted cash, end of period |
$ | 169,241 | ||
|
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
AVERAGE DAYRATE, UTILIZATION AND REVENUE EFFICIENCY
(Dayrate in thousands)
TOTAL FLEET | ||||||||||
First Quarter | Fourth Quarter | |||||||||
2024 |
2023 | |||||||||
Average Dayrate |
Utilization |
Revenue Efficiency |
Average Dayrate |
Utilization |
Revenue Efficiency | |||||
$305 |
68% | 88.7% | $316 | 69% | 94.9% |
(1) | Average dayrate is defined as total contract drilling revenue for all of the rigs in our fleet (including managed rigs) per revenue-earning day. A revenue-earning day is defined as a 24-hour period during which a rig earns a dayrate after commencement of operations and excludes mobilization, demobilization and contract preparation days. |
(2) | Utilization is calculated as the ratio of total revenue-earning days divided by the total calendar days in the period for all rigs in our fleet (including managed and cold-stacked rigs). |
(3) | Revenue efficiency is calculated as actual contract drilling revenue earned divided by potential revenue, assuming a full dayrate is earned. |
Non-GAAP Financial Measures (Unaudited)
To supplement the Companys unaudited condensed consolidated financial statements presented on a basis in conformity with generally accepted accounting principles in the United States (GAAP), this press release provides investors with adjusted earnings before interest, taxes, depreciation and amortization and uninsured costs for repairs to the Ocean GreatWhite, which we consider to be outside the normal course of our operations (or Adjusted EBITDA), which is a non-GAAP financial measure. Management believes that this measure provides meaningful information about the Companys performance by excluding certain items that may not be indicative of the Companys ongoing operating results. This allows investors and others to better compare the Companys financial results across previous and subsequent accounting periods and to those of peer companies and to better understand the long-term performance of the Company. Non-GAAP financial measures should be considered a supplement to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling expense, operating income or loss, cash flows from operations or other measures of financial performance prepared in accordance with GAAP.
Reconciliation of Income Before Income Tax Expense to Adjusted EBITDA:
(In thousands)
Three Months Ended | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
As reported income before income tax expense |
$ | 8,401 | $ | 28,615 | ||||
Interest expense |
15,346 | 14,847 | ||||||
Interest income |
(1,774 | ) | (1,464 | ) | ||||
Foreign currency transaction (gain) loss |
(231 | ) | 2,863 | |||||
Depreciation |
31,354 | 27,705 | ||||||
Loss (gain) on disposition of assets |
3,396 | (280 | ) | |||||
Other, net |
71 | 54 | ||||||
Insurance deductible included in contract drilling expense |
7,600 | | ||||||
|
|
|
|
|||||
Adjusted EBITDA (1) |
$ | 64,163 | $ | 72,340 | ||||
|
|
|
|
(1) | Adjusted to exclude the $10.0 million insurance deductible associated with a claim for the Ocean GreatWhite, of which $2.4 million and $7.6 million were recorded as loss on disposition of assets and contract drilling expense, respectively, in the first three months of 2024. |
Reconciliation of As Reported Operating Income to Adjusted Operating Income:
(In thousands)
Three Months Ended | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
As reported operating income |
$ | 21,813 | $ | 44,915 | ||||
Insurance deductible |
10,000 | | ||||||
|
|
|
|
|||||
Adjusted operating income |
$ | 31,813 | $ | 44,915 | ||||
|
|
|
|
Reconciliation of As Reported Net Income (Loss) to Adjusted Net Income (Loss):
(In thousands)
Three Months Ended | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
As reported net income (loss) |
$ | 11,612 | $ | (145,702 | ) | |||
Insurance deductible |
10,000 | | ||||||
|
|
|
|
|||||
Tax effect: |
||||||||
Insurance deductible |
3,822 | | ||||||
|
|
|
|
|||||
Adjusted net income (loss) |
$ | 25,434 | $ | (145,702 | ) | |||
|
|
|
|
Reconciliation of As Reported Income (Loss) per Diluted Share to Adjusted Income (Loss) per Diluted Share:
(In thousands)
Three Months Ended | ||||||||
March 31, | December 31, | |||||||
2024 | 2023 | |||||||
As reported income (loss) per diluted share |
$ | 0.11 | $ | (1.42 | ) | |||
Insurance deductible |
0.10 | | ||||||
|
|
|
|
|||||
Tax effect: |
||||||||
Insurance deductible |
0.04 | | ||||||
|
|
|
|
|||||
Adjusted income (loss) per diluted share |
$ | 0.25 | $ | (1.42 | ) | |||
|
|
|
|
Exhibit 99.2 Diamond Offshore Fleet Status Report May 7, 2024
1 Recent Commercial and Other Activity Fleet Status Report – May 7, 2024 New Contracts and Extensions Secured one-well contract with Foxtrot International LDC (“Foxtrot”) in the Ivory Coast with an estimated duration of 30 days commencing in late-December 2024 after the rig’s Ocean BlackRhino Special Periodical Survey (“SPS”) and Managed Pressure Drilling upgrade projects in Las Palmas. Other Activity We are currently estimating 125-130 days of out of service time related to the incident we previously reported on February 5, 2024 and anticipate returning to location by the first Ocean GreatWhite half of June. The rig is now expected to remain under contract until at least early January 2025. Ocean Apex The latest well schedules provided by operators now estimate the final campaign in the sequence of work will run until early April 2025. Ocean Monarch The rig was sold in April 2024. D I A M O N D O F F S H O R E 2 1) Denotes activity since March 18, 2024.
1 Fleet Status Report – May 7, 2024 Diamond Fleet Status Rig Name Client Location 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 Priced Option BlackHawk Occidental USGOM BlackHornet bp USGOM SPS 1Q 27 7th Gen Drilships 3Q 26 BlackLion bp USGOM Woodside/ Senegal/ Shipyard BlackRhino Undisclosed/ Guinea- Foxtrot Bissau/I. Coast Current HE DP GreatWhite bp UK Shipyard Priced Options Semi Backlog DP Courage Petrobras Brazil 4Q 27 Semi 3 ~$1.8B Inpex, Santos, Apex Australia Opt Priced Options Chevron HE Endeavor Shell UK S/Y Moored Semis Onyx stacked Malaysia Actively marketed Serica / Patriot UK Actively marketed 4Q 27 TAQA Managed 2 Vela Beacon USGOM Rig Note: HE = Harsh Environment. DP = Dynamically Positioned. Excludes rigs not currently marketed. 1) As of May 7, 2024. 2) Managed rig. Assumes rig no longer managed after firm term. D I A M O N D O F F S H O R E 3 3) As of May 7, 2024.
Drillships Fleet Status Report – May 7, 2024 Year Delivered / Estimated Estimated Water Depth Rig Name Location Operator Notes Rated (Ft.) Major Upgrade Start Date End Date th 7 Gen Drillships Ocean BlackHawk 12,000 2014 US GOM Occidental Nov-23 Nov-24 A US GOM bp Feb-23 Feb-25 B Ocean BlackHornet 12,000 2014 US GOM bp Feb-25 Feb-27 US GOM bp Sep-22 Sep-24 Ocean BlackLion 12,000 2015 US GOM bp Sep-24 Sep-26 Senegal Woodside Jul-21 Aug-24 Ocean BlackRhino 12,000 2014 Guinea-Bissau Undisclosed Aug-24 Oct-24 C Ivory Coast Foxtrot Dec-24 Feb-25 Notes A. BlackHawk: 1-year priced option. B. BlackHornet: Approximately 20 days out of service in 2024 for 5-year SPS, excluding mobilization. C. BlackRhino: Approximately 80 days out of service in 2024 for 5-year SPS and MPD upgrade, excluding mobilization. • Updated Information is in bold type. D I A M O N D O F F S H O R E 4
Semisubmersibles Fleet Status Report – May 7, 2024 Year Delivered / Estimated Estimated Water Depth Rig Name Location Operator Notes Rated (Ft.) Major Upgrade Start Date End Date Harsh Environment DP Semi Ocean GreatWhite 10,000 2016 UK bp Mar-23 Jan-25 A DP Semi Ocean Courage 10,000 2009 Brazil Petrobras Dec-23 Dec-27 Harsh Environment Moored Semis Ocean Endeavor 10,000 1976/2006 UK Shell May-19 Dec-24 B UK Serica Mar-24 May-24 Ocean Patriot 3,000 1983 C UK TAQA Jan-25 Dec-27 Australia Inpex Oct-23 May-24 Ocean Apex 6,000 1976/2014 Australia Santos May-24 Feb-25 D Australia Chevron Feb-25 Apr-25 E Notes A. GreatWhite: 5 priced option wells remain with an estimated duration of 60 days each. B. Endeavor: Approximately 45 days out of service time for BOP recertification starting in early-December. C. Patriot: Excludes an additional 17 priced option wells with an estimated duration of 12 months under TAQA contract. D. Apex: Santos – excludes an additional 5 priced option wells with an estimated duration of 160 days. E. Apex: Chevron – excludes an additional priced option well with an estimated duration of 40 days. D I A M O N D O F F S H O R E 5 • Updated Information is in bold type.
Managed and Stacked Rigs Fleet Status Report – May 7, 2024 Year Delivered / Estimated Estimated Water Depth Rig Name Location Operator Notes Rated (Ft.) Major Upgrade Start Date End Date Managed Drillship Vela 12,000 2013 US GOM Beacon Aug-23 Aug-24 A Stacked Semis Ocean Onyx 6,000 1973/2020 Malaysia - Sep-22 - Ocean Valiant 5,500 1988 UK - May-20 - Notes A. Managed on behalf of a subsidiary of Seadrill Limited. • Updated Information is in bold type. D I A M O N D O F F S H O R E 6
Disclaimer Fleet Status Report – May 7, 2024 Statements contained in this report that 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 assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or 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 report are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website at www.diamondoffshore.com. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating risks, changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, construction of new builds, casualty losses, and various other factors, many of which are beyond the Company’s control. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this report. 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. D I A M O N D O F F S H O R E 7
Document and Entity Information |
May 07, 2024 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0000949039 |
Document Type | 8-K |
Document Period End Date | May 07, 2024 |
Entity Registrant Name | Diamond Offshore Drilling, Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 1-13926 |
Entity Tax Identification Number | 76-0321760 |
Entity Address, Address Line One | 777 N. Eldridge Parkway |
Entity Address, Address Line Two | Suite 1100 |
Entity Address, City or Town | Houston |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 77079 |
City Area Code | (281) |
Local Phone Number | 492-5300 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock, $0.0001 par value per share |
Trading Symbol | DO |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
1 Year Diamond Offshore Drilling (PK) Chart |
1 Month Diamond Offshore Drilling (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions