$DO (Diamond Offshore Drilling, Inc.)

$DO {{ '2016-02-08T11:40:42+0000' | timeago}} • Announcement

Offshore drilling company $DO said it has entered into an agreement with $GE that transfers full accountability for BOP performance to $GE. In this model, $DO will compensate $GE only when BOP is available. The arrangement will include $GE purchasing the BOP systems aboard $DO's four drillships, located in the US Gulf of Mexico, for $210MM.

$DO {{ '2017-07-31T15:15:46+0000' | timeago}} • Webcast

$DO said it expects a market recovery by 2019-end, driven by improved utilization as well as return of pricing power to the company. It added that more rigs will be scrapped as time progresses, when the marginal cost of bringing a rig back to the market becomes so high that operators might hesitate to reinvest in such assets.

$DO {{ '2017-07-31T11:24:44+0000' | timeago}} • Announcement

As of June 30, 2017, $DO's total contracted backlog was $2.9Bil, which represents 22 rig years of work.

$DO {{ '2017-07-31T11:18:11+0000' | timeago}} • Announcement

$DO reported 7% increase in total revenue in 2Q17 to $399.3MM, driven by 32% growth in revenue from Ultra-Deepwater operations. However, this was partly weighed down by declines in Deepwater and Mid-Water segments.

$DO {{ '2017-07-31T11:12:15+0000' | timeago}} • Announcement

Offshore drilling company $DO swung to a profit in 2Q17, cutting down prior-year quarter's huge losses, partly helped by two new contracts. Net income was $16MM, or $0.12 per share, compared to a loss of $589.9MM, or $4.30 per share a year ago. Excluding one-off items, $DO earned $62.3MM, or $0.45 per share.

$DO {{ '2017-05-01T17:51:54+0000' | timeago}} • Webcast

$DO expects revenue in 2Q17 to be flat to slightly higher sequentially, with benefits coming in from four contracts including The Monarch during the quarter.

$DO {{ '2017-05-01T17:41:28+0000' | timeago}} • Webcast

$DO sees Mexico as a market with a lot of potential in deepwater operations and hence, will continue its strong presence in the area.

$DO {{ '2017-05-01T14:15:43+0000' | timeago}} • Infographic

$DO Diamond Offshore Drilling Earnings AlphaGraphics: Q1 2017 highlights

$DO {{ '2017-05-01T11:12:33+0000' | timeago}} • Announcement

In 1Q17, $DO's revenue from ultra-deepwater operations fell 25% to $243.4MM; that from deepwater operations grew 15% to $68MM; and that from mid-water operations edged up 2% to $48.2MM.

$DO {{ '2017-05-01T11:04:32+0000' | timeago}} • Announcement

Deepwater drilling contractor $DO posted lower revenue and income in 1Q17. Net income was $23.85MM, or 17 cents per share, compared to $87.4MM, or 64 cents per share in the year-ago quarter. Revenue fell 20% to $374.2MM. As of March 31, 2017, $DO's total contracted backlog was $3.2Bil, which represents 23 rig years of work.

$DO {{ '2017-02-13T12:32:57+0000' | timeago}} • Announcement

$DO revised its 4Q16 earnings as it discovered that its liability for uncertain tax positions in certain foreign jurisdictions did not appropriately reflect changes in FX rates. Net income for 4Q16 increased by about $43MM or $0.32 per share. Net loss for full year 2016 declined by about $43MM or $0.31 per share.

$DO {{ '2017-02-06T14:47:48+0000' | timeago}} • Webcast

$DO said that on the Mexico presence, it makes a good sense for the company to maintain a presence there. The deepwater options are well subscribed until the end of 2016 for the company. So, despite the challenges, the company feels Mexico deepwater is a good place to be in.

$DO {{ '2017-02-06T14:14:05+0000' | timeago}} • Webcast

$DO stated that it expects to incur maintenance capital cost of about $135MM for FY17. The company also added that it is comfortable with its balance sheet and does not see the need currently to raise additional equity.

$DO {{ '2017-02-06T14:08:07+0000' | timeago}} • Webcast

$DO said it is not expecting material changes to its base cost trends in the coming quarter, with the exception of cost movements related to ramping up or winding down contracts. Depreciation and interest expense both were below guidance for 4Q16, resulting from the Ocean GreatWhite being placed into service later in 4Q16 than originally expected.

$DO {{ '2017-02-06T14:04:22+0000' | timeago}} • Webcast

$DO stated the offshore drilling market continues to be oversupplied and the deepwater fleet utilization continues to decline. $DO's contract drilling revenue rose about 3%, driven by the Nov. startup of the Ocean Valiant contract with Maersk and improved operating efficiency sequentially. However, contract drilling cost declined 7% sequentially.

$DO {{ '2017-02-06T11:51:10+0000' | timeago}} • Announcement

$DO's total contracted backlog as of Dec. 31, 2016 was $3.6Bil, which represents 25 rig years of work. About 94% of the company's available ultra-deepwater rig days for 2017 are contracted with top tier customers.

$DO {{ '2017-02-06T11:50:05+0000' | timeago}} • Announcement

$DO swung to a 4Q16 profit from a loss last year, driven in part by continuing cost controls and improving rig efficiencies as well as benefit from contract dispute settlement with a North Sea client. Net income was $73.06MM or $0.53 per share compared to a loss of $245.38MM or $1.79 per share last year. Revenue fell to $391.87MM from $555.56MM.

$DO {{ '2016-10-31T13:48:51+0000' | timeago}} • Webcast

$DO will incur some additional costs in 4Q16 related to the Ocean GreatWhite rig. Once this rig is presented for acceptance testing, the company will start incurring depreciation on the rig. $DO has been capitalizing some of the associated interest costs which will stop once the rig is presented and also costs such as labor will start to come in.

$DO {{ '2016-10-31T13:33:10+0000' | timeago}} • Webcast

$DO is focused on some particular rigs moving into 2017. These include the Ocean Guardian rig in the UK market and the Ocean Monarch. Rigs that come off contract in 2017 are facing headwinds regarding recontracting. $DO is focused on the right rigs in the right markets to make sure utilization and backlog stays healthy.

$DO {{ '2016-10-31T13:17:22+0000' | timeago}} • Webcast

$DO expects to incur maintenance capital cost of approx. $125MM for full-year 2016. Newbuild Capex for 2016 is expected to be approx. $500MM, including the final payment related to the delivery of the Ocean GreatWhite Semisub.  In total, Capex for full-year 2016 is expected to be $625MM.

$DO {{ '2016-10-31T13:11:59+0000' | timeago}} • Webcast

For 4Q16, $DO expects contract drilling costs to be $190-195MM. $DO expects depreciation expense to be approx. $385MM for full-year 2016 with 4Q16 coming in around $90MM. G&A costs are expected to average around $15-18MM in 4Q16. Interest expense is expected to be $26MM in 4Q16. 4Q16 effective tax rate is expected to be about 33%.

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