Diamond Offshore Drilling, Inc. (NYSE:DO) today reported results for the third quarter of 2016.
| Three Months Ended | ||||||||||||
| Thousands of dollars, except per share data | September 30, 2016 | June 30, 2016 | Change | |||||||||
| Total revenues | $ | 349,178 | $ | 388,747 | (10 | )% | ||||||
| Operating income (loss) | 54,071 | (626,669 | ) | — | ||||||||
| Adjusted operating income | 54,071 | 51,476 | 5 | % | ||||||||
| Net income (loss) | 13,927 | (589,937 | ) | — | ||||||||
| Adjusted net income | 13,927 | 22,295 | (38 | )% | ||||||||
| Earnings (loss) per diluted share | $ | 0.10 | $ | (4.30 | ) | — | ||||||
| Adjusted earnings per diluted share | $ | 0.10 | $ | 0.16 | (38 | )% | ||||||
“Despite continued market headwinds, Diamond Offshore achieved earnings per share of $0.10,” said Marc Edwards, President and Chief Executive Officer. “Overall, I am pleased with our third quarter results and our ability to manage costs, while remaining focused on maintaining our backlog position.”
During the quarter, the Company announced new contracts for the Ocean Valiant and Ocean Scepter with Maersk in the UK and Fieldwood in Mexico, respectively. The addition of these two contracts adds 20 months of backlog.
As of September 30, 2016, the Company’s total contracted backlog was $4.1 billion, which represents 27 rig years of work. Approximately 96% of the Company’s available ultra-deepwater rig days for the remainder of 2016 are contracted with top tier customers.
Conference Call
A conference call to discuss Diamond Offshore’s earnings results has been scheduled for 7:30 a.m. CDT today. A live webcast of the call will be available online on the Company’s website, www.diamondoffshore.com. Those interested in participating in the question and answer session should dial 800-247-9979 or 973-321-1100, for international callers. The conference ID number is 89455433. 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 contract drilling services to the energy industry around the globe. Additional information and access to the Company’s SEC filings are available at www.diamondoffshore.com. Diamond Offshore is owned 53% by Loews Corporation (NYSE:L).