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As of 8:04 PM 07/22/14 All times are local (Market data is delayed by at least 15 minutes).

diamond offshore drilling (DO) Key Developments

Diamond Offshore Drilling, Inc. Appoints Ronald Woll as SVP and Chief Commercial Officer

Diamond Offshore Drilling, Inc. announced that Ronald Woll has been appointed Senior Vice President and Chief Commercial Officer, effective immediately. Based in Houston, Mr. Woll will have oversight of company marketing and contract acquisition activities. Prior to joining Diamond Offshore, Mr. Woll served as Senior Vice President, Supply Chain at Halliburton, and he has previously worked for Bertelsmann, PricewaterhouseCoopers and General Electric.

Diamond Offshore Drilling, Inc. Announces Resignation of William C. Long, Senior Vice President, General Counsel and Secretary

On June 11, 2014, William C. Long, Senior Vice President, General Counsel and Secretary of Diamond Offshore Drilling, Inc., resigned from the company. The company entered into an agreement with Mr. Long in connection with his resignation which includes, among other things, continuation of his current base salary for 24 months, payment in the normal course of a prorated incentive compensation award for 2014, payment of premiums for medical insurance for two years and acceleration of all unvested stock appreciation rights.

Diamond Offshore Drilling Subsidiary Loses Drilling Contract

Diamond Offshore Drilling (DO) said a subsidiary has received notice of termination of its drilling contract for the mid-water semi-submersible Ocean Vanguard from Statoil ASA, its customer for the rig. The contract provides for a dayrate of approximately $454,000 and was estimated to conclude in accordance with its terms in late February 2015. Diamond Offshore disputes Statoil's basis for terminating the contract and intends to defend its rights under the drilling contract.

Diamond Offshore Drilling, Inc. Declares Special Quarterly Cash Dividend and Regular Quarterly Cash Dividend on Common Stock, Payable on June 2, 2014

Diamond Offshore Drilling, Inc. announced that the Company has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on June 2, 2014 to shareholders of record on May 7, 2014.

Diamond Offshore Drilling, Inc. Reports Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2014; Provides Interest Expense Guidance for the Second Quarter of 2014 and Capital Expenditures Guidance for the Remaining 3 Quarters and Full Year of 2014; Reaffirms Capital Expenditures Guidance for 2015

Diamond Offshore Drilling, Inc. reported unaudited consolidated financial results for the first quarter ended March 31, 2014. The company reported revenues of $709,424,000 compared with $729,741,000 a year ago. Operating income was $186,277,000 against $213,726,000 a year ago. Income before income tax expense was $167,679,000 against $206,179,000 a year ago. Net income was $145,810,000 compared with $175,989,000 a year ago. Net income of $1.05 per share is an increase in EPS from $0.67 from the fourth quarter of last year. It was mainly driven by decrease in both tax expense and contract drilling expense. The company is now forecasting a tax rate of 22% to 25% for the remaining 3 quarters of 2014. For 2014, the company expects to incur $285 million of maintenance capital, and $1.8 billion of new build CapEx for a total of $2.1 billion. Depreciation expense for the second quarter of 2014 is expected to increase to $113 million to $118 million, just as previously forecasted. Interest expense should be $15 million to $20 million. For 2015, the company is still anticipating capital expenditures to be approximately $800 million, primarily made up of shipyard completion payments on the BlackLion plus maintenance CapEx.

 

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