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01.05.2017 12:00:00
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Diamond Offshore Announces First Quarter 2017 Results
HOUSTON, May 1, 2017 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) today reported results for the first quarter of 2017.
Three Months Ended | |||
Thousands of dollars, except per share data | March 31, 2017 | December 31, 2016 | Change |
Total revenues | $ 374,226 | $ 391,874 | (5)% |
Operating income | 50,859 | 104,145 | (51)% |
Net income | 23,539 | 116,082 | (80)% |
Earnings per diluted share | $ 0.17 | $ 0.85 | (80)% |
"Despite a continually challenging market, Diamond Offshore achieved earnings per share of $0.17 for the first quarter of 2017," said Marc Edwards, President and Chief Executive Officer. "Overall, I am pleased with our first quarter results and our ability to manage costs, while remaining focused on maintaining our operational and technical excellence. The Ocean GreatWhite, Ocean Scepter and the Ocean BlackRhino all commenced term contracts in the first quarter, enhancing our already strong liquidity." Edwards went on to say, "During the first quarter, the Ocean BlackLion successfully drilled and completed one of the deepest and most complex wells on record in the Gulf of Mexico."
Also during the quarter, the Company executed new contracts for the Ocean Monarch in Australia, the first of which is scheduled to commence in late first quarter of 2018. Combined, these contracts add nine months of backlog and will keep the Ocean Monarch contracted through 2018. Additionally, the Company executed a new two-year term contract with Apache for the Ocean Patriot in the North Sea. The rig is scheduled to commence its new program in the second quarter of 2018.
As of March 31, 2017, the Company's total contracted backlog was $3.2 billion, which represents 23 rig years of work.
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 844-492-6043 or 478-219-0839, for international callers. The conference ID number is 1792549. 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).
FORWARD-LOOKING STATEMENTS
Statements contained in this press release or made during the above conference call 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 press 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 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 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 | |||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
(Unaudited) | |||||
(In thousands, except per share data) | |||||
Three Months Ended, | |||||
March 31, | |||||
2017 | 2016 | ||||
Revenues: | |||||
Contract drilling | $ | 363,557 | $ | 443,523 | |
Revenues related to reimbursable expenses | 10,669 | 27,020 | |||
Total revenues | 374,226 | 470,543 | |||
Operating expenses: | |||||
Contract drilling, excluding depreciation | 203,523 | 212,841 | |||
Reimbursable expenses | 10,478 | 26,791 | |||
Depreciation | 93,229 | 104,240 | |||
General and administrative | 17,483 | 15,398 | |||
Gain on disposition of assets | (1,346) | (296) | |||
Total operating expenses | 323,367 | 358,974 | |||
Operating income | 50,859 | 111,569 | |||
Other income (expense): | |||||
Interest income | 175 | 173 | |||
Interest expense | (27,596) | (25,516) | |||
Foreign currency transaction gain (loss) | 1,087 | (3,608) | |||
Other, net | (63) | 578 | |||
Income before income tax (expense) benefit | 24,462 | 83,196 | |||
Income tax (expense) benefit | (923) | 4,229 | |||
Net income | $ | 23,539 | $ | 87,425 | |
Income per share | $ | 0.17 | $ | 0.64 | |
Weighted-average shares outstanding: | |||||
Shares of common stock | 137,173 | 137,162 | |||
Dilutive potential shares of common stock | 77 | 44 | |||
Total weighted-average shares outstanding | 137,250 | 137,206 | |||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED RESULTS OF OPERATIONS | |||||||||
(Unaudited) | |||||||||
(In thousands) | |||||||||
Three Months Ended | |||||||||
March 31, | December 31, | March 31, | |||||||
2017 | 2016 | 2016 | |||||||
REVENUES | |||||||||
Floaters: | |||||||||
Ultra-Deepwater | $ | 243,465 | $ | 231,820 | $ | 325,961 | |||
Deepwater | 67,943 | 64,678 | 59,117 | ||||||
Mid-Water | 48,285 | 88,130 | 47,672 | ||||||
Total Floaters | 359,693 | 384,628 | 432,750 | ||||||
Jack-ups | 3,864 | 18 | 10,773 | ||||||
Total Contract Drilling Revenue | 363,557 | 384,646 | $ | 443,523 | |||||
Revenues Related to Reimbursable Expenses | $ | 10,669 | $ | 7,228 | $ | 27,020 | |||
CONTRACT DRILLING EXPENSE | |||||||||
Floaters: | |||||||||
Ultra-Deepwater | $ | 141,873 | $ | 119,490 | $ | 123,736 | |||
Deepwater | 33,080 | 30,481 | 47,509 | ||||||
Mid-Water | 19,267 | 16,814 | 23,884 | ||||||
Total Floaters | 194,220 | 166,785 | 195,129 | ||||||
Jack-ups | 5,323 | 3,090 | 6,055 | ||||||
Other | 3,980 | 4,467 | 11,657 | ||||||
Total Contract Drilling Expense | $ | 203,523 | $ | 174,342 | $ | 212,841 | |||
Reimbursable Expenses | $ | 10,478 | $ | 6,775 | $ | 26,791 | |||
OPERATING INCOME | |||||||||
Floaters: | |||||||||
Ultra-Deepwater | $ | 101,592 | $ | 112,330 | $ | 202,225 | |||
Deepwater | 34,863 | 34,197 | 11,608 | ||||||
Mid-Water | 29,018 | 71,316 | 23,788 | ||||||
Total Floaters | 165,473 | 217,843 | 237,621 | ||||||
Jack-ups | (1,459) | (3,072) | 4,718 | ||||||
Other | (3,980) | (4,467) | (11,657) | ||||||
Reimbursable expenses, net | 191 | 453 | 229 | ||||||
Depreciation | (93,229) | (86,031) | (104,240) | ||||||
General and administrative expense | (17,483) | (14,786) | (15,398) | ||||||
Bad debt recovery | -- | 265 | -- | ||||||
Gain (loss) on disposition of assets | 1,346 | (6,060) | 296 | ||||||
Total Operating Income | $ | 50,859 | $ | 104,145 | $ | 111,569 | |||
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited) | |||||
(In thousands) | |||||
March 31, | December 31, | ||||
2017 | 2016 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 123,316 | $ | 156,233 | |
Marketable securities | 24 | 35 | |||
Accounts receivable, net of allowance for bad debts | 286,408 | 247,028 | |||
Prepaid expenses and other current assets | 105,355 | 102,111 | |||
Asset held for sale | 400 | 400 | |||
Total current assets | 515,503 | 505,807 | |||
Drilling and other property and equipment, net of accumulated depreciation |
5,616,367 |
5,726,935 | |||
Other assets | 137,073 | 139,135 | |||
Total assets | $ | 6,268,943 | $ | 6,371,877 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Short-term borrowings | $ | -- | $ | 104,200 | |
Other current liabilities | 201,583 | 236,299 | |||
Long-term debt | 1,981,169 | 1,980,884 | |||
Deferred tax liability | 191,594 | 197,011 | |||
Other liabilities | 120,602 | 103,349 | |||
Stockholders' equity | 3,773,995 | 3,750,134 | |||
Total liabilities and stockholders' equity | $ | 6,268,943 | $ | 6,371,877 | |
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | |||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
(In thousands) | |||||
Three months ended March 31, | |||||
2017 | 2016 | ||||
Operating activities: | |||||
Net income | $ | 23,539 | $ | 87,425 | |
Adjustments to reconcile net income to net cash | |||||
provided by operating activities | |||||
Depreciation | 93,229 | 104,240 | |||
Deferred tax provision | (5,988) | (45,254) | |||
Other | 17,367 | 19,957 | |||
Net changes in operating working capital | (29,471) | 74,962 | |||
Net cash provided by operating activities | 98,676 | 241,330 | |||
Investing activities: | |||||
Capital expenditures (including rig construction) | (29,487) | (58,114) | |||
Proceeds from disposition of assets, net of disposal costs | 2,097 | 113,295 | |||
Other | 11 | 11 | |||
Net cash (used in) provided by investing activities | (27,379) | 55,192 | |||
Financing activities: | |||||
Repayment of short-term borrowings, net | (104,200) | (286,589) | |||
Other | (14) | (33) | |||
Net cash used in financing activities | (104,214) | (286,622) | |||
Net change in cash and cash equivalents | (32,917) | 9,900 | |||
Cash and cash equivalents, beginning of period | 156,233 | 119,028 | |||
Cash and cash equivalents, end of period | $ | 123,316 | $ | 128,928 | |
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | |||||||||
AVERAGE DAYRATE, UTILIZATION AND OPERATIONAL EFFICIENCY | |||||||||
(Dayrate in thousands) | |||||||||
First Quarter 2017 | Fourth Quarter 2016 | First Quarter 2016 | |||||||
Average Dayrate (1) |
Utilization (2) |
Operational Efficiency (3) |
Average Dayrate (1) |
Utilization (2) |
Operational Efficiency (3) |
Average Dayrate (1) |
Utilization (2) |
Operational Efficiency (3) | |
Ultra-Deepwater Floaters | $450 | 50% | 91.1% | $456 | 49% | 92.0% | $533 | 61% | 98.4% |
Deepwater Floaters | $260 | 48% | 96.6% | $287 | 39% | 92.1% | $334 | 28% | 97.1% |
Mid-Water floaters | $268 | 40% | 100.0% | $478 | 35% | 99.9% | $263 | 25% | 97.7% |
Jack-ups | $75 | 29% | 99.9% | -- | -- | -- | $118 | 18% | 100.0% |
Fleet Total | 94.3% | 93.5% | 98.2% | ||||||
(1) Average dayrate is defined as contract drilling revenue for all of the specified rigs in our fleet 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 specified rigs in our fleet (including cold-stacked rigs, but excluding rigs under construction). Our current fleet includes four ultra-deepwater, three deepwater and three mid-water semisubmersible rigs that are cold stacked. | |||||||||
(3) Operational efficiency is calculated as the ratio of total revenue-earning days divided by the sum of total revenue-earning days plus the number of days (or portions thereof) associated with unanticipated equipment downtime. | |||||||||
Contact:
Samir Ali
Sr. Director, Investor Relations & Corporate Development
(281) 647-4035
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/diamond-offshore-announces-first-quarter-2017-results-300448455.html
SOURCE Diamond Offshore Drilling, Inc.
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