Diamond offshore announces fourth quarter 2011 results
Houston--(business wire)--diamond offshore drilling, inc. (nyse:do) today reported net income for the fourth quarter of 2011 of $188 million, or $1.36 per share on a diluted basis, compared with net income of $242 million, or $1.74 per share on a diluted basis, in the same period a year earlier. revenues in the fourth quarter of 2011 were $748 million, compared with revenues of $841 million in the prior year fourth quarter. for the year ended december 31, 2011, the company reported net income of $963 million, or $6.92 per share on a diluted basis, compared with net income of $955 million, or $6.87 per share on a diluted basis, for the year ended december 31, 2010. revenues for the year ended december 31, 2011 were $3,322 million, compared with $3,323 million for 2010. results for the fourth quarter of 2011 were positively impacted by lower tax expense partially resulting from the reduction of the company’s liability for uncertain tax positions. this adjustment, along with current year foreign tax expense adjustments, resulted in a fourth quarter effective tax rate of 7.4% and a full year 2011 effective tax rate of 18.4%. full year 2011 results benefited from reduced unanticipated equipment downtime, which was lower than the historical average. results for the fourth quarter, however, were negatively impacted by a higher number of downtime days than in the preceding three quarters, attributable to scheduled rig maintenance and survey downtime. since the end of the third quarter, diamond has received contract awards and extensions that when performed are expected to generate maximum total revenue of approximately $1.2 billion, or approximately 11 rig years of work. these contract awards and extensions have brought the current expected revenue backlog to approximately $8.4 billion. “the $1.2 billion of revenue backlog we were able to add since the end of the last quarter demonstrates the strong demand in all of our key markets,” said larry dickerson, president and chief executive officer of diamond offshore. “our newbuild drillships, the ocean blackhawk and ocean blackhornet, have long-term contracts beginning in q4 2013 and q2 2014. additionally, given the strong current environment, we think significant opportunity exists for our third newbuild drillship, the ocean blackrhino, as well as for deepwater units such as our recently announced ocean onyx.” conference call diamond offshore will host a conference call to discuss fourth quarter results on thursday, february 2, 2012 beginning at 9:00 a.m. central standard time. a live webcast of the call will be available online on our company’s website, www.diamondoffshore.com. those interested in participating in the question and answer session should dial 800-247-9979, or for international callers, 973-321-1100. the conference id number is 42885774. an online replay will also be available on www.diamondoffshore.com following the call. about diamond offshore diamond offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling. diamond offshore’s fleet of offshore drilling rigs consists of 32 semisubmersibles, 13 jack-ups, and one drillship, in addition to three ultra-deepwater drillships currently under construction. for additional information and access to sec filings, please visit the company’s website at www.diamondoffshore.com. forward-looking statements statements contained in this press release which 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 risks that could cause actual results to differ materially from those 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 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 www.diamondoffshore.com. given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. any such forward-looking statements speak 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 consolidated statements of operations (unaudited) (in thousands, except per share data) three months ended twelve months ended december 31, december 31, 2011 2010 2011 2010 diamond offshore drilling, inc. and subsidiaries results of operations (unaudited) (in thousands) — three months ended — revenues related to reimbursable expenses $ 14,074 $ 16,666 $ 16,405 drilling and other property and equipment, net of accumulated depreciation diamond offshore drilling, inc. and subsidiaries average dayrates and utilization
