Diamond offshore announces third quarter 2011 results

Houston--(business wire)--diamond offshore drilling, inc. (nyse:do) today reported net income for the third quarter of 2011 of $256.9 million, or $1.85 per share on a diluted basis, compared with net income of $198.5 million, or $1.43 per share on a diluted basis, in the same period a year earlier. revenues in the third quarter of 2011 were $878.2 million, compared with revenues of $799.7 million in the third quarter of 2010. “we are pleased with our third quarter results, which reflect continued strength in the market,” said larry dickerson, president and chief executive officer of diamond offshore. “since the second quarter, we have added 14 new contracts, totaling 18 rig years or $1.4 billion of revenue backlog.” “we continue to execute on initiatives to contain operating costs and minimize unplanned rig repair downtime,” said dickerson. “additionally, results benefited from revenues related to the mobilization of a rig from brazil to the gulf of mexico and a shift of some planned downtime into the fourth quarter.” conference call diamond offshore will host a conference call to discuss third quarter results on thursday, october 20, 2011 beginning at 9:00 a.m. central daylight 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 13267272. 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. additional information on diamond offshore and access to the company’s sec filings is available on the internet 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) nine months ended september 30, diamond offshore drilling, inc. and subsidiaries results of operations (unaudited) (in thousands) $ 16,666 $ 50,726 drilling and other property and equipment, net of accumulated depreciation diamond offshore drilling, inc. and subsidiaries average dayrates and utilization (dayrate in thousands)
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