SUBSIDIARY
OVERVIEW
HOUSTON, Aug. 3, 2015 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) today reported net income of $90 million, or $0.66 per share, in the second quarter of 2015, compared to $90 million, or $0.65 per share, in the second quarter of 2014. Revenues in the second quarter of 2015 were $634 million, compared to revenues of $692 million in the second quarter of 2014.
"During the quarter, our second and third newbuild drillships, the Ocean BlackHornet and Ocean BlackRhino, began working in the Gulf of Mexico, and we have taken delivery of our fourth and final newbuild drillship, the Ocean BlackLion, which we expect to be on dayrate near year-end," said Marc Edwards, President and Chief Executive Officer. "All four of these units will be working in the Gulf, where we will enjoy operational economies of scale."
"Our results for the quarter reflect ongoing efforts to manage costs effectively while remaining focused on safe operations and fleet reliability," added Mr. Edwards. "We delivered our best safety performance on record during Q2."
Additionally, the Company today announced that the Ocean Apex was awarded a contract for an 18-month term offshore Australia beginning in the second quarter of 2016 at a rate of $285,000 per day.
Diamond Offshore also announced today that it has declared a regular quarterly dividend of $0.125 per share, payable on September 1, 2015 to shareholders of record as of August 14, 2015.
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 77534754. 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 with a total fleet of 35 offshore drilling rigs, including one rig under construction. Diamond Offshore's fleet consists of 24 semisubmersibles, one of which is under construction, five dynamically positioned drillships, and six jack-ups. Additional information about the Company 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. Such statements include, but are not limited to, statements concerning drilling rig deliveries, operations and timing; contract effectiveness, effective dates and estimated duration; plans regarding retirement and scrapping of drilling rigs; future impairments; future dividends; expectations of future backlog, revenue, operating costs and performance; future liquidity, financial condition, market conditions, commodity prices and strategic opportunities; revenue expected to result from backlog; future credit ratings; future dayrates, future status, start and end dates and future contracts and availability; future contract opportunities and termination rights; contract noncompliance by customers and other third parties; utilization, surveys, downtime and other aspects of the Company's drilling rigs; statements concerning customer discussions and outcomes thereof and the impact of these and related events on the Company's operations and revenues; rigs being upgraded or to be upgraded and rigs under construction; and other statements that are not of historical fact. 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, declaration of dividends, 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.
Contact:
Darren Daugherty
Director, Investor Relations
(281) 492-5370
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
-------- --------
2015 2014 2015 2014
---- ---- ---- ----
Revenues:
Contract drilling $617,442 $649,554 $1,217,019 $1,334,862
Revenues related to reimbursable expenses 16,590 42,690 37,069 66,806
------ ------ ------ ------
Total revenues 634,032 692,244 1,254,088 1,401,668
------- ------- --------- ---------
Operating expenses:
Contract drilling, excluding depreciation 342,869 395,376 693,527 765,166
Reimbursable expenses 16,336 42,290 36,428 65,956
Depreciation 123,329 108,906 260,628 215,917
General and administrative 16,548 20,478 34,000 43,305
Impairment of assets -- -- 358,528 --
Restructuring and separation costs 993 -- 7,161 --
Gain on disposition of assets (164) (8,572) (775) (8,719)
Total operating expenses 499,911 558,478 1,389,497 1,081,625
------- ------- --------- ---------
Operating income (loss) 134,121 133,766 (135,409) 320,043
Other income (expense):
Interest income 584 150 1,167 558
Interest expense (25,468) (18,523) (49,450) (36,678)
Foreign currency transaction gain (loss) (3,473) (2,971) 2,117 (4,149)
Other, net 264 181 485 508
--- --- --- ---
Income (loss) before income tax (expense) benefit 106,028 112,603 (181,090) 280,282
Income tax (expense) benefit (15,642) (22,890) 15,767 (44,759)
------- ------- ------ -------
Net income (loss) $90,386 $89,713 $(165,323) $235,523
Income (loss) per share $0.66 $0.65 $(1.21) $1.71
Weighted average shares outstanding:
Shares of common stock 137,159 137,145 137,155 137,803
Dilutive potential shares of common stock 42 4 -- 5
--- --- --- ---
Total weighted average shares outstanding 137,201 137,149 137,155 137,808
======= ======= ======= =======
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
(Unaudited)
(In thousands)
Three Months Ended
June 30, March 31, June 30,
-------- --------- --------
2015 2015 2014
---- ---- ----
REVENUES
Floaters:
Ultra-Deepwater $315,670 $251,396 $182,656
Deepwater 181,104 138,770 120,539
Mid-water 96,926 176,357 300,902
------ ------- -------
Total Floaters 593,700 566,523 604,097
Jack-ups 23,742 33,054 45,457
Total Contract
Drilling Revenue $617,442 $599,577 $649,554
====== ======
Revenues Related to Reimbursable
Expenses
$16,590 $20,479 $42,690
======= =======
CONTRACT DRILLING EXPENSE
Floaters:
Ultra-Deepwater $161,485 $154,539 $122,327
Deepwater 86,464 63,675 81,641
Mid-water 66,735 99,320 148,931
------ ------ -------
Total Floaters 314,684 317,534 352,899
Jack-ups 20,873 21,570 29,851
Other 7,312 11,554 12,626
----- ------ ------
Total Contract
Drilling Expense $342,869 $350,658 $395,376
====== ======
Reimbursable Expenses $16,336 $20,092 $42,290
======= =======
OPERATING INCOME (LOSS)
Floaters:
Ultra-Deepwater $154,185 $96,857 $60,329
Deepwater 94,640 75,095 38,898
Mid-water 30,191 77,037 151,971
------ ------ -------
Total Floaters 279,016 248,989 251,198
Jack-ups 2,869 11,484 15,606
Other (7,312) (11,554) (12,626)
Reimbursable expenses, net 254 387 400
Depreciation (123,329) (137,299) (108,906)
General and administrative
expense (16,548) (17,452) (20,478)
Gain on disposition of assets 164 611 8,572
Impairment of assets -- (358,528) --
Restructuring and separation
costs (993) (6,168) --
Total Operating Income
(Loss) $134,121 $(269,530) $133,766
====== ======
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
June 30, December 31,
-------- ------------
2015 2014
---- ----
ASSETS
Current assets:
Cash and cash
equivalents $95,854 $233,623
Marketable
securities 15,953 16,033
Accounts
receivable, net
of allowance for
bad debts 516,008 463,862
Prepaid expenses
and other
current assets 194,615 185,541
822,430 899,059
Drilling and other property and
equipment, net of
accumulated depreciation 6,930,329 6,945,953
Other assets 122,883 176,277
Total assets $7,875,642 $8,021,289
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt $250,000 $249,962
Short-term borrowings 374,978 --
Other current liabilities 408,728 606,684
Long-term debt 1,994,648 1,994,526
Deferred tax liability 407,808 530,394
Other liabilities 181,710 188,160
Stockholders' equity 4,257,770 4,451,563
Total
liabilities
and
stockholders'
equity $7,875,642 $8,021,289
========== ==========
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
AVERAGE DAYRATES AND UTILIZATION
(Dayrate in thousands)
---------------------
Second Quarter First Quarter Second Quarter
2015 2015 2014
---- ---- ----
Revised Average
Average Operational Efficiency Average Operational Efficiency Dayrate (4) Operational Efficiency
Dayrate (1) Utilization (2) (3) Dayrate (1) Utilization (2) (3) Utilization (2) (3)
---------- -------------- --- ---------- -------------- --- -------------- ---
Ultra-Deepwater
Floaters $483 63% 90.9% $497 51% 81.5% $435 51% 96.0%
Deepwater
Floaters $451 63% 99.3% $486 45% 95.1% $429 51% 99.3%
Mid-Water
floaters $278 32% 99.7% $266 49% 94.1% $272 68% 97.6%
Jack-ups $83 53% 98.6% $92 66% 99.4% $98 74% 99.4%
Fleet Total 95.9% 91.2% 97.8%
(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). As
of June 30, 2015, our cold-stacked rigs
included one deepwater semisubmersible,
four mid-water semisubmersibles and four
jack-up rigs.
(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.
(4) Average dayrate reported in prior periods
has been revised to conform to current
presentation.
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SOURCE Diamond Offshore Drilling, Inc.
SOURCE: Diamond Offshore Drilling, Inc.
PR Newswire
HOUSTON, Aug. 3, 2015
HOUSTON, Aug. 3, 2015 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) today reported net income of $90 million, or $0.66 per share, in the second quarter of 2015, compared to $90 million, or $0.65 per share, in the second quarter of 2014. Revenues in the second quarter of 2015 were $634 million, compared to revenues of $692 million in the second quarter of 2014.
"During the quarter, our second and third newbuild drillships, the Ocean BlackHornet and Ocean BlackRhino, began working in the Gulf of Mexico, and we have taken delivery of our fourth and final newbuild drillship, the Ocean BlackLion, which we expect to be on dayrate near year-end," said Marc Edwards, President and Chief Executive Officer. "All four of these units will be working in the Gulf, where we will enjoy operational economies of scale."
"Our results for the quarter reflect ongoing efforts to manage costs effectively while remaining focused on safe operations and fleet reliability," added Mr. Edwards. "We delivered our best safety performance on record during Q2."
Additionally, the Company today announced that the Ocean Apex was awarded a contract for an 18-month term offshore Australia beginning in the second quarter of 2016 at a rate of $285,000 per day.
Diamond Offshore also announced today that it has declared a regular quarterly dividend of $0.125 per share, payable on September 1, 2015 to shareholders of record as of August 14, 2015.
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 77534754. 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 with a total fleet of 35 offshore drilling rigs, including one rig under construction. Diamond Offshore's fleet consists of 24 semisubmersibles, one of which is under construction, five dynamically positioned drillships, and six jack-ups. Additional information about the Company 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. Such statements include, but are not limited to, statements concerning drilling rig deliveries, operations and timing; contract effectiveness, effective dates and estimated duration; plans regarding retirement and scrapping of drilling rigs; future impairments; future dividends; expectations of future backlog, revenue, operating costs and performance; future liquidity, financial condition, market conditions, commodity prices and strategic opportunities; revenue expected to result from backlog; future credit ratings; future dayrates, future status, start and end dates and future contracts and availability; future contract opportunities and termination rights; contract noncompliance by customers and other third parties; utilization, surveys, downtime and other aspects of the Company's drilling rigs; statements concerning customer discussions and outcomes thereof and the impact of these and related events on the Company's operations and revenues; rigs being upgraded or to be upgraded and rigs under construction; and other statements that are not of historical fact. 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, declaration of dividends, 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.
Contact:
Darren Daugherty
Director, Investor Relations
(281) 492-5370
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) | ||||||||||||
|
Three Months Ended |
Six Months Ended | |||||||||||
|
June 30, |
June 30, | |||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||
|
Revenues: |
||||||||||||
|
Contract drilling |
$ |
617,442 |
$ |
649,554 |
$ |
1,217,019 |
$ |
1,334,862 | ||||
|
Revenues related to reimbursable expenses |
16,590 |
42,690 |
37,069 |
66,806 | ||||||||
|
Total revenues |
634,032 |
692,244 |
1,254,088 |
1,401,668 | ||||||||
|
Operating expenses: |
||||||||||||
|
Contract drilling, excluding depreciation |
342,869 |
395,376 |
693,527 |
765,166 | ||||||||
|
Reimbursable expenses |
16,336 |
42,290 |
36,428 |
65,956 | ||||||||
|
Depreciation |
123,329 |
108,906 |
260,628 |
215,917 | ||||||||
|
General and administrative |
16,548 |
20,478 |
34,000 |
43,305 | ||||||||
|
Impairment of assets |
-- |
-- |
358,528 |
-- | ||||||||
|
Restructuring and separation costs |
993 |
-- |
7,161 |
-- | ||||||||
|
Gain on disposition of assets |
(164) |
(8,572) |
(775) |
(8,719) | ||||||||
|
Total operating expenses |
499,911 |
558,478 |
1,389,497 |
1,081,625 | ||||||||
|
Operating income (loss) |
134,121 |
133,766 |
(135,409) |
320,043 | ||||||||
|
Other income (expense): |
||||||||||||
|
Interest income |
584 |
150 |
1,167 |
558 | ||||||||
|
Interest expense |
(25,468) |
(18,523) |
(49,450) |
(36,678) | ||||||||
|
Foreign currency transaction gain (loss) |
(3,473) |
(2,971) |
2,117 |
(4,149) | ||||||||
|
Other, net |
264 |
181 |
485 |
508 | ||||||||
|
Income (loss) before income tax (expense) benefit |
106,028 |
112,603 |
(181,090) |
280,282 | ||||||||
|
Income tax (expense) benefit |
(15,642) |
(22,890) |
15,767 |
(44,759) | ||||||||
|
Net income (loss) |
$ |
90,386 |
$ |
89,713 |
$ |
(165,323) |
$ |
235,523 | ||||
|
Income (loss) per share |
$ |
0.66 |
$ |
0.65 |
$ |
(1.21) |
$ |
1.71 | ||||
|
Weighted average shares outstanding: |
||||||||||||
|
Shares of common stock |
137,159 |
137,145 |
137,155 |
137,803 | ||||||||
|
Dilutive potential shares of common stock |
42 |
4 |
-- |
5 | ||||||||
|
Total weighted average shares outstanding |
137,201 |
137,149 |
137,155 |
137,808 | ||||||||
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS (Unaudited) (In thousands) | ||||||||||
|
Three Months Ended | ||||||||||
|
June 30, |
March 31, |
June 30, | ||||||||
|
2015 |
2015 |
2014 | ||||||||
|
REVENUES |
||||||||||
|
Floaters: |
||||||||||
|
Ultra-Deepwater |
$ |
315,670 |
$ |
251,396 |
$ |
182,656 | ||||
|
Deepwater |
181,104 |
138,770 |
120,539 | |||||||
|
Mid-water |
96,926 |
176,357 |
300,902 | |||||||
|
Total Floaters |
593,700 |
566,523 |
604,097 | |||||||
|
Jack-ups |
23,742 |
33,054 |
45,457 | |||||||
|
Total Contract Drilling Revenue |
$ |
617,442 |
$ |
599,577 |
$ |
649,554 | ||||
|
Revenues Related to Reimbursable Expenses |
$ |
16,590 |
$ |
20,479 |
$ |
42,690 | ||||
|
CONTRACT DRILLING EXPENSE |
||||||||||
|
Floaters: |
||||||||||
|
Ultra-Deepwater |
$ |
161,485 |
$ |
154,539 |
$ |
122,327 | ||||
|
Deepwater |
86,464 |
63,675 |
81,641 | |||||||
|
Mid-water |
66,735 |
99,320 |
148,931 | |||||||
|
Total Floaters |
314,684 |
317,534 |
352,899 | |||||||
|
Jack-ups |
20,873 |
21,570 |
29,851 | |||||||
|
Other |
7,312 |
11,554 |
12,626 | |||||||
|
Total Contract Drilling Expense |
$ |
342,869 |
$ |
350,658 |
$ |
395,376 | ||||
|
Reimbursable Expenses |
$ |
16,336 |
$ |
20,092 |
$ |
42,290 | ||||
|
OPERATING INCOME (LOSS) |
||||||||||
|
Floaters: |
||||||||||
|
Ultra-Deepwater |
$ |
154,185 |
$ |
96,857 |
$ |
60,329 | ||||
|
Deepwater |
94,640 |
75,095 |
38,898 | |||||||
|
Mid-water |
30,191 |
77,037 |
151,971 | |||||||
|
Total Floaters |
279,016 |
248,989 |
251,198 | |||||||
|
Jack-ups |
2,869 |
11,484 |
15,606 | |||||||
|
Other |
(7,312) |
(11,554) |
(12,626) | |||||||
|
Reimbursable expenses, net |
254 |
387 |
400 | |||||||
|
Depreciation |
(123,329) |
(137,299) |
(108,906) | |||||||
|
General and administrative expense |
(16,548) |
(17,452) |
(20,478) | |||||||
|
Gain on disposition of assets |
164 |
611 |
8,572 | |||||||
|
Impairment of assets |
-- |
(358,528) |
-- | |||||||
|
Restructuring and separation costs |
(993) |
(6,168) |
-- | |||||||
|
Total Operating Income (Loss) |
$ |
134,121 |
$ |
(269,530) |
$ |
133,766 | ||||
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES | ||||||||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
|
(Unaudited) (In thousands) | ||||||||||
|
June 30, |
December 31, | |||||||||
|
2015 |
2014 | |||||||||
|
ASSETS |
||||||||||
|
Current assets: |
||||||||||
|
Cash and cash equivalents |
$ |
95,854 |
$ |
233,623 | ||||||
|
Marketable securities |
15,953 |
16,033 | ||||||||
|
Accounts receivable, net of allowance for bad debts |
516,008 |
463,862 | ||||||||
|
Prepaid expenses and other current assets |
194,615 |
185,541 | ||||||||
|
822,430 |
899,059 | |||||||||
|
Drilling and other property and equipment, net of |
||||||||||
|
accumulated depreciation |
6,930,329 |
6,945,953 | ||||||||
|
Other assets |
122,883 |
176,277 | ||||||||
|
Total assets |
$ |
7,875,642 |
$ |
8,021,289 | ||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
|
Current portion of long-term debt |
$ |
250,000 |
$ |
249,962 | ||||||
|
Short-term borrowings |
374,978 |
-- | ||||||||
|
Other current liabilities |
408,728 |
606,684 | ||||||||
|
Long-term debt |
1,994,648 |
1,994,526 | ||||||||
|
Deferred tax liability |
407,808 |
530,394 | ||||||||
|
Other liabilities |
181,710 |
188,160 | ||||||||
|
Stockholders' equity |
4,257,770 |
4,451,563 | ||||||||
|
Total liabilities and stockholders' equity |
$ |
7,875,642 |
$ |
8,021,289 | ||||||
|
DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES AVERAGE DAYRATES AND UTILIZATION (Dayrate in thousands) | |||||||||
|
Second Quarter 2015 |
First Quarter 2015 |
Second Quarter 2014 | |||||||
|
Average Dayrate (1) |
Utilization (2) |
Operational Efficiency (3) |
Average Dayrate (1) |
Utilization (2) |
Operational Efficiency (3) |
Revised Average Dayrate (4) |
Utilization (2) |
Operational Efficiency (3) | |
|
Ultra-Deepwater Floaters |
$483 |
63% |
90.9% |
$497 |
51% |
81.5% |
$435 |
51% |
96.0% |
|
Deepwater Floaters |
$451 |
63% |
99.3% |
$486 |
45% |
95.1% |
$429 |
51% |
99.3% |
|
Mid-Water floaters |
$278 |
32% |
99.7% |
$266 |
49% |
94.1% |
$272 |
68% |
97.6% |
|
Jack-ups |
$83 |
53% |
98.6% |
$92 |
66% |
99.4% |
$98 |
74% |
99.4% |
|
Fleet Total |
95.9% |
91.2% |
97.8% | ||||||
|
(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. |
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(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). As of June 30, 2015, our cold-stacked rigs included one deepwater semisubmersible, four mid-water semisubmersibles and four jack-up rigs. |
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(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. |
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(4) |
Average dayrate reported in prior periods has been revised to conform to current presentation. |
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SOURCE Diamond Offshore Drilling, Inc.
Web Site: http://www.diamondoffshore.com