Diamond Offshore Reports 4th Quarter Results

Diamond Offshore Drilling Inc. reported net income of $39.8 million, or $0.29 per share on a diluted basis, on revenues of $222.2 million for the fourth quarter of 2001, compared to net income of $28.7 million, or $0.20 per share on a diluted basis, on revenues of $190.9 million for the fourth quarter of 2000. For the year ended December 31, 2001, the Company reported net income before extraordinary items of $181.5 million, or $1.31 per share on a diluted basis compared to net income of $72.3 million, or $0.53 per share on a diluted basis for the same period in 2000. Revenues for the year ended December 31, 2001 were $885.3 million compared to revenues of $659.4 million for the year ended 2000. Net income after extraordinary items related to the early retirement of debt was $173.8 million, or $1.26 per share on a diluted basis, for the year ended December 31, 2001. As of December 31, 2001, there were 132.1 million common shares outstanding. Depending on market conditions, the Company may, from time to time, purchase shares of its outstanding common stock in the open market or otherwise. During 2001, the Company repurchased 1.4 million shares of its common stock at an aggregate cost of $37.8 million, of which during the fourth quarter of 2001 the Company repurchased 0.04 million shares of its common stock at an aggregate cost of $1.0 million.
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