Diamond Offshore Drilling Reports Q2 Net Income of $416MM

Diamond Offshore Drilling, Inc. reported net income for the second quarter of 2008 of $416.3 million, or $2.99 per share on a diluted basis, compared with net income of $251.9 million, or $1.81 per share on a diluted basis, in the same period a year earlier. Revenues in the second quarter of 2008 were $954.4 million, compared with revenues of $648.9 million for the second quarter of 2007.


For the six months ended June 30, 2008, the Company reported net income of $706.9 million, or $5.08 per share on a diluted basis, compared with net income of $476.1 million, or $3.46 per share on a diluted basis, for the same period in 2007. Revenue for the six months ended June 30, 2008 was $1.7 billion, compared with $1.3 billion for the first six months of 2007.


Dayrates for High Specification Floaters were $385,000 per day, up from $323,000 per day in the first quarter and $307,000 in the second quarter of 2007. Dayrates for Intermediate Semis were also up across the board, at $285,000 per day, over $249,000 per day in the first quarter and $157,000 per day in the second quarter of 2007. Jack-ups were roughly steady, with rates of $103,000 per day, over $102,000 in the first quarter, but under $109,000 in the second quarter of 2007.
 

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