Diamond Offshore Boosts 3Q Revenues to $310.7MM



Diamond Offshore has reported net income for the third quarter of 2008 of $310.7 million, or $2.23 per share on a diluted basis, compared with net income of $205.5 million, or $1.48 per share on a diluted basis, in the same period a year earlier.

Revenue in the third quarter of 2008 was $900.0 million, compared with revenue of $644.0 million for the third quarter of 2007. Net income for the third quarter of 2008 was adversely impacted by $25.1 million related to losses on foreign currency forward exchange contracts primarily resulting from mark-to-market accounting and from a casualty loss of $6.3 million related to damages sustained from Hurricane Ike, primarily to the jackup rig Ocean Tower.

For the nine months ended September 30, 2008, the Company reported net income of $1,017.6 million, or $7.32 per share on a diluted basis, compared with net income of $681.6 million, or $4.93 per share on a diluted basis, for the same period in 2007. Revenue for the nine months ended September 30, 2008 was $2.6 billion, compared with $1.9 billion for the first nine months of 2007.


 


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