Diamond Offshore Reports Profit Gain, Arranges Sale of Ocean Tower Jackup


Ocean Tower
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Diamond Offshore has reported net income for the fourth quarter of 2008 of $293.5 million, or $2.11 per share on a diluted basis, compared with net income of $164.9 million, or $1.19 per share on a diluted basis, in the same period a year earlier. Revenues in the fourth quarter of 2008 were $903.2 million, compared with revenues of $666.7 million for the fourth quarter of 2007.

Results for the fourth quarter of 2008 were adversely impacted by $51.0 million related to pre tax foreign currency losses. Results for the period were also adversely impacted by provisions for pre tax bad debt of $31.9 million related to a North Sea semisubmersible rig contracted to a UK customer that has entered into administration under UK law.

For the year ended December 31, 2008, the Company reported net income of $1.3 billion, or $9.43 per share on a diluted basis, compared with net income of $846.5 million, or $6.12 per share on a diluted basis, for the year ended December 31, 2007. Revenues for the year ended December 31, 2008 were $3.5 billion, compared with $2.6 billion for 2007.

Diamond Offshore also announced that it has signed an agreement to sell the jackup rig Ocean Tower. The rig was damaged by Hurricane Ike, losing its entire drilling package and derrick. The agreement prohibits competitive use of the rig which is expected to be deployed by the buyer as an accommodation unit. The sale, which is not expected to have a material impact on the Company, is expected to close on or about February 15, 2009.

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling.
 

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