Diamond Offshore Reports on 2Q Results, Declares Cash Dividend

Diamond Offshore Drilling has reported net income for the second quarter of 2009 of $387.4 million, or $2.79 per share on a diluted basis, compared with net income of $416.2 million, or $2.99 per share on a diluted basis, in the same period a year earlier. Revenues in the second quarter of 2009 were $946.4 million, compared with revenues of $954.4 million for the second quarter of 2008.

For the six months ended June 30, 2009, the Company reported net income of $736.0 million, or $5.29 per share on a diluted basis, compared with net income of $706.7 million, or $5.08 per share on a diluted basis, for the same period in 2008. Revenue for the six months ended June 30, 2009 was $1.8 billion, compared with $1.7 billion for the first six months of 2008.

Cash Dividends

Diamond Offshore has declared a special cash dividend of $1.875 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on September 1, 2009 to shareholders of record on August 3, 2009.

The Company has adopted a policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis. Any determination to declare a special dividend, as well as the amount of any special dividend which may be declared, will be based on the Company's financial position, earnings, earnings outlook, capital spending plans and other relevant factors at that time.
 

 


 

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