Diamond Offshore Posts Net Income, Declares Special Cash Dividend

Diamond Offshore Drilling reported net income for the third quarter of 2009 of $364.1 million, or $2.62 per share on a diluted basis, compared with net income of $310.5 million, or $2.23 per share on a diluted basis, in the same period a year earlier. Revenues in the third quarter of 2009 were $908.4 million, compared with revenues of $900.4 million for the third quarter of 2008.

For the nine months ended September 30, 2009, the Company reported net income of $1.1 billion, or $7.91 per share on a diluted basis, compared with net income of $1.0 billion, or $7.31 per share on a diluted basis, for the same period in 2008. Revenue for the nine months ended September 30, 2009 was $2.7 billion, compared with $2.6 billion for the first nine months of 2008.

Diamond Offshore has also 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 December 1, 2009 to shareholders of record on November 2, 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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