Diamond Offshore Drilling Posts 4Q 2009 Results

Diamond Offshore Drilling reported net income for the fourth quarter of 2009 of $276.1 million, or $1.98 per share on a diluted basis, compared with net income of $293.3 million, or $2.11 per share on a diluted basis, in the same period a year earlier. Revenues in the fourth quarter of 2009 were $890.8 million, compared with revenues of $903.2 million for the fourth quarter of 2008.

Results for the fourth quarter of 2009 were adversely impacted by increased tax expense, largely arising from the (i) changing mix of domestic and international earnings during the year (ii) foreign exchange differences which affected the amount of foreign tax credits that could be utilized and (iii) to a lesser degree, an assessment by Brazil related to operations in 2004 and 2005. All of these factors disproportionately affected the fourth quarter. Additionally, results for the quarter were negatively impacted by net pre-tax bad debt expense primarily related to past-due receivables for a rig operating in Egypt. Slightly offsetting these adverse impacts, the Company recorded a net pre-tax gain that resulted from the sale of the jack-up rig Ocean Tower.

For the year ended December 31, 2009, the Company reported net income of $1.4 billion, or $9.89 per share on a diluted basis, compared with net income of $1.3 billion, or $9.42 per share on a diluted basis, for the year ended December 31, 2008. Revenues for the year ended December 31, 2009 were $3.6 billion, compared with $3.5 billion for 2008.

 

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