Diamond Offshore Pleased with 2005 Results
Diamond Offshore Drilling, Inc. (NYSE: DO) reported net income for the fourth quarter of 2005 of $106.9 million, or $0.78 per share on a diluted basis, compared with net income of $11.3 million, or $0.09 per share on a diluted basis, in the same period a year earlier. Revenues for the fourth quarter of 2005 were $368.3 million, compared with revenues of $237.3 million for the fourth quarter of 2004.
For the year ended December 31, 2005, the Company reported net income of $260.3 million, or $1.91 per share on a diluted basis, compared with a net loss of $7.2 million, or $0.06 per share on a diluted basis for the year ended December 31, 2004. Revenues for the year ended December 31, 2005 were $1.2 billion, compared with $814.7 million for the year 2004.
"During 2005, our earnings registered quarterly improvement as
conditions in the offshore drilling market became increasingly
robust," commented Larry Dickerson, President and Chief Operating
Officer. "By employing our capital for upgrades, new-builds and the
purchase of existing rigs, we have enhanced our fleet, broadened our
access to new markets, boosted our earnings potential and positioned
the Company to generate significant cash flow. Virtually all of the
fundamental market conditions that defined 2005 appear to remain in
place for 2006, and we are confident in our market position and our
ability to participate in any future improvements."
Manages 19 Offshore Rigs
- New Contracts Drive Diamond Offshore's Profit Beat; Shares Rise (Oct 30)
- Diamond Offshore's Profit Beats Estimates On Lower Costs (May 01)
- Offshore Drillers Still Seeking Recovery Enjoyed by Shale (Feb 07)