Diamond Offshore reports Q2 EPS $2.29 vs 7c last year

Reports Q2 revenue $281.56M, one estimate $289M. Bernie Wolford, Jr., President and Chief Executive Officer of Diamond Offshore, stated “Our clients continue to commit additional capital to offshore drilling and make critical investments in long-lead subsea equipment. This coupled with strong commodity demand outlooks and favorable economics for deepwater projects are setting the stage for sustainable demand for our drilling services as momentum continues to build in this cycle. During the quarter, we secured term work for the Ocean BlackHawk and added a two-well contract for the Ocean Patriot, both at higher dayrates. We also extended the Ocean Endeavor by two wells, and our customers exercised options for the Ocean GreatWhite and the Ocean BlackRhino. These wins, which total more than $229 million in additional backlog, provide increased visibility to our 2024 revenue stream and are a testament to our team’s performance. We now have $1.6 billion of backlog with notable average day-rate improvement as we transition to new contracts in the back half of this year.”