Houston-headquartered Diamond Offshore Drilling, Inc. (NYSE: DO) has reported second quarter 2023 outcomes that noticed $229 million added to its backlog. Total revenues had been $281.5 million in contrast with $232 million within the prior quarter and working earnings was $10.2 million in contrast with a lack of $4.9 million within the first quarter.
“Our clients continue to commit additional capital to offshore drilling and make critical investments in long-lead subsea equipment,” mentioned president and CEO Bernie Wolford, Jr. “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.”
The firm says that, operationally, its rigs “continued to carry out exceptionally effectively, attaining income effectivity of at the least 96% for the fifth consecutive quarter. This is a notable achievement with the Ocean GreatWhite having been reactivated in March 2023 and the Ocean Endeavor coming again on-line following its particular periodic survey. In addition, the Ocean BlackHawk efficiently accomplished its marketing campaign in Senegal in early July and has mobilized to Las Palmas for its upgrades and preparation for its return to the Gulf of Mexico.
Diamond Offshore has a complete fleet of 12 offshore drilling rigs, consisting of eight semisubmersibles and 4 dynamically positioned drillships. The Ocean GreatWhite, is likely one of the world’s largest ultra-deepwater harsh setting semisubmersibles. Following its reactivation, the corporate now has three remaining rigs chilly stacked, in response to its most recently filed fleet status report. One analyst, London-based Maritime Strategies International (MSI), mentioned final month that Diamond Offshore has given no indication of any reactivation plans for the three remaining models.
The firm has a convention name scheduled for 8:00 a.m. CDT on Tuesday, August 8, 2023, and it will likely be attention-grabbing to see whether or not analysts ask extra about reactivation potentialities
Meantime, if you wish to do some quantity crunching for your self, you will get the complete Diamond Offshore launch HERE
