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Diamond Offshore Drilling
Diamond Offshore Drilling (DO) investor relations material
Diamond Offshore Drilling has been acquired by Noble Corporation plc
Diamond Offshore Drilling Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary6 Aug, 2024
Executive summary
Entered into a definitive merger agreement with Noble Corporation plc; each share to be exchanged for $5.65 in cash and 0.2316 Noble shares, pending shareholder and regulatory approvals.
Secured $350 million in contract awards in Q2 and $89 million post-Q2, with total 2024 contract value nearing $1.2 billion and backlog exceeding $2.0 billion as of July 1, 2024.
Offshore drilling market remains robust, with high dayrates and strong demand in deepwater regions; backlog increased to $2.0 billion as of July 1, 2024.
Ocean Great White rig resumed operations after a major equipment incident; insurance expected to cover most costs, with $20 million received and further loss-of-hire recovery anticipated.
Pending merger with Noble Corporation led to discontinuation of financial guidance and no Q2 conference call.
Financial highlights
Q2 2024 net income was $9.3 million, down from $238.8 million in Q2 2023; six-month net income was $20.9 million, down from $246.0 million year-over-year.
Q2 2024 revenues were $252.9 million, down from $281.6 million in Q2 2023; six-month revenues were $527.5 million, up from $513.6 million year-over-year.
Q2 adjusted EBITDA reached $58 million, in line with guidance.
Q2 2024 operating income was $28.3 million, up from $10.2 million in Q2 2023; six-month operating income was $50.1 million, up from $5.3 million year-over-year.
Cash and cash equivalents at June 30, 2024 were $165.5 million; total liquidity including restricted cash was $178.0 million.
Outlook and guidance
No quarterly or annual financial guidance provided due to the pending Noble merger; previous guidance should not be relied upon.
Backlog stands at $2.0 billion, with 90% of 2024 rig days committed and 62% for 2025; capital expenditures for 2024 expected to be $135–$145 million.
Management expects continued strong demand for deepwater rigs, but notes potential headwinds from supply chain constraints and inflation.
Planned downtime of approximately 150 days for the remainder of 2024 due to regulatory surveys and upgrades.
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Diamond Offshore Drilling
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