Diamond Offshore - DO STOCK NEWS

Diamond Offshore Drilling (NYSE: DO) reported Q2 2024 results with total revenues of $252.9 million and adjusted EBITDA of $58 million. The company secured $350 million in contract awards during Q2 and an additional $89 million post-Q2. Highlights include:

- $8.7 million in performance bonuses earned in Senegal
- Ocean GreatWhite completed repairs and resumed operations
- Net income of $9.3 million, or $0.09 per diluted share
- Total backlog exceeding $2.0 billion as of July 1, 2024
- Fleet revenue efficiency of approximately 95% for the third consecutive quarter

The company discontinued providing financial guidance due to the pending merger with Noble plc.

Noble (NYSE: NE) and Diamond Offshore Drilling (NYSE: DO) have announced the expiration of the Hart-Scott-Rodino Act waiting period for their pending merger. This marks a significant step towards completing the transaction. The merger is now subject to remaining closing conditions, including approval from Diamond's stockholders and informal clearance from the Australian Competition & Consumer Commission. A special meeting for Diamond stockholders to vote on the transaction is scheduled for August 27, 2024, at 8:30 a.m. CDT. This merger represents a major consolidation in the offshore drilling industry, potentially creating a stronger entity with enhanced market presence.

Diamond Offshore Drilling (NYSE: DO) has secured a new contract for its Ocean BlackRhino drillship with BOE Exploration & Production The contract, valued at approximately $89 million, covers a minimum duration of 180 days for work in the U.S. Gulf of Mexico. It includes two additional option periods and excludes mobilization and additional services costs.

The new contract is expected to commence in late Q1 or early Q2 of 2025. CEO Bernie Wolford, Jr. highlighted that this is the third consecutive follow-on contract for the Ocean BlackRhino, underscoring the rig's exceptional performance record. This development reinforces Diamond Offshore's position as a leader in offshore drilling, known for innovative solutions to complex deepwater challenges.

Diamond Offshore Drilling, Inc. (NYSE: DO) has announced the release of its second quarter 2024 operating results on Tuesday, August 6, 2024, after market close. The company will not hold a conference call due to the pending acquisition by Noble plc, announced on June 10, 2024. This acquisition is subject to shareholder and regulatory approvals, along with other customary closing conditions.

Diamond Offshore, a leader in offshore drilling, specializes in providing innovative solutions for complex deepwater challenges globally. The company's SEC filings and additional information are available on their website.

Noble (NYSE: NE) has announced an agreement to acquire Diamond Offshore Drilling (NYSE: DO) in a cash and stock transaction. Diamond shareholders will receive 0.2316 shares of Noble and $5.65 per share in cash, an 11.4% premium to Diamond's closing price on June 7, 2024. The merger will give Diamond shareholders a 14.5% stake in Noble. The deal, anticipated to close by Q1 2025, is expected to be immediately accretive to Noble's free cash flow per share, supported by $2.1 billion in backlog and $100 million in annual cost synergies. Noble will fund the $600 million cash portion through new debt financing. Additionally, Noble's Board has approved a 25% increase in its quarterly dividend to $0.50 per share, effective Q3 2024. This expanded fleet and backlog aim to maximize value for stakeholders.

Diamond Offshore Drilling (NYSE: DO) has announced a two-year contract extension with Anadarko Petroleum in the U.S. Gulf of Mexico for the Ocean BlackHawk, starting November 2024. The extension, valued at approximately $350 million, replaces a one-year option agreed upon in May 2023. Anadarko retains three additional one-year unpriced options. President and CEO Bernie Wolford, Jr. highlighted that this extension enhances earnings and cash flow visibility for 2025 and 2026. The company's total contract backlog now stands at approximately $2.1 billion.

Diamond Offshore is a leader in offshore drilling, known for innovative and complex deepwater solutions.

Diamond Offshore Drilling, Inc. reported Q1 2024 results, securing $731 million in contract awards YTD, with a total backlog of $1.9 billion. The Ocean GreatWhite repairs are progressing well, expected back in June. They also secured marketing rights for 3 drillships.

Financially, revenue was $275 million, down from $298 million in Q4 2023 due to equipment incidents and charter expirations. Operational highlights include rigs achieving high revenue efficiency and focus on maximizing cash flow generation.