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Diamond Offshore First Financials Since Relisting

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Global deep-water drilling company Diamond Offshore has reported its first set of quarterly results since relisting on the New York Stock Exchange.

The Houston-based company was delisted two years ago after filing for reorganization under Chapter 11 bankruptcy proceedings; it emerged from Chapter 11 in April 2021.

CEO Bernie Wolford said: “I am pleased that during the quarter we were able to relist Diamond Offshore on the New York Stock Exchange and commence the West Auriga contract for BP.

“The company has a long and successful history in offshore drilling, and we look forward to the opportunities before us as the recovery in the industry unfolds.”

The company made a net loss of $34.3 million in the quarter ending March 31, 2022, compared with a $124.9 million loss in the previous three months.

Drilling revenue was $150 million, down from $184 million in the fourth quarter of 2021.

The decline in revenue was driven mainly by the semi-submersible Ocean Apex, which was off contract in the first quarter but began working in Australia under a new contract in May.

Additionally, during the first quarter, the Ocean Patriot and Ocean Endeavor were out of service for repairs, including a special survey for the Ocean Patriot. Both rigs are now back on contract, working in the North Sea.

Diamond Offshore said it added $29 million of backlog during the first quarter, bringing its total contracted backlog as of April 1 to $1.2 billion, representing 15.6 rig years of work.

As of 31 March, the company had total liquidity of $388 million: $54 million of unrestricted cash and $334 million of available capacity on its revolving credit facility and delayed draw first lien notes.

Wolford said: “We continue to see improvements in the moored, DP and drillship segments of the market.

“Rates and utilization for drill ships have improved and are at recent cycle highs, and we expect this trend to continue in the coming months.

“The moored segment has also improved; however, it has been at a more measured pace and more geographically diverse than that of drill ships.

“We are pleased to have significant backlog, with repricing and new opportunities available to us in the quarters ahead. Customers continue to favor working rigs, and we believe Diamond Offshore is well situated for the repricing cycle currently under way in both the moored and drillship segments.”

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