DIAMOND OFFSHORE ANNOUNCES THIRD QUARTER 1996 PROFITS.HOUSTON--(BUSINESS WIRE)--Oct. 21, 1996--Diamond Offshore Drilling Offshore drilling typically refers to the act of extracting resources, primarily oil, in an ocean or lake. Controversy As with all oil drilling, there has been a certain level of controversy surrounding the issue. , Inc. (NYSE NYSE See: New York Stock Exchange :DO) today reported net income of $38.5 million, or $.56 per share, on revenues of $170.6 million for the quarter ended September 30, 1996. For the corresponding quarter of 1995, the Company reported net income of $1.4 million on revenues of $91.7 million. For the nine months ended September 30, 1996, the Company reported net income of $90.2 million, or $1.50 per share on revenues of $424.5 million. This compares to a net loss of $12.9 million on revenues of $238.6 million for the comparable period in the prior year. Results for the nine months ended September 30, 1996, include the operations of Arethusa Arethusa, in Greek mythology Arethusa (ărĭth  `sə), in Greek mythology, nymph favored by Artemis and loved by the river god Alpheus. (Off-Shore) Limited since April 29, 1996, the effective date of the merger. Net income for the third quarter of 1996 included an after-tax gain of $4.4 million, or $.07 per share, from the sale of the shallow-water, mat-supported jack-up rig, Ocean Conquest. Diamond Offshore also recently received one-year commitments for two of its second generation semisubmersibles. The Ocean New Era was committed to Amerada Hess for operations in the U.S. Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , and the Ocean Epoch was committed to Woodside Offshore Petroleum for operations in the Timor Sea Timor Sea An arm of the Indian Ocean between Timor and Australia. Noun 1. Timor Sea - an arm of the eastern Indian Ocean between Timor and northern Australia offshore Australia. Commencement of both contracts are currently anticipated to occur during the second quarter of 1997, following completion of existing commitments. These contracts are expected to generate revenues of approximately $29 million each. Diamond Offshore is a leader in deep water drilling. The Company owns 46 offshore major mobile drilling rigs, including 30 semisubmersibles, 15 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents. CONTACT: Diamond Offshore Drilling Diamond Offshore Drilling, Inc. is a deepwater drilling contractor which provides drilling services to the energy industry. The company's headquarters are located in Houston, Texas, but they have offices in Louisiana, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, and , Inc., Houston Laura Herzog, 713/492-5393 |
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