UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13926 DIAMOND OFFSHORE DRILLING, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incor ...

Diamond Offshore Drilling, Inc. (NYSE:DO) Q1 2024 Earnings Conference Call May 8, 2024 9:00 AM ET Conference Call Participants Eddie Kim - Barclays David Smith - Pickering Energy Noel Parks - Tuohy Brothers Investment Josh Jayne - Daniel Energy Doug Becker - Capital One Operator I would like now to turn the conference over to Kevin Bordosky, Senior Director of Investor Relations. Please go ahead. Kevin Bordosky Thank you, Michelle. Good morning or afternoon, to everyone, and thank you for joining us. With m ...

Forward Looking Statements The Company uses non-generally accepted accounting principles ("non-GAAP") financial measures in this presentation. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. Management believes that an analysis of this data is meaningful to investors b ...

| Thousands of dollars, except per share data | Three Months Ended | | | | | --- | --- | --- | --- | --- | | | | March 31, 2024 | December 31, 2023 | | | Total revenues | | $ 274,610 | $ 297,637 | | | Operating income | | 21,813 | | 44,915 | | Net income (loss) | | 11,612 | | (145,702) | | Income (loss) per diluted share | | 0.11 | | (1.42) | | Adjusted operating income | | 31,813 | | 44,915 | | Adjusted EBITDA (1) | | 64,163 | | 72,340 | | Adjusted net income (loss) | | 25,434 | | (145,702) | | Adjusted in ...

HOUSTON, April 17, 2024 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) announced today that it will release its first quarter 2024 operating results on Tuesday, May 7, 2024 after the market closes. The Company has scheduled a conference call and webcast for Wednesday, May 8, 2024 at 8:00 a.m. CDT to discuss the Company's results of operations. ABOUT DIAMOND OFFSHOREDiamond Offshore is a leader in offshore drilling, providing innovation, thought leadership and contract drilling services to solve ...

Diamond Offshore (DO) , an offshore drilling contractor, has been awarded a two-year contract extension with a subsidiary of BP plc (BP) in the U.S. Gulf of Mexico. The extension has been secured for the Ocean BlackHornet drillship and represents approximately $350 million of additional backlog.The Ocean BlackHornet is a seventh-generation Gusto P10000 drillship, built in 2014. It can operate at a depth of 12,000 feet and reach a maximum drilling depth of 40,000 feet.Diamond Offshore’s fleet utilization lev ...

Financial Data and Key Metrics Changes - For Q4 2023, the company reported total revenue of $298 million and adjusted EBITDA of $72 million, reflecting a significant increase from $28 million in the previous quarter [9][40] - The net loss for the quarter was approximately $146 million, or $1.42 per diluted share, primarily due to a non-cash tax expense of $174 million [39] - Full year 2023 revenue, excluding reimbursable revenue, was $984 million with adjusted EBITDA of $158 million [42] Business Line Data and Key Metrics Changes - The BlackHawk rig commenced its contract in the Gulf of Mexico in November, contributing to the revenue increase [20][43] - The BlackLion contract is expected to generate approximately $115 million in annualized rig level EBITDA, significantly contributing to cash flow [16] - The average day rate in the drillship backlog increased to $408,000 per day due to recent contract awards [49] Market Data and Key Metrics Changes - The company secured $362 million in new contracts year-to-date, with 87% of its 2024 capacity contracted [36][81] - The forecast for floater exploration wells indicates a year-on-year growth of 34% [11] - The North Sea sector is highlighted as a bright spot with increasing demand and shrinking rig supply [35] Company Strategy and Development Direction - The company aims to capitalize on the ongoing upcycle in offshore drilling, supported by strong commodity prices and robust upstream capital spending [31] - There is a focus on securing longer-term contracts to de-risk future revenue streams, with an average contract duration of over a year [108] - The company plans to reduce planned shipyard days, which is expected to enhance EBITDA and cash flow [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to secure meaningful day rate increases as contracts roll over, despite a slight expected decrease in revenue for 2024 [56][51] - The company anticipates a normalized revenue guidance for 2024 between $940 million and $960 million, excluding the impact of the GreatWhite incident [51] - The outlook for 2024 includes expectations of increased EBITDA margins due to the return of lower-margin managed rigs to their owners [82] Other Important Information - The company is currently estimating recovery costs from the GreatWhite incident to be between $20 million and $25 million, with potential insurance coverage for lost revenue [46][78] - The company exited 2023 with unrestricted cash and cash equivalents of $124 million and total liquidity of $422 million [73] Q&A Session Summary Question: What is the expected timing for contract awards? - Management expects five to six contracts to be awarded by mid-2024, particularly for contracts starting in Q3 and Q4 2024 [61][113] Question: How does the company view the impact of the GreatWhite incident on financials? - The company plans to normalize results for any impact from the GreatWhite incident, ensuring clarity in financial reporting [96] Question: What is the outlook for the Patriot rig? - The Patriot is expected to fill some gaps in its schedule with a two-well P&A campaign starting soon, before its long-term contract in 2025 [67][80] Question: What is the company's strategy regarding potential M&A activity? - The company views itself as a net acquirer moving forward, given the strength of its backlog and balance sheet [124] Question: How does the company perceive the current contracting environment? - Management noted that clients are increasingly looking to secure longer-term contracts to mitigate future rate exposure, indicating a positive trend in contract signings [108][138]

Diamond Offshore NYSE: DO Q4 2023 Earnings Call February 28, 2024 The statements in this presentation that are not historical facts, including statements regarding future performance, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those currently anticipated or expected by management of Diamond Offsho ...

$362 Million in Contract Awards Year to Date 2024 $245 Million in Total Backlog Added in Q4 Rig Performance Bonus Earned in Senegal Ocean BlackHawk and Ocean Courage Commenced New Contracts in Q4 HOUSTON, Feb. 27, 2024 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) today reported the following results for the fourth quarter of 2023: Three Months Ended Thousands of dollars, except per share data December 31, 2023 September 30, 2023 Total revenues $ 297,637 $ 244,958 Op ...

For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13926 DIAMOND OFFSHORE DRILLING, INC. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) ...