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, 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) (State or other jurisdiction of incor ...

Company Participants Bernie Wolford - President and Chief Executive Officer Conference Call Participants David Smith - Pickering Energy Good day and thank you for standing by. Welcome to the Q4 2022 Diamond Offshore Drilling Earnings Conference Call. [Operator Instructions] Please be advised that todayÂ's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Bordosky, Senior Director of Investor Relations. Please go ahead. Thank you, Michelle. Good morning, ...

Financial Reporting and Accounting - The company adopted fresh start accounting upon emergence from bankruptcy on April 23, 2021, resulting in a new entity for financial reporting purposes with no beginning retained earnings or deficit [13]. - The fair values of the Successor's assets and liabilities differ materially from their recorded values prior to the bankruptcy, affecting comparability of financial statements [14]. Revenue Sources and Contracts - For the year ended December 31, 2022, BP accounted for 33.1% of total revenues, while Woodside represented 29.7% [31]. - The company earned $58.0 million in revenues from the management and marketing services agreement with Aquadrill during 2022 [31]. - The company’s drilling contracts typically provide for a basic dayrate, with potential reductions during rig movement or operational interruptions [23]. - The duration of dayrate drilling contracts is generally tied to the time required to drill a well or a fixed period, with options for customers to extend contracts [26]. - As of January 1, 2023, the company's contract backlog was $1.8 billion, an increase of 50% from $1.2 billion on January 1, 2022 [32]. - 81% of the contracted backlog ($1.4 billion) is attributable to future operations with three customers, including contracts for five and three rigs respectively [32]. Fleet and Operations - The company managed two drillships, West Auriga and West Vela, both contracted as of December 31, 2022, under a management and marketing services agreement with Aquadrill LLC [28]. - The company operates a fleet of 12 rigs, including 4 drillships and 8 semisubmersibles, with various attributes such as dynamic positioning and managed pressure drilling capabilities [20]. - The principal markets for the company's offshore contract drilling services include the Gulf of Mexico, Canada, Brazil, Australia, Europe, Africa, and the Mediterranean [22]. Market Conditions - The company operates in a highly competitive offshore drilling market with approximately 685 mobile drilling rigs in service worldwide [33]. - The offshore drilling industry is characterized by intense price competition and an oversupply of drilling rigs, impacting market dynamics [35]. Workforce and Training - As of December 31, 2022, the company managed a global workforce of approximately 2,100 employees, with over 57% having been employed for five years or more [37]. - The company utilizes a comprehensive training program to ensure employees receive position-specific training for career development [41]. Financial Risks - The company has exposure to interest rate risk on its debt instruments, with $177.5 million in variable interest rate debt as of December 31, 2022 [271]. - A 100-basis point increase in market interest rates would result in an estimated $3.0 million increase in annual interest expense based on current variable-rate debt levels [271]. Health, Safety, and Environment (HSE) - The company emphasizes a commitment to Health, Safety, and the Environment (HSE) as part of its core values and operational strategy [38]. Regulatory Environment - The company is subject to extensive domestic and international regulations that could significantly impact its business activities and revenues [36].

Diamond Offshore Drilling Inc. (NYSE:DO) Q3 2022 Earnings Conference Call November 8, 2022 9:00 AM ET Company Participants Bernie Wolford - President, Chief Executive Officer Dominic Savarino - Senior Vice President, Chief Financial Officer Kevin Bordosky - Senior Director, Investor Relations Conference Call Participants David Smith - Pickering Energy Fredrik Stene - Clarkson Operator Good day and thank you for standing by. Welcome to the Q3 2022 Diamond Offshore Drilling earnings conference call. At this t ...

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 September 30, 2022 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) Delaware 76-0321760 (State or oth ...

Diamond Offshore Drilling Inc. (NYSE:DO) Q2 2022 Earnings Conference Call August 10, 2022 9:00 AM ET Company Participants Kevin Bordosky - Senior Director of Investor Relations Bernie Wolford - President & Chief Executive Officer Dominic Savarino - Senior Vice President & Chief Financial Officer Conference Call Participants Operator Good day and thank you for standing by. Welcome to the Q2 2022 Diamond Offshore Drilling Earnings Conference Call. [Operator Instructions] Please be advised that todayÂ's confer ...

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 June 30, 2022 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) Delaware 76-0321760 (State or other ju ...

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, 2022 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 | --- | --- | |-------------------------------------------------------------------------------------------------------|----- ...

Financial Restructuring - The company emerged from Chapter 11 reorganization on April 23, 2021, eliminating a net $2.2 billion of debt[10] - Fresh start accounting was adopted, resulting in a new entity for financial reporting with no beginning retained earnings or deficit as of the fresh start reporting date[11] Contract Backlog and Revenue - As of January 1, 2022, the company's contract backlog was $1.2 billion, consistent with the previous year, with 80% of the backlog attributable to three customers[34] - During the Successor period from April 24, 2021, to December 31, 2021, BP and Woodside accounted for 25.4% of total consolidated revenues[31] - The company’s drilling contracts typically provide for a basic dayrate, with historical dayrate contracts accounting for the majority of revenues[24] Fleet and Operations - The company operates a fleet of mobile offshore drilling rigs, including 4 drillships and 8 semisubmersibles, with various attributes such as dynamic positioning[15][18] - As of March 1, 2022, the fleet includes rigs capable of operating at water depths ranging from 3,000 feet to 12,000 feet[18] - The company has approximately 690 mobile drilling rigs in service worldwide, including about 190 floater rigs, indicating a highly competitive offshore contract drilling industry[35] Management and Workforce - The company entered into a management and marketing services arrangement with Aquadrill LLC in May 2021, managing three rigs and earning fixed daily fees[28] - The company expects to commence management of a third rig, the West Vela, in the first quarter of 2022[29] - As of December 31, 2021, the company managed a global workforce of approximately 1,900 persons, with over 67% having been employed for five years or more, and an average tenure of 10 years[39] Market and Industry Conditions - The principal markets for offshore contract drilling services include the Gulf of Mexico, Canada, South America, Australia, Europe, East and West Africa, and the Mediterranean[22] - The offshore drilling industry is characterized by the movement of rigs from low utilization areas to regions with higher activity and dayrates, intensifying price competition due to current oversupply[37] Financial Risk Management - The company’s variable interest rate debt included $83.5 million of outstanding borrowings under the Exit RCF and $100.0 million Exit Term Loan, with a 100-basis point increase in market interest rates estimated to increase annual interest expense by $1.9 million[294][295] - The company’s First Lien Notes are issued at fixed rates, meaning interest expense would not be impacted by interest rate shifts[295] - The impact of a 100-basis point increase or decrease in interest rates on fixed rate debt would have resulted in a decrease in market value of $5.1 million or an increase of $5.4 million, respectively, as of December 31, 2020[296] - The company’s market risk exposure is managed by senior management, who approve the overall investment strategy and ensure consistency with acceptable risk levels[293] Health, Safety, and Environment (HSE) - The company emphasizes a commitment to Health, Safety, and the Environment (HSE) as part of its core values and culture[42] - The company’s operations are subject to extensive domestic and international laws and regulations, which could significantly limit business activities and increase costs[38] - The company employs a comprehensive training program to ensure that rig crew employees receive position-specific training as part of their career development[45]

Financial Performance - Contract drilling revenue for Q3 2021 was $183.2 million, up from $129.3 million in Q3 2020, reflecting a 42% increase [223][224]. - Revenue-earning days (R-E days) increased to 874 in Q3 2021 from 675 in Q3 2020, representing a 30% rise [221][224]. - Rig utilization improved to 79% in Q3 2021 compared to 49% in Q3 2020, indicating a significant operational efficiency gain [221][224]. - Average daily revenue rose to $209,500 in Q3 2021 from $191,800 in Q3 2020, marking a 9.2% increase [221][224]. - Total revenues for Q3 2021 were $213.9 million, compared to $138.3 million in Q3 2020, a 55% increase [221]. - Operating income for contract drilling services was $48.0 million in Q3 2021, a turnaround from a loss of $1.6 million in Q3 2020 [221]. - General and administrative expenses increased to $21.0 million in Q3 2021 from $12.8 million in Q3 2020, primarily due to severance benefits and legal costs [228][229]. - Depreciation expense decreased significantly to $25.2 million in Q3 2021 from $75.3 million in Q3 2020, reflecting a reduced asset base [226]. - The net loss for the period from April 24 through September 30, 2021, was $52.5 million, compared to a net loss of $1.96 billion in the Predecessor period [256]. - Income tax expense for the period from April 24 through September 30, 2021, was $15.2 million, reflecting a negative effective tax rate of 40.8% [255]. Contract Backlog and Utilization - As of October 1, 2021, the contract drilling backlog was $1,034 million, down from $1,187 million on January 1, 2021, and $1,169 million on October 1, 2020 [203]. - The percentage of rig days committed for 2021 was 77%, with projections of 57% for 2022 and 16% for 2023 [209]. - The contract drilling backlog includes future dayrate revenue, excluding mobilization and demobilization revenues, which are accounted for separately [202]. - The company's contractual backlog was $1.0 billion as of October 1, 2021, with $0.2 billion related to Q4 2021 [262]. Strategic Initiatives - The company is exploring strategic alternatives to maximize shareholder value, including potential asset acquisitions or business combinations [196]. - The company has retained Goldman Sachs & Co. LLC as a financial advisor in connection with the exploration of strategic alternatives [196]. - The company is focused on growth opportunities and competitive positioning in the market, including the entry of new competitive rigs [283]. - The company is assessing the impacts of the COVID-19 pandemic on customer spending programs and the financial condition of its customers [283]. - The company is managing risks related to interest rates and foreign exchange, with fixed-rate Exit Notes mitigating interest rate shifts [289]. Costs and Expenses - The company incurred additional costs due to COVID-19, including increased travel expenses and health protocols for crew safety [210]. - Contract drilling expense, excluding depreciation, for the period from April 24 through September 30, 2021, was $225.9 million, primarily driven by payroll and benefits costs of $98.0 million [239]. - General and administrative expenses during the period from April 24 through September 30, 2021, totaled $37.2 million, including $8.0 million in severance benefits for executives [244]. - The company incurred interest expense of $6.9 million in Q3 2021, related to new debt and lease classification changes [230]. - Cash capital expenditures for the remaining three months of 2021 are expected to be approximately $10 million to $15 million, totaling around $95 million to $100 million for the year [271]. Debt and Financial Obligations - The company emerged from Chapter 11 bankruptcy on April 23, 2021, adopting fresh start accounting, resulting in a new entity for financial reporting purposes [192][193]. - The company emerged from Chapter 11 reorganization on April 23, 2021, significantly reducing its indebtedness and entering into a $400 million senior secured revolving credit facility [259]. - As of November 1, 2021, the company had $113.5 million in borrowings under the Exit RCF and $283.9 million available for further borrowings [259]. - The company had total contractual cash obligations of $831.5 million as of September 30, 2021, including various debt instruments and finance leases [273]. - The company has $123.5 million in variable interest rate debt under the Exit RCF, with a potential $2.4 million increase in annual interest expense from a 100-basis point rise in market interest rates [289]. Market Conditions - Floater utilization was approximately 69% in October 2021, with expectations for improvement in the offshore drilling market driven by increased demand for hydrocarbons [198]. - The International Energy Agency forecasts crude oil demand to rise from approximately 96.5 million barrels per day in 2021 to over 103 million barrels per day by 2025 [198]. - Commodity prices, including Brent crude oil, have risen to the mid-$80-per-barrel range, positively impacting demand for contract drilling services [197]. - The company is monitoring market conditions, including oil prices, which could affect future results of operations [283]. Compliance and Internal Controls - The company is committed to compliance with applicable laws and maintaining internal controls over financial reporting [285]. - The company is addressing contractual obligations related to its Well Control Equipment services agreement and potential asset impairments [285].