popular articles

Diamond Offshore posts solid Q2 2024 performance despite challenges

Diamond Offshore achieves adjusted EBITDA of USD 58 million in Q2 2024, despite lower revenues and repair costs for the Ocean GreatWhite
Diamond Offshore résultats financiers T2

Please share:

Diamond Offshore Drilling Inc, a major player in offshore drilling, publishes its financial results for the second quarter of 2024, demonstrating notable robustness despite significant operational challenges. With an adjusted EBITDA of 58 million USD, the company manages to maintain financial stability while dealing with costly repairs and declining revenues.

Q2 2024 financial results

Diamond Offshore reported second-quarter revenues of USD 253 million, down from USD 275 million in the previous quarter.
This decrease was mainly due to the absence of revenues from the West Auriga, which was returned to its owner following charter termination, and the temporary shutdown of the Ocean GreatWhite for repairs.
However, this decrease was partially offset by USD 8.7 million in performance bonuses earned in Senegal.
Contract drilling expenditure amounted to USD 164 million, a reduction of USD 20 million on the previous quarter.
This was due to lower operating costs at West Auriga and the recovery of costs related to the Ocean GreatWhite incident.
General and administrative costs rose to 23 million USD, including financial and legal advisory fees associated with the announced merger with Noble Corporation plc.

New contracts and operational prospects

Diamond Offshore secures a two-year contract extension for the Ocean Blackhawk, adding 350 million USD to the order book.
In addition, subsequent to the end of the quarter, the Ocean BlackRhino secures a contract worth 89 million USD for a minimum of 180 days in the Gulf of Mexico.
These new awards bring the total value of contracts secured in 2024 to almost 1.2 billion USD, with a total backlog exceeding 2 billion USD as of July 1, 2024.
An early termination notice for a campaign offshore Côte d’Ivoire allows the company to retain USD 8 million in prepaid deposits.
This termination demonstrates Diamond Offshore’s flexibility in managing contractual contingencies.

Operating performance and repairs

Diamond Offshore platforms maintain outstanding operational performance, with revenue efficiency averaging 95% for the third consecutive quarter, excluding the Ocean GreatWhite incident.
The Ocean BlackHawk and Ocean BlackRhino platforms accumulate USD 20.5 million in performance bonuses in Senegal, reflecting the efficiency and safety of their operations.
Repairs to the Ocean GreatWhite have been completed, and the platform resumed operations in the North Sea in early July.
Repair costs are covered by the company’s insurance, with an expected recovery of 90 days of lost revenue through business interruption insurance.
This effective incident management demonstrates Diamond Offshore’s operational resilience.

Sector outlook and analysis

Second-quarter results show that Diamond Offshore continues to successfully navigate a complex business environment, balancing operational challenges with growth opportunities.
Securing new contracts and managing contractual contingencies are strengthening the company’s position in the global offshore drilling market.
The outlook for the rest of the year remains positive, with promising projects and contracts underpinning Diamond Offshore’s continued growth.
Operational efficiency and proactive management of repairs and costs demonstrate the company’s ability to maintain a solid performance in the face of industry challenges.
Diamond Offshore continues to show notable resilience, adapting its operations and securing strategic contracts, thus ensuring financial and operational stability in a volatile market.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Ecopetrol announces, in partnership with JPMorgan Chase Bank, a 50% reduction in conversion fees for its American Depositary Receipts, effective until July 10, 2025, as part of a strategy to enhance its international appeal.
Masdar, supported by the United Arab Emirates, increased its energy capacity to 51GW in 2024, strengthening its global strategy through targeted acquisitions and key projects.
Masdar, supported by the United Arab Emirates, increased its energy capacity to 51GW in 2024, strengthening its global strategy through targeted acquisitions and key projects.
Aramco and Ma'aden announce a joint venture project to exploit lithium, a strategic mineral for the energy transition. This initiative aims to position Saudi Arabia as a key player in the market for critical minerals.
Aramco and Ma'aden announce a joint venture project to exploit lithium, a strategic mineral for the energy transition. This initiative aims to position Saudi Arabia as a key player in the market for critical minerals.
In 2024, EDF recorded a significant increase in nuclear and hydropower electricity production, marking a turning point due to better industrial management and favorable climatic conditions.
In 2024, EDF recorded a significant increase in nuclear and hydropower electricity production, marking a turning point due to better industrial management and favorable climatic conditions.
Abu Dhabi Investment Authority’s subsidiary partners with ArcLight to support a strategic 11 GW energy portfolio in the United States.
Constellation Energy acquires Calpine for $26.6 billion, strengthening its position in the U.S. energy sector amid growing electricity demand.
Constellation Energy acquires Calpine for $26.6 billion, strengthening its position in the U.S. energy sector amid growing electricity demand.
Filipe Silva, CEO of Galp Energia since 2023, steps down following allegations of a conflict of interest involving a presumed relationship with a company director.
Filipe Silva, CEO of Galp Energia since 2023, steps down following allegations of a conflict of interest involving a presumed relationship with a company director.
ICF acquires Applied Energy Group from Ameresco for $30 million, consolidating its energy and technology services for public utilities and local governments.
ICF acquires Applied Energy Group from Ameresco for $30 million, consolidating its energy and technology services for public utilities and local governments.
The Canadian group Brookfield acquired 53.12% of the capital of Neoen, a French renewable energy specialist, paving the way for a public offer for the remaining shares.
CATL, in China, unveils a chassis capable of withstanding frontal collisions at 120 km/h, a breakthrough transforming automotive safety standards.
CATL, in China, unveils a chassis capable of withstanding frontal collisions at 120 km/h, a breakthrough transforming automotive safety standards.
Iberdrola completes the acquisition of the remaining 18.4% of Avangrid, an operation approved by US regulators. This $35.75 per share transaction marks a strategic milestone for its activities in the United States.
Iberdrola completes the acquisition of the remaining 18.4% of Avangrid, an operation approved by US regulators. This $35.75 per share transaction marks a strategic milestone for its activities in the United States.
A $12 billion investment in Rajasthan aims to strengthen the state’s industrial and energy capacities, while boosting employment and economic attractiveness.
A $12 billion investment in Rajasthan aims to strengthen the state’s industrial and energy capacities, while boosting employment and economic attractiveness.
Rubis, an energy group based in Paris, appoints Jean-Christian Bergeron as the General Manager of Rubis Énergie. He will assume his role in January 2025 to lead growth strategy in global energy distribution markets.
The Swiss-Swedish group ABB acquires strategic activities from Gamesa Electric, consolidating its business strategy in renewable energy through equipment for wind, solar, and storage.
The Swiss-Swedish group ABB acquires strategic activities from Gamesa Electric, consolidating its business strategy in renewable energy through equipment for wind, solar, and storage.
The European Investment Bank finances the development and modernization of energy infrastructure in France, Italy, and Germany, supporting a portfolio of 270 MW of renewable projects.
The European Investment Bank finances the development and modernization of energy infrastructure in France, Italy, and Germany, supporting a portfolio of 270 MW of renewable projects.
Pattern Energy announces the entry of a consortium led by APG and ART, marking a major milestone in its expansion with over 25 GW of renewable energy projects across North America.
Pattern Energy announces the entry of a consortium led by APG and ART, marking a major milestone in its expansion with over 25 GW of renewable energy projects across North America.
Access to the GE Vernova plant in Montoir-de-Bretagne has been blocked since Friday by unions protesting against the planned elimination of 140 jobs.
The International Finance Corporation (IFC) injects $30 million into Inspired Evolution Fund III, a fund focused on renewable energy, as part of its diversification and expansion strategy in Africa's growing markets.
The International Finance Corporation (IFC) injects $30 million into Inspired Evolution Fund III, a fund focused on renewable energy, as part of its diversification and expansion strategy in Africa's growing markets.
Marathon Petroleum Corp. (MPC) will reveal its financial results for the fourth quarter and full year 2024 during a conference on February 4, 2025. The information will be available online, with a webcast replay accessible for two weeks.
Marathon Petroleum Corp. (MPC) will reveal its financial results for the fourth quarter and full year 2024 during a conference on February 4, 2025. The information will be available online, with a webcast replay accessible for two weeks.
Suez announces the unexpected departure of its CEO Sabrina Soussan effective January 31, 2025. A transitional organizational shift is underway with Thierry Déau, chairman of the board, ensuring continuity and the group’s future.
Suez announces the unexpected departure of its CEO Sabrina Soussan effective January 31, 2025. A transitional organizational shift is underway with Thierry Déau, chairman of the board, ensuring continuity and the group’s future.
Enedis is investing €3.6 billion in an ambitious strategy to modernize the French electric grid, enhance its climate resilience, and support the national industry.
Elyse Energy, a French SME, announces €120 million in funding to develop synthetic methanol and sustainable fuel plants, targeting the decarbonization of the aviation, maritime, and chemical sectors.
Elyse Energy, a French SME, announces €120 million in funding to develop synthetic methanol and sustainable fuel plants, targeting the decarbonization of the aviation, maritime, and chemical sectors.
As part of its global energy strategy, TotalEnergies invests €1.57 billion to acquire the German group VSB, a major player in wind and solar projects in Europe.
As part of its global energy strategy, TotalEnergies invests €1.57 billion to acquire the German group VSB, a major player in wind and solar projects in Europe.
Aramco completes the acquisition of a 10% stake in Horse Powertrain, valued at €7.4 billion, specializing in hybrid and thermal powertrain solutions.
Aramco completes the acquisition of a 10% stake in Horse Powertrain, valued at €7.4 billion, specializing in hybrid and thermal powertrain solutions.

Advertising