Diamond Offshore posts Q1 net income of $146M

Net income of Diamond Offshore Drilling, Inc. (NYSE: DO) for the first quarter of 2014 totaled $146 million, or $1.05 per share versus $176m / $1.27 in Q1 2013), the Company said Thursday in a press release.

Results for the quarter benefited from a $17 million, or $0.12 per share, credit to tax expense related to a settlement of certain disputes with Egyptian tax authorities. Revenues in the first quarter of 2014 were $709 million, compared with revenues of $730 million in the prior-year quarter.

At March 31, 2014, Diamond Offshore had 137,170,137 shares of common stock outstanding.  During the three months ended March 31, 2014, the Company purchased 1,865,311 shares of its common stock at an aggregate cost of $86.4 million.  From April 1, 2014 to April 23, 2014 the Company repurchased an additional 30,250 shares of its common stock at an aggregate cost of $1.4 million.

Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe with a total fleet of 45 offshore drilling rigs, including five rigs under construction.  Diamond Offshore's fleet consists of 33 semisubmersibles, two of which are under construction, five dynamically positioned drillships, three of which are under construction, and seven jack-ups.