Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: US$0.091 (vs US$2.35 in 2Q 2023) Second quarter 2024 results: EPS: US$0.091 (down from US$2.35 in 2Q 2023). Revenue: US$252.9m (down 4.6% from 2Q 2023). Net income: US$9.33m (down 96% from 2Q 2023). Profit margin: 3.7% (down from 90% in 2Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Energy Services industry in Europe. Announcement • Jul 18
Diamond Offshore Drilling, Inc. to Report Q2, 2024 Results on Aug 06, 2024 Diamond Offshore Drilling, Inc. announced that they will report Q2, 2024 results After-Market on Aug 06, 2024 Announcement • Jun 10
Noble Corporation plc (NYSE:NE) entered into a definitive merger agreement to acquire Diamond Offshore Drilling, Inc. (NYSE:DO) from BlackRock, Inc. (NYSE:BLK), KGH Ltd., The Vanguard Group, Inc., Capital Research Global Investors and others for approximately $1.6 billion. Noble Corporation plc (NYSE:NE) entered into a definitive merger agreement to acquire Diamond Offshore Drilling, Inc. (NYSE:DO) from BlackRock, Inc. (NYSE:BLK), KGH Ltd., The Vanguard Group, Inc., Capital Research Global Investors and others for approximately $1.6 billion on June 10, 2024. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock, an 11.4% premium to closing stock prices on June 7, 2024, representing 64% stock / 36% cash ($600 million total cash consideration). Upon closing, Diamond shareholders will own approximately 14.5% of Noble’s outstanding shares and Noble shareholders will hold 85.5% stake. The implied cash and stock consideration to be received by Diamond shareholders is $15.52 per share, representing a premium of 11.4% to Diamond’s closing share price on June 7, 2024. Noble intends to fund the cash portion of the transaction through new debt financing, which Noble has secured through a $600 million committed bridge financing facility. At closing, the Noble Board of Directors will be expanded to include one member from the Diamond Board.
The transaction is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals and the approval of Diamond shareholders. The transaction has been unanimously approved by the Board of Directors of each company. The transaction is expected to close by the first quarter of 2025.
Morgan Stanley & Co. LLC is acting as lead financial advisor to Noble and has provided committed financing. Wells Fargo and SB1 Markets also acted as financial advisors to Noble. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Noble. Guggenheim Securities, LLC and TPH&Co., the energy business of Perella Weinberg Partners, are acting as lead financial advisors to Diamond. Kirkland & Ellis LLP is acting as legal advisor to Diamond. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: US$0.11 (vs US$0.071 in 1Q 2023) First quarter 2024 results: EPS: US$0.11 (up from US$0.071 in 1Q 2023). Revenue: US$274.6m (up 28% from 1Q 2023). Net income: US$11.6m (up 61% from 1Q 2023). Profit margin: 4.2% (up from 3.4% in 1Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Energy Services industry in Europe. Announcement • Apr 19
Diamond Offshore Drilling, Inc. to Report Q1, 2024 Results on May 07, 2024 Diamond Offshore Drilling, Inc. announced that they will report Q1, 2024 results After-Market on May 07, 2024 Announcement • Mar 29
Diamond Offshore Drilling, Inc., Annual General Meeting, May 09, 2024 Diamond Offshore Drilling, Inc., Annual General Meeting, May 09, 2024, at 08:30 Central Standard Time. Location: Boardroom A of the Customer Connection Center located at 757 N. Eldridge Parkway, Houston Texas United States Agenda: To elect two directors, each to serve a term of one year expiring at the annual meeting of stockholders to be held in 2025 and until his/her respective successor is duly elected and qualified or until his/her earlier death, resignation, disqualification or removal; to hold an advisory vote on executive compensation; to ratify the appointment of Deloitte & Touche LLP as the independent auditor for our company and its subsidiaries for fiscal year 2024; and to transact such other business as may properly come before the meeting or any adjournments or postponements. Announcement • Mar 15
Diamond Offshore Drilling, Inc. Appoints Jon L. Richards as Senior Vice President and Chief Operating Officer On March 14, 2024, Diamond Offshore Drilling, Inc. appointed Jon L. Richards as Senior Vice President and Chief Operating Officer, effective immediately. Mr. Richards, age 50, has served as the Company’s Senior Vice President, Worldwide Operations since April 2020. From 2012 through 2020, he served as the Company’s Vice President, Operations. Mr. Richards joined the Company in 1997 and has worked in a wide variety of operational roles, including leadership positions of increasing responsibility and global scope. In connection with this appointment, Mr. Richards will receive an increase in his annual base salary from $428,000 to $475,000. Mr. Richards will continue to report to Bernie Wolford, Jr., President and Chief Executive Officer. Reported Earnings • Feb 29
Full year 2023 earnings released: US$0.44 loss per share (vs US$1.03 loss in FY 2022) Full year 2023 results: US$0.44 loss per share (improved from US$1.03 loss in FY 2022). Revenue: US$1.06b (up 46% from FY 2022). Net loss: US$44.7m (loss narrowed 57% from FY 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Energy Services industry in Europe. Announcement • Feb 07
Diamond Offshore Drilling, Inc. to Report Q4, 2023 Results on Feb 27, 2024 Diamond Offshore Drilling, Inc. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Feb 27, 2024 Buy Or Sell Opportunity • Jan 30
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €11.56. The fair value is estimated to be €14.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 294% in the next 2 years. Reported Earnings • Nov 09
Third quarter 2023 earnings released: US$1.42 loss per share (vs US$0.055 profit in 3Q 2022) Third quarter 2023 results: US$1.42 loss per share (down from US$0.055 profit in 3Q 2022). Revenue: US$224.9m (up 19% from 3Q 2022). Net loss: US$145.0m (down US$150.5m from profit in 3Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Energy Services industry in Europe. Announcement • Oct 18
Diamond Offshore Drilling, Inc. to Report Q3, 2023 Results on Nov 06, 2023 Diamond Offshore Drilling, Inc. announced that they will report Q3, 2023 results After-Market on Nov 06, 2023 New Risk • Oct 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). New Risk • Sep 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Board Change • Aug 21
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Adam Peakes is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: US$2.35 (vs US$0.22 loss in 2Q 2022) Second quarter 2023 results: EPS: US$2.35 (up from US$0.22 loss in 2Q 2022). Revenue: US$281.6m (up 59% from 2Q 2022). Net income: US$238.8m (up US$260.7m from 2Q 2022). Profit margin: 85% (up from net loss in 2Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Energy Services industry in Europe. Board Change • Jul 13
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Adam Peakes is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: US$0.071 (vs US$0.34 loss in 1Q 2022) First quarter 2023 results: EPS: US$0.071 (up from US$0.34 loss in 1Q 2022). Revenue: US$232.0m (up 54% from 1Q 2022). Net income: US$7.23m (up US$41.6m from 1Q 2022). Profit margin: 3.1% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Energy Services industry in Europe. Breakeven Date Change • Mar 31
Forecast breakeven date moved forward to 2023 The 3 analysts covering Diamond Offshore Drilling previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$3.21m in 2023. Earnings growth of 96% is required to achieve expected profit on schedule. Recent Insider Transactions • Mar 05
Senior VP & CFO recently sold €115k worth of stock On the 1st of March, Dominic Savarino sold around 10k shares on-market at roughly €11.48 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Dominic's only on-market trade for the last 12 months. Reported Earnings • Mar 04
Full year 2022 earnings released: US$1.03 loss per share (vs US$19.13 loss in FY 2021) Full year 2022 results: US$1.03 loss per share (improved from US$19.13 loss in FY 2021). Revenue: US$841.3m (up 36% from FY 2021). Net loss: US$103.2m (loss narrowed 95% from FY 2021). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Energy Services industry in Europe. Announcement • Feb 11
Diamond Offshore Drilling, Inc., Annual General Meeting, May 10, 2023 Diamond Offshore Drilling, Inc., Annual General Meeting, May 10, 2023. Announcement • Feb 08
Diamond Offshore Drilling, Inc. to Report Q4, 2022 Results on Feb 27, 2023 Diamond Offshore Drilling, Inc. announced that they will report Q4, 2022 results After-Market on Feb 27, 2023 Board Change • Nov 17
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Director Ane Launy is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: US$0.055 (vs US$0.052 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.055 (up from US$0.052 loss in 3Q 2021). Revenue: US$189.9m (up 3.7% from 3Q 2021). Net income: US$5.51m (up US$10.7m from 3Q 2021). Profit margin: 2.9% (up from net loss in 3Q 2021). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Energy Services industry in Europe. Announcement • Oct 20
Diamond Offshore Drilling, Inc. to Report Q3, 2022 Results on Nov 07, 2022 Diamond Offshore Drilling, Inc. announced that they will report Q3, 2022 results After-Market on Nov 07, 2022 Breakeven Date Change • Oct 01
Forecast to breakeven in 2023 The 2 analysts covering Diamond Offshore Drilling expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 95% to 2022. The company is expected to make a profit of US$11.8m in 2023. Average annual earnings growth of 112% is required to achieve expected profit on schedule. Reported Earnings • Aug 11
Second quarter 2022 earnings released: US$0.22 loss per share (vs US$15.02 loss in 2Q 2021) Second quarter 2022 results: US$0.22 loss per share (up from US$15.02 loss in 2Q 2021). Revenue: US$176.9m (up 37% from 2Q 2021). Net loss: US$21.9m (loss narrowed 99% from 2Q 2021). Announcement • Aug 03
Diamond Offshore Drilling, Inc. to Report Q2, 2022 Results on Aug 10, 2022 Diamond Offshore Drilling, Inc. announced that they will report Q2, 2022 results Pre-Market on Aug 10, 2022 Reported Earnings • May 11
First quarter 2022 earnings released: US$0.34 loss per share (vs US$2.62 loss in 1Q 2021) First quarter 2022 results: US$0.34 loss per share (up from US$2.62 loss in 1Q 2021). Revenue: US$150.3m (up 23% from 1Q 2021). Net loss: US$34.4m (loss narrowed 91% from 1Q 2021). Board Change • May 05
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Ane Launy is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Apr 05
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Director Ane Launy is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors.