Diamond Offshore Reports Second Quarter 2024 Results By Investing.com

• $350 Million in Contract Awards in Q2; $89 Million in Contract Awards Post-Q2
• Q2 Adjusted EBITDA of $58 Million
• $8.7 Million in Performance Bonuses Earned during Q2 in Senegal
• Ocean GreatWhite Completes Repairs and Resumes Operations

HOUSTON, Aug. 6, 2024 /PRNewswire/ — Diamond Offshore Drilling (OTC:), Inc. (NYSE: DO) today reported the following results for the second quarter of 2024:

Bernie Wolford, Jr., President and Chief Executive Officer of Diamond Offshore, stated, “We are pleased with our second quarter results, achieving adjusted EBITDA of $58 million, which is in line with our guided range. Our results for the quarter also include the recognition of $8.7 million in well-performance bonuses in Senegal, reflecting the exceptional performance of our deepwater drillships and the crews that operate them. Additionally, repairs to the Ocean GreatWhite were completed during the quarter, and the rig resumed operations under its contract in the North Sea in early July.”

New Contract Awards and Other Updates

As previously disclosed, the Company secured a two-year contract extension for the  Ocean Blackhawk, representing $350 million in contract backlog.

In addition, after quarter-end, the Ocean BlackRhino was awarded a contract for work in the U.S. Gulf of Mexico (or USGOM) with a minimum duration of 180 days for a total contract value of approximately $89 million, excluding mobilization and any additional services. The contract also includes two option periods. Following the completion of its Special Periodical Survey and Managed Pressure Drilling upgrade project in Las Palmas, the Ocean BlackRhino is expected to mobilize to the USGOM in late December or early January for contract…