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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Diamond Offshore Drilling
Diamond Offshore Drilling (DO) investor relations material
Diamond Offshore Drilling has been acquired by Noble Corporation plc
Diamond Offshore Drilling Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary6 Aug, 2024
Executive summary
Entered into a definitive merger agreement with Noble Corporation plc; each share to be exchanged for $5.65 in cash and 0.2316 Noble shares, pending shareholder and regulatory approvals.
Secured $350 million in contract awards in Q2 and $89 million post-Q2, with total 2024 contract value nearing $1.2 billion and backlog exceeding $2.0 billion as of July 1, 2024.
Offshore drilling market remains robust, with high dayrates and strong demand in deepwater regions; backlog increased to $2.0 billion as of July 1, 2024.
Ocean Great White rig resumed operations after a major equipment incident; insurance expected to cover most costs, with $20 million received and further loss-of-hire recovery anticipated.
Pending merger with Noble Corporation led to discontinuation of financial guidance and no Q2 conference call.
Financial highlights
Q2 2024 net income was $9.3 million, down from $238.8 million in Q2 2023; six-month net income was $20.9 million, down from $246.0 million year-over-year.
Q2 2024 revenues were $252.9 million, down from $281.6 million in Q2 2023; six-month revenues were $527.5 million, up from $513.6 million year-over-year.
Q2 adjusted EBITDA reached $58 million, in line with guidance.
Q2 2024 operating income was $28.3 million, up from $10.2 million in Q2 2023; six-month operating income was $50.1 million, up from $5.3 million year-over-year.
Cash and cash equivalents at June 30, 2024 were $165.5 million; total liquidity including restricted cash was $178.0 million.
Outlook and guidance
No quarterly or annual financial guidance provided due to the pending Noble merger; previous guidance should not be relied upon.
Backlog stands at $2.0 billion, with 90% of 2024 rig days committed and 62% for 2025; capital expenditures for 2024 expected to be $135–$145 million.
Management expects continued strong demand for deepwater rigs, but notes potential headwinds from supply chain constraints and inflation.
Planned downtime of approximately 150 days for the remainder of 2024 due to regulatory surveys and upgrades.
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Frequently asked questions
Diamond Offshore
Diamond Offshore Drilling is an American offshore drilling contractor that provides contract drilling services to the energy industry. Its primary focus is on deepwater and harsh environment drilling through its fleet of high-specification drilling rigs. The fleet includes semisubmersible rigs and drillships, which are designed to work in challenging offshore environments, including ultra-deep waters. The company's services encompass not only drilling operations but also project management and planning. Diamond Offshore is headquartered in Katy, Texas, and its shares are listed on the NYSE.
From Bankruptcy to Global Presence
The roots of the company can be traced back to the 1960s when the onshore drilling company Brewster-Bartle filed for bankruptcy. Diamond Offshore’s founder, Don McMahon acquired the now-bankrupt company from its creditors and named it Diamond M Drilling Company, named after his ranch. The company expanded into offshore drilling and went public in 1970. The company got its current name in 1993 after a series of mergers and acquisitions during the past decades. In the wake of the COVID-19 pandemic, the company went into bankruptcy following a severe turndown in drilling operations due to lowered demand for oil. After a significant restructuring, the company was relisted on the NYSE in 2022.
Offshore Drilling
Diamond Offshore Drilling, Inc. specializes in offshore drilling and operates a fleet of drilling rigs. Their services primarily cater to the exploration and extraction of oil and natural gas from offshore fields. The company's fleet includes both semisubmersible rigs and dynamically positioned drillships, designed to operate in various water depths and environmental conditions. Diamond Offshore's expertise extends to deepwater drilling, a complex and technically demanding aspect of offshore exploration. Besides the actual drilling for oil and natural gas, the company’s services encompass project management, rig design, and operational support.
The Clients
The company is a contractor and works with a number of large players in the global energy industry. Its drilling services are offered to a global clientele, including major national and independent oil and gas companies. Some of the company’s customers over the years have included Hess, Petrobras, BP, and other well-established names in the industry.