WASHINGTON (dpa-AFX) - Diamond Offshore Drilling Inc. (DO) reported net income of $5.51 million or $0.05 per share in the third quarter of 2022, while it posted a net loss of $21.93 million or $0.22 per share in the second-quarter of 2022. The latest quarter result included a $23 million non-cash tax benefit.
Contract drilling revenue for the third quarter totaled $190 million compared to $177 million in the second quarter of 2022. The increase in revenue was primarily driven by the Ocean BlackHawk beginning work in Senegal during the quarter, the Ocean Apex and Ocean Patriot both benefitting from a full quarter of utilization, and the Ocean Patriot operating under terms of a contract extension with a favorable dayrate increase.
Total revenues for the third quarter were $226.07 million compared to $205.70 million in the prior quarter.
Diamond Offshore also said it received notification of award of a new drilling program with Petrobras in Brazil for the Ocean Courage. The Ocean Courage was awarded a four-year project with an unpriced option for an additional four years. The total estimated value of the firm term of the award is approximately $429 million, including a mobilization fee and the provision of certain additional services. The new contract is expected to be signed imminently and commence late in the fourth quarter of 2023.
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