Company Quick10K Filing
Diamond Offshore Drilling
Price5.83 EPS-3
Shares138 P/E-2
MCap803 P/FCF-56
Net Debt1,766 EBIT-308
TEV2,569 TEV/EBIT-8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-02
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-11
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-13
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-02
10-Q 2015-06-30 Filed 2015-08-03
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-23
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-30
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-10-25
10-Q 2012-03-31 Filed 2012-04-26
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-10-27
10-Q 2011-06-30 Filed 2011-07-28
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-07-29
10-Q 2010-03-31 Filed 2010-04-27
10-K 2009-12-31 Filed 2010-02-23
8-K 2020-08-03 Regulation FD, Exhibits
8-K 2020-06-23 Officers, Exhibits
8-K 2020-05-13
8-K 2020-05-05
8-K 2020-04-28
8-K 2020-04-26
8-K 2020-04-24
8-K 2020-04-21
8-K 2020-04-15
8-K 2020-03-20
8-K 2020-03-16
8-K 2020-02-10
8-K 2019-10-28
8-K 2019-09-03
8-K 2019-08-05
8-K 2019-07-01
8-K 2019-05-15
8-K 2019-04-29
8-K 2019-03-14
8-K 2019-02-11
8-K 2019-01-31
8-K 2018-11-05
8-K 2018-10-02
8-K 2018-09-04
8-K 2018-07-30
8-K 2018-07-23
8-K 2018-06-29
8-K 2018-05-15
8-K 2018-05-08
8-K 2018-04-30
8-K 2018-03-23
8-K 2018-03-13
8-K 2018-02-12
8-K 2018-01-31
8-K 2018-01-04

DO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-31.1 do-ex311_6.htm
EX-31.2 do-ex312_8.htm
EX-32.1 do-ex321_7.htm

Diamond Offshore Drilling Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.80.50.2-0.0-0.3-0.62012201420172020
Rev, G Profit, Net Income
0.90.50.1-0.4-0.8-1.22012201420172020
Ops, Inv, Fin

do-10q_20200930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from               to              

Commission file number 1-13926

 

DIAMOND OFFSHORE DRILLING, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

76-0321760

(State or other jurisdiction of incorporation

or organization)

 

(I.R.S. Employer

Identification No.)

 

15415 Katy Freeway

Houston, Texas  

77094

(Address of principal executive offices)

(Zip Code)

(281) 492-5300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act: None

Securities registered pursuant to Section 12(g) of the Exchange Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, $0.01 par value per share

 

DOFSQ

 

OTC Pink Open Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No    

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No    

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No   

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of October 29, 2020 Common stock, $0.01 par value per share   138,054,311 shares

 

 


DIAMOND OFFSHORE DRILLING, INC.

 

TABLE OF CONTENTS FOR FORM 10-Q

 

QUARTER ENDED SEPTEMBER 30, 2020

 

 

 

 

 

PAGE NO.

 

 

 

 

 

COVER PAGE

 

1

 

 

 

TABLE OF CONTENTS

 

2

 

 

 

PART I. FINANCIAL INFORMATION

 

3

 

 

 

 

ITEM 1.

Financial Statements (Unaudited)

 

3

 

 

Condensed Consolidated Balance Sheets

 

3

 

 

Condensed Consolidated Statements of Operations

 

4

 

 

Condensed Consolidated Statements of Comprehensive Loss

 

5

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

6

 

 

Condensed Consolidated Statements of Cash Flows

 

8

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

 

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

27

 

 

 

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

 

38

 

 

 

 

 

 

ITEM 4.

Controls and Procedures

 

39

 

 

 

 

 

PART II. OTHER INFORMATION

 

40

 

 

 

 

 

 

ITEM 1.

Legal Proceedings

 

40

 

 

 

 

 

 

ITEM 1A.

Risk Factors

 

40

 

 

 

 

 

 

ITEM 6.

Exhibits

 

41

 

 

 

 

 

SIGNATURES

 

42

 

 

 

 

2


PART I.  FINANCIAL INFORMATION

ITEM 1. Financial Statements.

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

422,701

 

 

$

156,281

 

Restricted cash

 

 

25,692

 

 

 

 

Accounts receivable

 

 

144,257

 

 

 

256,315

 

  Less: allowance for credit losses

 

 

(5,633

)

 

 

(5,459

)

Accounts receivable, net

 

 

138,624

 

 

 

250,856

 

Prepaid expenses and other current assets

 

 

63,269

 

 

 

68,658

 

Assets held for sale

 

 

2,000

 

 

 

1,000

 

Total current assets

 

 

652,286

 

 

 

476,795

 

Drilling and other property and equipment, net of

 

 

 

 

 

 

 

 

accumulated depreciation

 

 

4,243,106

 

 

 

5,152,828

 

Other assets

 

 

206,481

 

 

 

204,421

 

Total assets

 

$

5,101,873

 

 

$

5,834,044

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

31,980

 

 

$

68,586

 

Accrued liabilities

 

 

127,516

 

 

 

210,780

 

Taxes payable

 

 

28,359

 

 

 

23,228

 

Total current liabilities

 

 

187,855

 

 

 

302,594

 

Long-term debt

 

 

 

 

 

1,975,741

 

Deferred tax liability

 

 

30,614

 

 

 

47,528

 

Other liabilities

 

 

97,645

 

 

 

275,971

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Total liabilities not subject to compromise

 

 

316,114

 

 

 

2,601,834

 

Liabilities subject to compromise

 

 

2,653,655

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock (par value $0.01, 25,000,000 shares authorized, none

   issued and outstanding)

 

 

 

 

 

 

Common stock (par value $0.01, 500,000,000 shares authorized;

   145,263,865 shares issued and 138,054,311 shares outstanding

   at September 30, 2020; 144,781,766 shares issued and 137,703,910

   shares outstanding at December 31, 2019)

 

 

1,453

 

 

 

1,448

 

Additional paid-in capital

 

 

2,029,979

 

 

 

2,024,347

 

Retained earnings

 

 

306,835

 

 

 

1,412,201

 

Accumulated other comprehensive loss

 

 

-

 

 

 

(18

)

Treasury stock, at cost (7,209,554 and 7,077,856 shares of common stock

   at September 30, 2020 and December 31, 2019, respectively)

 

 

(206,163

)

 

 

(205,768

)

Total stockholders’ equity

 

 

2,132,104

 

 

 

3,232,210

 

Total liabilities and stockholders’ equity

 

$

5,101,873

 

 

$

5,834,044

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

3


DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

 

$

129,345

 

 

$

242,315

 

 

$

535,848

 

 

$

676,284

 

Revenues related to reimbursable expenses

 

 

8,912

 

 

 

11,705

 

 

 

29,782

 

 

 

27,984

 

Total revenues

 

 

138,257

 

 

 

254,020

 

 

 

565,630

 

 

 

704,268

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling, excluding depreciation

 

 

130,921

 

 

 

201,568

 

 

 

481,376

 

 

 

593,779

 

Reimbursable expenses

 

 

8,578

 

 

 

11,423

 

 

 

27,997

 

 

 

27,479

 

Depreciation

 

 

75,330

 

 

 

88,693

 

 

 

243,208

 

 

 

263,844

 

General and administrative

 

 

12,781

 

 

 

18,830

 

 

 

44,827

 

 

 

51,436

 

Impairment of assets

 

 

 

 

 

 

 

 

774,028

 

 

 

 

Restructuring and separation costs

 

 

344

 

 

 

 

 

 

17,463

 

 

 

 

(Gain) loss on disposition of assets

 

 

(479

)

 

 

6,340

 

 

 

(4,132

)

 

 

1,191

 

Total operating expenses

 

 

227,475

 

 

 

326,854

 

 

 

1,584,767

 

 

 

937,729

 

Operating loss

 

 

(89,218

)

 

 

(72,834

)

 

 

(1,019,137

)

 

 

(233,461

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

22

 

 

 

1,317

 

 

 

520

 

 

 

5,664

 

Interest expense, net of amounts capitalized (excludes $37,834 and $62,470 of contractual interest expense on debt subject to compromise for the three- and nine-month periods ended September 30, 2020)

 

 

(98

)

 

 

(31,098

)

 

 

(42,753

)

 

 

(92,182

)

Foreign currency transaction loss

 

 

(661

)

 

 

(77

)

 

 

(1,458

)

 

 

(1,883

)

Reorganization items, net

 

 

(8,663

)

 

 

 

 

 

(62,640

)

 

 

 

Other, net

 

 

107

 

 

 

82

 

 

 

349

 

 

 

520

 

Loss before income tax (expense) benefit

 

 

(98,511

)

 

 

(102,610

)

 

 

(1,125,119

)

 

 

(321,342

)

Income tax (expense) benefit

 

 

(95

)

 

 

7,482

 

 

 

19,753

 

 

 

38,898

 

Net loss

 

$

(98,606

)

 

$

(95,128

)

 

$

(1,105,366

)

 

$

(282,444

)

Loss per share, Basic and Diluted

 

$

(0.71

)

 

$

(0.69

)

 

$

(8.01

)

 

$

(2.05

)

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares of common stock

 

 

138,054

 

 

 

137,694

 

 

 

137,976

 

 

 

137,636

 

Dilutive potential shares of common stock

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted-average shares outstanding

 

 

138,054

 

 

 

137,694

 

 

 

137,976

 

 

 

137,636

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 


4


DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net loss

 

$

(98,606

)

 

$

(95,128

)

 

$

(1,105,366

)

 

$

(282,444

)

Other comprehensive gains (losses), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification adjustment for loss (gain) included in net loss

 

 

21

 

 

 

(2

)

 

 

18

 

 

 

(5

)

Investments in marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gain

 

 

 

 

 

 

 

 

 

 

 

23

 

Reclassification adjustment for gain included in net loss

 

 

 

 

 

(8

)

 

 

 

 

 

(55

)

Total other comprehensive gain (loss)

 

 

21

 

 

 

(10

)

 

 

18

 

 

 

(37

)

Comprehensive loss

 

$

(98,585

)

 

$

(95,138

)

 

$

(1,105,348

)

 

$

(282,481

)

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

 

 

5


DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except number of shares)

 

 

 

Three Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Gains (losses)

 

 

Shares

 

 

Amount

 

 

Equity

 

July 1, 2020

 

 

145,258,536

 

 

$

1,453

 

 

$

2,029,978

 

 

$

405,441

 

 

$

(21

)

 

 

7,208,189

 

 

$

(206,162

)

 

$

2,230,689

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(98,606

)

 

 

 

 

 

 

 

 

 

 

 

(98,606

)

Stock-based compensation, net of tax

 

 

5,329

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1,365

 

 

 

(1

)

 

 

 

Net gain on derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

 

 

 

 

 

 

 

 

21

 

September 30, 2020

 

 

145,263,865

 

 

$

1,453

 

 

$

2,029,979

 

 

$

306,835

 

 

$

-

 

 

 

7,209,554

 

 

$

(206,163

)

 

$

2,132,104

 

 

 

 

 

 

 

Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Comprehensive

 

 

Treasury Stock

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Gains (losses)

 

 

Shares

 

 

Amount

 

 

Equity

 

January 1, 2020

 

 

144,781,766

 

 

$

1,448

 

 

$

2,024,347

 

 

$

1,412,201

 

 

$

(18

)

 

 

7,077,856

 

 

$

(205,768

)

 

$

3,232,210

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(1,105,366

)

 

 

 

 

 

 

 

 

 

 

 

(1,105,366

)

Stock-based compensation, net of tax

 

 

482,099

 

 

 

5

 

 

 

5,632

 

 

 

 

 

 

 

 

 

131,698

 

 

 

(395

)

 

 

5,242

 

Net gain on derivative financial instruments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

18

 

September 30, 2020

 

 

145,263,865

 

 

$

1,453

 

 

$

2,029,979

 

 

$

306,835

 

 

$

-

 

 

 

7,209,554

 

 

$

(206,163

)

 

$

2,132,104

 

 

 

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

6


DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES (DEBTOR-IN-POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except number of shares)

 

 

 

Three Months Ended September 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional