Diamond Offshore Reports 2nd Quarter 2022 Results and Announces $610 Million in New Contract Awards.

HOUSTON: Diamond Offshore Drilling, Inc. (NYSE: DO) today reported the following results for the second quarter of 2022:

Three Months Ended

Thousands of dollars, except per share data

June 30, 2022

March 31, 2022

Total revenues

$

205,702

$

186,239

Operating loss

(9,763)

(33,916)

Adjusted EBITDA

15,245

(11,008)

Net loss

(21,929)

(34,354)

Loss per diluted share

$

(0.22)

$

(0.34)

Diamond Offshore also announced contract awards for the harsh environment semisubmersible Ocean GreatWhite in the U.K. North Sea, the semisubmersible Ocean Apex in Australia, and two 7th generation drillships - the Ocean BlackHornet and a Diamond-managed rig - in the U.S. Gulf of Mexico. These new contracts added approximately $610 million of backlog for the Company. The new contracts are in addition to the $995 million of backlog reported as of July 1, 2022.

Bernie Wolford, Jr., President and Chief Executive Officer, commented, "We are pleased to announce these significant backlog additions. The contract for the Ocean GreatWhite is a testament to the capabilities of this high-specification harsh environment asset and comes at a time when energy security and longer-term demand in the sector are increasingly visible. With the rig now contracted, we will have three assets working in the UK sector of the North Sea, allowing us to better serve our customer base while growing our presence in an established market."

The Ocean GreatWhite was awarded five wells, with an estimated duration of 300 days. Contract commencement is expected in the first quarter of 2023. Total contract value of the committed scope is approximately $80 million. The contract also includes priced options for up to eight additional wells.

The Ocean Apex has been awarded three new contracts for work on the Northwest Shelf of Australia. The first new award commences in the second quarter of 2023, with an estimated duration of 75 days. The second award is also for an estimated duration of 75 days, commencing in direct continuation of the previous award. The third award has an estimated duration of 150 days with a commencement in 2024. The combined awards add approximately $90 million of backlog to the Ocean Apex. Wolford added, "A potential fourth new contract currently under negotiation would fill out the remaining availability in 2023, and combined, keep the rig fully contracted until late 2024."

The Ocean BlackHornet has secured a two-year extension with its current client in the U.S. Gulf of Mexico in...