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DOFSQ Diamond Offshore Drilling

Diamond Offshore Drilling, Inc. engages in offshore drilling, which provides contract drilling services to the energy industry around the globe. The company's fleet of offshore drilling rigs consists of drill ships and semisubmersibles. The company was founded on April 12, 1989 and is headquartered in Houston, TX.

Company profile

Ticker
DOFSQ
Exchange
CEO
Marc Edwards
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
DIAMOND OFFSHORE DRILLING INC
SEC CIK
IRS number
760321760

DOFSQ stock data

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Calendar

10 Feb 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 430.38M 430.38M 430.38M 430.38M 430.38M 430.38M
Cash burn (monthly) 6M (positive/no burn) 50.32M 106.34M (positive/no burn) (positive/no burn)
Cash used (since last report) 21.41M n/a 179.43M 379.16M n/a n/a
Cash remaining 408.97M n/a 250.95M 51.22M n/a n/a
Runway (months of cash) 68.1 n/a 5.0 0.5 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 Aug 20 Kornblau Scott Lee Common Stock Sell Dispose S No No 0.235 671 157.69 0
6 Jul 20 Edwards Marc Gerard Rex RSU Common Stock Sale back to company Dispose D No No 0 82,860 0 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 37.16 750 27.87K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 34.54 750 25.91K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 49.57 750 37.18K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 48.36 750 36.27K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 56.55 750 42.41K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 62.31 750 46.73K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 68.62 750 51.47K 0
6 Jul 20 Kornblau Scott Lee Stock Appreciation Rights Common Stock Sale back to company Dispose D No No 69.71 750 52.28K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

9.6% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 1 7 -85.7%
Opened positions 1 3 -66.7%
Closed positions 7 16 -56.3%
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 13.26M 2.73K +485112.1%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Contrarius Investment Management 13.26M $0 NEW
Largest transactions
Shares Bought/sold Change
Contrarius Investment Management 13.26M +13.26M NEW
Motco 0 -1.58K EXIT
Huntington National Bank 0 -550 EXIT
PNC PNC Financial Services 0 -300 EXIT
Biltmore Capital Advisors 0 -100 EXIT
Princeton Global Asset Management 0 -100 EXIT
Planned Solutions 0 -100 EXIT
Private Capital 0 -2 EXIT
IFP Advisors 0 0

Financial report summary

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Risks
  • Risks Related to Our Business and Operations
  • The Plan is, and any other plan of reorganization would be, based in large part upon assumptions and analyses developed by us; if these assumptions and analyses prove to be incorrect, our Plan or such other plan may be unsuccessful in its execution.
  • We are subject to the risks and uncertainties associated with our Chapter 11 proceedings.
  • Operating under Chapter 11 may restrict our ability to pursue our business strategies.
  • The pursuit of the Chapter 11 Cases has consumed, and will continue to consume, a substantial portion of the time and attention of our corporate management and will impact how our business is conducted, which may have a material adverse effect on our business and results of operations, and we may face increased levels of employee attrition.
  • It is likely at this time that our common stock will be cancelled and that holders of such common stock will not receive any distribution with respect to, or be able to recover any portion of, their investments.
  • The worldwide demand for drilling services has historically been dependent on the price of oil and, as a result of low oil prices, demand continued to be depressed in 2020 as the protracted downturn in our industry continues.
  • Our business depends on the level of activity in the offshore oil and gas industry, which has been cyclical, is currently in a protracted downturn and is significantly affected by many factors outside of our control.
  • Our industry is highly competitive, with an oversupply of drilling rigs and intense price competition.
  • We can provide no assurance that our drilling contracts will not be terminated early or that our current backlog of contract drilling revenue ultimately will be realized.
  • Our customer base is concentrated.
  • Our contract drilling expense includes fixed costs that will not decline in proportion to decreases in rig utilization and dayrates.
  • We must make substantial capital and operating expenditures to reactivate, build, maintain and upgrade our drilling fleet.
  • Any significant cyber-attack or other interruption in network security or the operation of critical information technology systems could materially disrupt our operations and adversely affect our business.
  • We rely on third-party suppliers, manufacturers and service providers to secure and service equipment, components and parts used in rig operations, conversions, upgrades and construction.
  • Contracts for our drilling rigs are generally fixed dayrate contracts, and increases in our operating costs could adversely affect our profitability on those contracts.
  • Failure to obtain and retain highly skilled personnel could hurt our operations.
  • Changes in tax laws and policies, effective income tax rates or adverse outcomes resulting from examination of our tax returns could adversely affect our financial results.
  • Our consolidated effective income tax rate may vary substantially from one reporting period to another.
  • Changes in accounting principles and financial reporting requirements could adversely affect our results of operations or financial condition.
  • Any future regulations relating to greenhouse gases and climate change could have a negative impact on our business.
  • If we, or our customers, are unable to acquire or renew permits and approvals required for drilling operations, we may be forced to delay, suspend or cease our operations.
  • Significant portions of our operations are conducted outside the U.S. and involve additional risks not associated with U.S. domestic operations.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • This section of this Form 10-K generally discusses 2020 and 2019 items and year-to-year comparisons between 2020 and 2019. For a discussion of our financial condition and results of operations for 2019 compared to 2018, please refer to Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K/A for the year ended December 31, 2019 filed with the SEC on February 18, 2020.
  • We provide contract drilling services to the energy industry around the globe with a fleet of 13 offshore drilling rigs, consisting of four drillships and nine semisubmersible rigs, including two semisubmersible rigs that are cold stacked as of the date of this report. Our current fleet excludes the Ocean America and Ocean Rover, which we are actively marketing for sale. See “– Results of Operations – Impairment of Assets” and Note 4 “Asset Impairments” to our Consolidated Financial Statements in Item 8 of this report.
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