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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

9 May 21
2 Aug 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 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) 345.67M 345.67M 345.67M 345.67M 345.67M 345.67M
Cash burn (monthly) 28.24M 12.79M 121.29M 63.51M 16.4M 1.5M
Cash used (since last report) 115.38M 52.25M 495.58M 259.49M 67.02M 6.12M
Cash remaining 230.29M 293.41M -149.91M 86.17M 278.65M 339.54M
Runway (months of cash) 8.2 22.9 -1.2 1.4 17.0 226.5

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.

0.0% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 5 1 +400.0%
Opened positions 5 1 +400.0%
Closed positions 1 7 -85.7%
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 0
Total shares 2.73K 13.26M -100.0%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Motco 1.58K $0 NEW
Huntington National Bank 550 $0 NEW
Eudaimonia Partners 500 $0 NEW
Princeton Global Asset Management 100 $0 NEW
Private Capital 2 $0 NEW
IFP Advisors 0 $0
Largest transactions
Shares Bought/sold Change
Contrarius Investment Management 0 -13.26M EXIT
Motco 1.58K +1.58K NEW
Huntington National Bank 550 +550 NEW
Eudaimonia Partners 500 +500 NEW
Princeton Global Asset Management 100 +100 NEW
Private Capital 2 +2 NEW
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 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • We provide contract drilling services to the energy industry around the globe with a fleet of 12 floater rigs (four drillships and eight semisubmersibles), including two cold-stacked semisubmersible rigs, the Ocean GreatWhite and Ocean Valiant. The Ocean Valor is being marketed for sale and has been excluded from our current rig fleet. During the first quarter of 2021, we sold the Ocean America and Ocean Rover for scrap value. See “– Market Overview.”
  • As previously disclosed, on April 26, 2020, Diamond Offshore Drilling, Inc. (or the Company) and certain of its direct and indirect subsidiaries (which we refer to, together with the Company, as the Debtors) commenced voluntary cases (or the Chapter 11 Cases)  for relief under chapter 11 (or Chapter 11) of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas (or the Bankruptcy Court). On January 22, 2021, the Debtors entered into a Plan Support Agreement (or the PSA), among the Debtors, certain holders of the Company’s then-existing 5.70% Senior Notes due 2039, 3.45% Senior Notes due 2023, 4.875% Senior Notes due 2043 and 7.875% Senior Notes due 2025 (collectively, the Senior Notes) party thereto and certain holders of claims (collectively, the RCF Claims) under the Company’s then-existing $950.0 million syndicated revolving credit facility (or RCF). Concurrently, the Debtors entered into the Backstop Agreement (as defined in the PSA) with certain holders of Senior Notes and entered into the Commitment Letter (as defined in the PSA) with certain holders of RCF Claims to provide exit financing upon emergence from bankruptcy.
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