HOUSTON, Feb. 13, 2017 \/PRNewswire\/ --Diamond Offshore Drilling, Inc. (NYSE: DO) today announced it has revised its previously-announced earnings for the quarter and year ended December 31, 2016. <\/p>\n
As it was completing its year-end financial reporting process, the Company discovered that its liability for uncertain tax positions in certain foreign jurisdictions did not appropriately reflect changes in foreign exchange rates. The majority of the impact was related to the devaluation of the Egyptian Pound, primarily in the fourth quarter of 2016. After the local tax liabilities were re-valued consistent with exchange rates at December 31, 2016: <\/p>\n
The adjustments did not affect any of the other previously-announced operating results. Copies of the fully-adjusted financial statements are enclosed in this press release. <\/p>\n
ABOUT DIAMOND OFFSHORE <\/p>\n
Diamond Offshore is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe. Additional information and access to the Company's SEC filings are available at http:\/\/www.diamondoffshore.com<\/a>. Diamond Offshore is owned 53% by Loews Corporation (NYSE: L). <\/p>\n DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share data) <\/p>\n Three Months Ended December 31, <\/p>\n Twelve Months Ended December 31, <\/p>\n 2016 <\/p>\n 2015 <\/p>\n 2016 <\/p>\n 2015 <\/p>\n Revenues: <\/p>\n Contract drilling <\/p>\n $ 384,646 <\/p>\n $ 544,129 <\/p>\n $ 1,525,214 <\/p>\n $ 2,360,184 <\/p>\n Revenues related to reimbursable expenses <\/p>\n 7,228 <\/p>\n 11,434 <\/p>\n 75,128 <\/p>\n 59,209 <\/p>\n Total revenues <\/p>\n 391,874 <\/p>\n 555,563 <\/p>\n 1,600,342 <\/p>\n 2,419,393 <\/p>\n Operating expenses: <\/p>\n Contract drilling, excluding depreciation <\/p>\n 174,342 <\/p>\n 256,393 <\/p>\n 772,173 <\/p>\n 1,227,864 <\/p>\n Reimbursable expenses <\/p>\n 6,775 <\/p>\n 11,146 <\/p>\n 58,058 <\/p>\n 58,050 <\/p>\n Depreciation <\/p>\n 86,031 <\/p>\n 114,448 <\/p>\n 381,760 <\/p>\n 493,162 <\/p>\n General and administrative <\/p>\n 14,786 <\/p>\n 15,574 <\/p>\n 63,560 <\/p>\n 66,462 <\/p>\n Impairment of assets <\/p>\n -- <\/p>\n 499,367 <\/p>\n 678,145 <\/p>\n 860,441 <\/p>\n Restructuring and separation costs <\/p>\n -- <\/p>\n 1,043 <\/p>\n -- <\/p>\n 9,778 <\/p>\n Bad debt recovery <\/p>\n (265) <\/p>\n -- <\/p>\n (265) <\/p>\n -- <\/p>\n Loss (gain) on disposition of assets <\/p>\n 6,060 <\/p>\n (2,309) <\/p>\n 3,795 <\/p>\n (2,290) <\/p>\n Total operating expenses <\/p>\n 287,729 <\/p>\n 895,662 <\/p>\n 1,957,226 <\/p>\n 2,713,467 <\/p>\n Operating income (loss) <\/p>\n 104,145 <\/p>\n (340,099) <\/p>\n (356,884) <\/p>\n (294,074) <\/p>\n Other income (expense): <\/p>\n Interest income <\/p>\n 176 <\/p>\n 1,526 <\/p>\n 768 <\/p>\n 3,322 <\/p>\n Interest expense <\/p>\n (21,230) <\/p>\n (23,134) <\/p>\n (89,934) <\/p>\n (93,934) <\/p>\n Foreign currency transaction (loss) gain <\/p>\n (3,689) <\/p>\n 1,511 <\/p>\n (11,522) <\/p>\n 2,465 <\/p>\n Other, net <\/p>\n 472 <\/p>\n 171 <\/p>\n (10,727) <\/p>\n 873 <\/p>\n <\/p>\n Follow this link: <\/p>\n Diamond Offshore Announces Tax Expense Adjustment to Fourth Quarter and Full Year 2016 Earnings - PR Newswire (press release)<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" HOUSTON, Feb. 13, 2017 \/PRNewswire\/ --Diamond Offshore Drilling, Inc. (NYSE: DO) today announced it has revised its previously-announced earnings for the quarter and year ended December 31, 2016 Continue reading