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DO $13.64

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Diamond Offshore Drilling, Inc.
Type
Public
Traded as
  • NYSE: DO
  • S&P 400 component
Industry Petroleum industry
Headquarters Houston, Texas, United States
Key people
James S. Tisch, Chairman
Marc G. Edwards (President & CEO)
Products Offshore Drilling
Revenue Decrease US$1.600 billion (2016)
Operating income
Decrease -US$357 million (2016)
Net income
Decrease -US$373 million (2016)
Total assets Decrease US$6.371 billion (2016)
Total equity Decrease US$3.750 billion (2016)
Number of employees
2,800 (2016)
Parent Loews Corporation (53%)
Website diamondoffshore.com

Diamond Offshore Drilling, Inc. is a deepwater drilling contractor. The company is headquartered in Houston, Texas and has major offices in Australia, Brazil, Mexico, Scotland, Singapore and Norway.

The company operates 24 drilling rigs including 19 semisubmersibles, 4 drillships, and 1 jackup rig.

The company provides quarterly online updates on the status of each rig in its fleet.

In 2016, Anadarko Petroleum accounted for 22.4% of the company's revenues, Petrobras accounted for 17.9% of the company's revenues, and ExxonMobil accounted for 5.8% of the company's revenues.

Operations outside of the United States accounted for 66% of the company's revenues in 2016.

Diamond Offshore's beginnings can be traced back to the earliest days of the offshore drilling industry. Its predecessor companies were ODECO, Zapata Corporation, and Diamond M Drilling Co.

Diamond Offshore’s roots date back to May 1953, when Alden J. (Doc) Laborde founded Ocean Drilling and Exploration Co. (ODECO) in New Orleans. Laborde had designed what was probably the first submersible drilling rig. After finding a financial backer in Charlie Murphy of Murphy Oil Co., a grateful Laborde built the rig in 1954 and named the unit Mr. Charlie in honor of his benefactor. Today, the Mr. Charlie is a museum and training facility in Morgan City, Louisiana.

After noticing the stability of submersible rigs when they were only partially submerged for relocation, Laborde designed and constructed the first purpose-built semi-submersible rig, Ocean Driller, in 1964. ODECO rigs continued to rack up “firsts” in the industry in the 1970s, with Ocean Viking discovering the giant Ekofisk oil field for Phillips Petroleum Company in the North Sea and Ocean Victory discovering the Piper oilfield and Claymore field, also in the North Sea, for Occidental Petroleum.

In the early 1960s the onshore drilling company Brewster-Bartle went bankrupt. The banks that had become the owners of the company’s rigs contacted Don McMahon to take over the failed company. McMahon accepted the challenge and formed Diamond M Drilling Co. in 1964. He named the company after Diamond M Acres, his ranch near Simonton, Texas. McMahon took his company public in 1970 and expanded into offshore waters with the building and purchase of jack-up, barge, and semi-submersible rigs. In the early 1970s, Diamond M was one of the largest owners of barge rigs in the energy industry. The company continued to drill both on land and offshore. In the late 1970s, Western Oceanic tendered an offer to buy Diamond M. Unwilling to be purchased, Diamond sought and found a “white knight” in Kaneb Services, Inc.

In 1992, Diamond M Corporation purchased all of the outstanding stock of ODECO Drilling Inc. from ODECO Oil and Gas Co., a subsidiary of Murphy Oil. Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993. Diamond Offshore began trading on the New York Stock Exchange in October 1995 and acquired Arethusa (Offshore) Ltd. in April 1996.

Since 2012, the company has retired or sold 12 rigs and recorded over $1.0 billion in impairment charges.

On February 8, 2016, the company discontinued payment of a quarterly cash dividend.

In 1989, Diamond's predecessor bought six drilling rigs from the predecessor of Kaneb Management Co. LLC. Some of Kaneb's employees continued to work for Diamond after the transaction and then sued Diamond for personal injuries they allegedly suffered from asbestos exposure while they worked for Kaneb. In a 2013 filing with the SEC, Diamond acknowledged that their equipment had been used for the "manufacture and use of asbestos-containing drilling mud," but sought to be indemnified from liability.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS
Q2 2020 2022-08-09 0.00 0.00
Q1 2020 2020-04-27 0.00 0.00
Q4 2019 2020-02-10 -0.45 -0.54
Q3 2019 2019-10-28 -0.67 -0.69
Q2 2019 2019-08-05 -0.99 -0.83
Q1 2019 2019-04-29 -0.53 -0.53
Q4 2018 2019-02-11 -0.42 -0.58
Q3 2018 2018-11-05 -0.26 -0.37

Ratings

2016-07-11 Reiterated Rating Jefferies Group Neutral to Hold
2016-06-30 Reiterated Rating Evercore ISI Hold
2016-06-19 Initiated Coverage Bank of America Buy $34.00 to $24.32
2016-06-19 Initiated Coverage Bank of America Corp. Buy $34.00 to $24.32
2016-06-13 Initiated Coverage Bank of America Buy $34.00
2016-06-09 Reiterated Rating Evercore ISI Hold
2016-05-31 Upgrade KLR Group Accumulate to Buy $33.00
2016-05-03 Boost Price Target Deutsche Bank Hold $14.00 to $17.00
2016-05-03 Reiterated Rating Simmons Hold $19.00 to $19.25
2016-05-03 Reiterated Rating Credit Suisse Hold $18.00
2016-05-03 Boost Price Target Deutsche Bank AG Hold $14.00 to $17.00
2016-05-03 Reiterated Rating Credit Suisse Group AG Hold $18.00
2016-05-02 Reiterated Rating BMO Capital Markets Sell
2016-04-12 Boost Price Target Susquehanna $20.00 to $22.00
2016-04-11 Reiterated Rating Clarkson Capital Neutral
2016-04-08 Initiated Coverage Nomura Reduce $16.00
2016-04-08 Initiated Coverage Nomura Holdings Inc. Reduce $16.00
2016-03-28 Lower Price Target Barclays Underweight $14.00 to $13.00
2016-03-28 Lower Price Target Barclays PLC Underweight $14.00 to $13.00
2016-03-21 Lower Price Target Cowen and Company $21.00 to $20.00
2016-03-16 Boost Price Target Citigroup Inc. Neutral $20.00 to $23.00
2016-03-14 Upgrade Seaport Global Securities Neutral to Accumulate $17.00 to $25.00
2016-03-13 Reiterated Rating Deutsche Bank Hold $14.00
2016-03-11 Upgrade Simmons Underweight to Neutral $16.50 to $19.00
2016-03-11 Upgrade Piper Jaffray Underweight to Neutral $16.50 to $19.00
2016-03-11 Upgrade Goldman Sachs Sell to Neutral $18.00 to $24.00
2016-03-11 Upgrade Piper Jaffray Cos. Underweight to Neutral $16.50 to $19.00
2016-03-11 Upgrade Goldman Sachs Group Inc. Sell to Neutral $18.00 to $24.00
2016-03-08 Reiterated Rating Barclays Underweight
2016-02-11 Reiterated Rating FBR & Co. Underperform $16.00
2016-02-11 Reiterated Rating FBR & Co Underperform $16.00
2016-02-09 Boost Price Target JPMorgan Chase & Co. Neutral $19.00 to $20.00
2016-02-09 Lower Price Target Deutsche Bank Hold $19.00 to $14.00
2016-02-02 Lower Price Target Barclays Underweight $18.00 to $14.00
2016-01-29 Lower Price Target Jefferies Group $21.00 to $18.00
2016-01-29 Upgrade Citigroup Inc. Sell to Neutral $18.00
2016-01-27 Upgrade Clarkson Capital Sell to Neutral
2016-01-19 Lower Price Target Deutsche Bank Hold $22.00 to $19.00
2016-01-15 Reiterated Rating Citigroup Inc. Sell
2016-01-13 Upgrade Seaport Global Securities Reduce to Neutral $18.00 to $17.00
2015-12-15 Reiterated Rating JPMorgan Chase & Co. Neutral
2015-12-14 Lower Price Target Howard Weil $26.00 to $24.00
2015-12-14 Initiated Coverage KLR Group Accumulate $24.00
2015-12-03 Reiterated Rating Jefferies Group Hold $31.00 to $29.00
2015-11-30 Initiated Coverage Evercore ISI Buy $36.00
2015-11-30 Upgrade Guggenheim Neutral to Buy $27.00
2015-11-19 Reiterated Rating Jefferies Group Hold $19.00 to $21.00
2015-11-03 Boost Price Target Deutsche Bank $21.00 to $22.00
2015-11-03 Upgrade Iberia Capital Underperform to Sector Perform $18.50 to $22.00
2015-11-03 Upgrade Evercore ISI Sell to Hold $42.00 to $37.00
2015-11-02 Boost Price Target Susquehanna Neutral $30.00 to $34.00
2015-11-02 Lower Price Target RBC Capital Sector Perform $20.00 to $18.00
2015-11-02 Boost Price Target Global Hunter Securities Reduce $23.00 to $29.00
2015-11-02 Lower Price Target Deutsche Bank Sell $31.00 to $25.00
2015-11-02 Boost Price Target Cowen and Company Market Perform $25.00 to $28.00
2015-11-02 Downgrade Evercore ISI Hold to Sell $31.00 to $27.00
2015-11-02 Boost Price Target Seaport Global Securities Reduce $23.00 to $29.00
2015-11-02 Lower Price Target Royal Bank Of Canada Sector Perform $20.00 to $18.00
2015-10-20 Initiated Coverage Citigroup Inc. Sell $14.00
2015-10-19 Lower Price Target Susquehanna Neutral $24.00 to $21.00
2015-10-14 Lower Price Target JPMorgan Chase & Co. $27.00 to $19.00
2015-10-08 Initiated Coverage KeyBanc Sector Weight
2015-10-08 Initiated Coverage KeyCorp Sector Weight
2015-10-02 Lower Price Target Jefferies Group Hold $19.00
2015-09-28 Upgrade Deutsche Bank Sell to Hold $17.00 to $21.00
2015-09-01 Upgrade Wells Fargo & Co. Underperform to Market Perform
2015-09-01 Upgrade Wells Fargo Underperform to Market Perform
2015-08-13 Lower Price Target Barclays Underweight $23.00 to $18.00
2015-08-06 Reiterated Rating Jefferies Group Hold $20.00
2015-08-05 Lower Price Target Cowen and Company Market Perform $28.00 to $20.00
2015-08-04 Reiterated Rating Scotiabank Sector Perform $33.00 to $26.00
2015-08-04 Lower Price Target Barclays Underweight $24.00 to $23.00
2015-08-04 Lower Price Target Howard Weil Sector Perform $33.00 to $26.00
2015-08-04 Reiterated Rating FBR & Co. Underperform $20.00 to $16.00
2015-07-10 Downgrade Clarkson Capital Hold to Sell $17.00
2015-07-07 Lower Price Target Susquehanna Neutral $30.00 to $28.00
2015-07-05 Reiterated Rating FBR & Co. Sell
2015-07-02 Lower Price Target FBR & Co. Underperform $24.00 to $20.00
2015-06-26 Reiterated Rating Jefferies Group Hold $30.00 to $25.00
2015-06-11 Initiated Coverage Barclays Underweight $24.00
2015-05-29 Initiated Coverage JPMorgan Chase & Co. Neutral $29.00
2015-05-23 Reiterated Rating Cowen and Company Hold $28.00
2015-05-19 Reiterated Rating Goldman Sachs Reduce $19.00 to $18.00
2015-05-09 Reiterated Rating Jefferies Group Hold $30.00
2015-05-08 Downgrade FBR & Co. Market Perform to Underperform $30.00 to $24.00
2015-05-05 Boost Price Target Susquehanna Neutral $26.00 to $30.00
2015-05-05 Boost Price Target Cowen and Company Market Perform $25.00 to $28.00
2015-03-24 Lower Price Target FBR & Co. Market Perform $40.00 to $30.00
2015-03-19 Lower Price Target RBC Capital Sector Perform $31.00 to $28.00
2015-03-03 Downgrade Evercore ISI Hold to Sell
2015-02-24 Lower Price Target Cowen and Company Market Perform $28.00 to $26.00
2015-02-18 Initiated Coverage BMO Capital Markets Underperform $29.00
2015-02-10 Lower Price Target Deutsche Bank Sell $31.00 to $25.00
2015-02-10 Boost Price Target Cowen and Company Market Perform $25.00 to $28.00
2015-02-10 Lower Price Target RBC Capital Sector Perform $35.00 to $31.00
2015-02-09 Upgrade Zephirin Group Hold to Buy
2015-02-03 Downgrade Morgan Stanley Equal Weight to Underweight $29.50 to $27.00
2015-02-02 Lower Price Target Jefferies Group Hold $31.00 to $29.00
2015-01-09 Downgrade Global Hunter Securities Neutral to Reduce
2015-01-09 Downgrade Seaport Global Securities Neutral to Reduce
2015-01-08 Lower Price Target Jefferies Group Hold $32.00 to $31.00
2014-12-24 Downgrade Global Hunter Securities Neutral to Reduce
2014-12-24 Downgrade Seaport Global Securities Neutral to Reduce
2014-12-23 Set Price Target Global Hunter Securities Neutral to Sell $33.00 to $29.00
2014-12-23 Set Price Target Seaport Global Securities Neutral to Sell $33.00 to $29.00
2014-12-03 Initiated Coverage Jefferies Group Hold $32.00
2014-12-01 Downgrade Guggenheim Buy to Neutral
2014-11-20 Reiterated Cowen Market Perform $38 to $34
2014-11-20 Lower Price Target Cowen and Company Market Perform $38.00 to $34.00
2014-11-03 Lower Price Target Nordea Equity Research Sell to Strong Sell $30.00 to $29.00
2014-10-27 Downgrade Goldman Sachs Neutral to Sell $36.00 to $26.50
2014-10-24 Reiterated UBS Neutral $48 to $36
2014-10-24 Reiterated Rating Deutsche Bank Sell $22.00 to $31.00
2014-10-24 Upgrade Evercore ISI Sell to Hold $41.00
2014-10-16 Upgrade Nordea Equity Research Strong Sell to Sell $38.00 to $30.00
2014-10-15 Reiterated Rating Deutsche Bank Sell $34.00 to $22.00
2014-10-14 Initiated Coverage Evercore ISI Sell
2014-10-02 Reiterated FBR Capital Outperform $49 to $40
2014-10-02 Lower Price Target FBR & Co. Outperform $49.00 to $40.00
2014-09-23 Initiated Coverage Wells Fargo & Co. Underperform
2014-09-23 Initiated Coverage Wells Fargo Underperform
2014-08-26 Reiterated Rating FBR & Co. Market Perform $53.00 to $49.00
2014-08-21 Upgrade Pareto Securities Sell to Hold $44.00
2014-08-21 Downgrade Deutsche Bank Hold to Sell
2014-08-04 Downgrade Deutsche Bank Hold to Sell $60.00 to $34.00
2014-07-29 Initiated Coverage Nordea Equity Research Strong Sell to Sell $38.00
2014-07-29 Lower Price Target Cowen and Company Market Perform $45.00 to $43.00
2014-07-25 Reiterated Rating JPMorgan Chase & Co. Overweight $57.00 to $53.00
2014-07-25 Reiterated Rating Jefferies Group Hold $49.00 to $46.00
2014-07-15 Boost Price Target Susquehanna $51.00 to $53.00
2014-07-15 Upgrade BMO Capital Markets Underperform to Market Perform $35.00 to $49.00
2014-06-19 Lower Price Target Global Hunter Securities $48.00 to $46.00
2014-06-19 Lower Price Target Seaport Global Securities $48.00 to $46.00
2014-06-18 Reiterated Rating Cowen and Company Neutral to Market Perform
2014-05-28 Upgrade Morgan Stanley Underweight to Equal Weight $47.50 to $57.00
2014-05-19 Reiterated Rating Susquehanna Neutral $55.00 to $54.00
2014-05-19 Upgrade Global Hunter Securities Sell to Neutral $37.00 to $48.00
2014-05-19 Upgrade Seaport Global Securities Sell to Neutral $37.00 to $48.00
2014-05-05 Boost Price Target JPMorgan Chase & Co. $51.00 to $60.00
2014-05-01 Reiterated Rating Citigroup Inc. Sell $47.00
2014-04-25 Reiterated FBR Capital Mkt Perform $45 to $53
2014-04-25 Boost Price Target FBR & Co. Market Perform $45.00 to $53.00
2014-04-25 Lower Price Target Howard Weil Sector Perform $70.00 to $58.00
2014-04-25 Reiterated Rating Wunderlich Hold $50.00 to $54.00
2014-04-25 Boost Price Target Cowen and Company Market Perform $41.00 to $45.00
2014-04-08 Lower Price Target Barclays Underweight $64.00 to $52.00
2014-04-07 Upgrade Standpoint Research Hold to Buy $62.00
2014-04-07 Lower Price Target Morgan Stanley $50.00 to $47.50
2014-04-02 Boost Price Target Susquehanna $46.00 to $49.00
2014-03-19 Lower Price Target JPMorgan Chase & Co. $57.00 to $51.00
2014-03-05 Lower Price Target Sanford C. Bernstein $59.00 to $55.00
2014-02-11 Lower Price Target Cowen and Company Market Perform $66.00 to $50.00
2014-02-10 Upgrade FBR Capital Underperform to Mkt Perform $47 to $45
2014-02-10 Upgrade FBR & Co. Underperform to Market Perform $47.00 to $45.00
2014-02-07 Downgrade Global Hunter Securities Neutral to Sell $61.00 to $38.00
2014-02-07 Lower Price Target BMO Capital Markets $64.00 to $39.00
2014-02-07 Lower Price Target Howard Weil Sector Perform $75.00 to $70.00
2014-02-07 Reiterated Rating Susquehanna Neutral $57.00 to $54.00
2014-02-07 Lower Price Target RBC Capital $62.00 to $50.00
2014-02-07 Lower Price Target Guggenheim $80.00 to $65.00
2014-02-07 Lower Price Target Jefferies Group $62.00 to $53.00
2014-02-06 Downgrade Iberia Capital Sector Perform to Underperform $53.00 to $30.00
2014-02-04 Downgrade Wunderlich Buy to Hold $77.00 to $50.00
2014-01-29 Reiterated FBR Capital Underperform $53 to $47
2014-01-29 Lower Price Target FBR & Co. Underperform $53.00 to $47.00
2014-01-29 Downgrade Simmons Neutral to Underweight
2014-01-24 Downgrade Wells Fargo & Co. Outperform to Market Perform
2014-01-24 Downgrade Wells Fargo Outperform to Market Perform
2014-01-23 Downgrade Nordea Equity Research Hold to Sell
2014-01-09 Downgrade Howard Weil Outperform to Sector Perform $75.00
2013-12-20 Downgrade Citigroup Inc. Neutral to Sell
2013-12-17 Reiterated Rating Barclays Underweight $79.00 to $72.00
2013-12-16 Lower Price Target Global Hunter Securities $70.00 to $61.00
2013-12-06 Initiated Coverage FBR & Co. Market Perform to Underperform
2013-10-27 Reiterated Rating JPMorgan Chase & Co. Buy $76.00
2013-10-25 Lower Price Target Barclays Underweight $85.00 to $79.00
2013-10-25 Downgrade Morgan Stanley Equal Weight to Underweight $62.00
2013-10-23 Lower Price Target Nordea Equity Research Hold $74.00 to $69.00
2013-10-16 Downgrade BMO Capital Markets Market Perform to Underperform
2013-10-08 Lower Price Target JPMorgan Chase & Co. Overweight $77.00 to $76.00
2013-10-01 Reiterated Rating Wunderlich Buy $90.00
2013-10-01 Reiterated Rating Jefferies Group Hold $74.00 to $71.00
2013-09-25 Upgrade Guggenheim Neutral to Buy $73.00 to $80.00
2013-09-23 Reiterated Rating Wunderlich Buy $90.00
2013-09-22 Lower Price Target Susquehanna Neutral $73.00 to $69.00
2013-09-22 Lower Price Target Cowen and Company Market Perform $69.00 to $66.00
2013-09-20 Lower Price Target RBC Capital Sector Perform $75.00 to $68.00
2016-07-11 Reiterated Rating Jefferies Group Neutral to Hold
2016-06-30 Reiterated Rating Evercore ISI Hold
2016-06-19 Initiated Coverage Bank of America Buy $34.00 to $24.32
2016-06-19 Initiated Coverage Bank of America Corp. Buy $34.00 to $24.32
2016-06-13 Initiated Coverage Bank of America Buy $34.00

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
LOEWS CORP 53.31%  (73119047) CNA / DO /
Edwards Marc Gerard Rex President and C.E.O. 0.06%  (78265) DO /
Woll Ronald Senior Vice President-CCO 0.01%  (14992) DO /
ROLAND DAVID L SVP and General Counsel 0.01%  (10938) DO / IO /
GREBOW EDWARD 0.01%  (7000) DO / HMPR /