Diamond Offshore Announces First Quarter 2017 Results

HOUSTON, May 1, 2017

	Three Months Ended
Thousands of dollars, except per share data	March 31, 2017	December 31, 2016	Change ARIVA.DE Börsen-Geflüster Kurse Diamond Offshore Drilling -   0,00% Loews Corp 76,41 $ 0,00%
Total revenues	$            374,226	$           391,874	(5)%
Operating income	50,859	104,145	(51)%
Net income	23,539	116,082	(80)%
Earnings per diluted share	$                  0.17	$                 0.85	(80)%

"Despite a continually challenging market, Diamond Offshore achieved earnings per share of $0.17 for the first quarter of 2017," said Marc Edwards, President and Chief Executive Officer. "Overall, I am pleased with our first quarter results and our ability to manage costs, while remaining focused on maintaining our operational and technical excellence. The Ocean GreatWhite, Ocean Scepter and the Ocean BlackRhino all commenced term contracts in the first quarter, enhancing our already strong liquidity." Edwards went on to say, "During the first quarter, the Ocean BlackLion successfully drilled and completed one of the deepest and most complex wells on record in the Gulf of Mexico."

Also during the quarter, the Company executed new contracts for the Ocean Monarch in Australia, the first of which is scheduled to commence in late first quarter of 2018. Combined, these contracts add nine months of backlog and will keep the Ocean Monarch contracted through 2018. Additionally, the Company executed a new two-year term contract with Apache for the Ocean Patriot in the North Sea. The rig is scheduled to commence its new program in the second quarter of 2018.

As of March 31, 2017, the Company's total contracted backlog was $3.2 billion, which represents 23 rig years of work.

CONFERENCE CALL

A conference call to discuss Diamond Offshore's earnings results has been scheduled for 7:30 a.m. CDT today.  A live webcast of the call will be available online on the Company's website, www.diamondoffshore.com. Those interested in participating in the question and answer session should dial 844-492-6043 or 478-219-0839, for international callers. The conference ID number is 1792549. An online replay will also be available on www.diamondoffshore.com following the call.

ABOUT DIAMOND OFFSHORE

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 www.diamondoffshore.com. Diamond Offshore is owned 53% by Loews Corporation (NYSE: L).

FORWARD-LOOKING STATEMENTS

Statements contained in this press release or made during the above conference call that are not historical facts are "forward-looking statements" within the meaning of the federal securities laws.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company.  A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission, and readers of this press release are urged to review those reports carefully when considering these forward-looking statements.  Copies of these reports are available through the Company's website at www.diamondoffshore.com.  These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating risks, changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, construction of new builds, casualty losses, and various other factors, many of which are beyond the Company's control.  Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Each forward-looking statement speaks only as of the date of this press release.  The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
	Three Months Ended,
	March 31,
	2017			2016
Revenues:
Contract drilling	$	363,557		$	443,523
Revenues related to reimbursable expenses	10,669			27,020
Total revenues	374,226			470,543
Operating expenses:
Contract drilling, excluding depreciation	203,523			212,841
Reimbursable expenses	10,478			26,791
Depreciation	93,229			104,240
General and administrative	17,483			15,398
Gain on disposition of assets	(1,346)			(296)
Total operating expenses	323,367			358,974
Operating income	50,859			111,569
Other income (expense):
Interest income	175			173
Interest expense	(27,596)			(25,516)
Foreign currency transaction gain (loss)	1,087			(3,608)
Other, net	(63)			578
Income before income tax (expense) benefit	24,462			83,196
Income tax (expense) benefit	(923)			4,229
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