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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: marc chatman who wrote (30725)	10/15/1998 10:03:00 AM
From: RGinPG	Read Replies (2) \| Respond to of 95453

Diamond Offshore beats estimates by 8.9% $0.75 vs est $0.69. infoseek.com Diamond Offshore Drilling Inc. Announces Third Quarter Earnings and Declares Cash Dividend 08:03 a.m. Oct 15, 1998 Eastern HOUSTON--(BUSINESS WIRE)--Oct. 15, 1998--Diamond Offshore Drilling Inc. (NYSE:DO) today reported net income of $108.7 million, or $0.75 per share on a diluted basis, on revenues of $315.8 million for the third quarter of 1998. This compares to net income of $77.8 million, or $0.54 per share on a diluted basis, on revenues of $250.5 million for the third quarter of 1997. For the nine months ended September 30, 1998, the Company reported net income of $301.1 million, or $2.07 per share on a diluted basis, on revenues of $925.4 million, compared to net income of $199.3 million, or $1.39 per share, on revenues of $683.8 million for the same period in 1997. Basic earnings per share for the third quarter of 1998 were $0.79, compared to $0.56 for the third quarter of 1997. Basic earnings per share for the nine months ended September 30, 1998 were $2.17, compared to $1.44 for the nine months ended September 30, 1997. The Board has declared a cash dividend of $0.125 per common share payable December 1, 1998 to stockholders of record on November 2, 1998. Depending on market conditions, the Company from time to time purchases shares of its outstanding common stock in the open market. During the third quarter of 1998, the Company repurchased 3,518,100 shares of its common stock at a cost of approximately $88.7 million. Diamond Offshore is a leader in deep water drilling. The Company's fleet of 46 offshore drilling rigs consists of 30 semisubmersibles, 15 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.