Diamond Offshore Drilling, Inc. Declares Special Cash Dividend of $1.875 Per Share

Diamond Offshore Drilling, Inc. (NYSE: DO) announced today that the Company has declared a special cash dividend of $1.875 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on March 1, 2010 to shareholders of record on February 12, 2010.

The Company has adopted a policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis. Any determination to declare a special dividend, as well as the amount of any special dividend which may be declared, will be based on the Company’s financial position, earnings, earnings outlook, capital spending plans and other relevant factors at that time.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. [Read the full article]

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Diamond Offshore Drilling, Inc. (NYSE:DO – News) today reported net income for the fourth quarter of 2009 of $276.1 million, or $1.98 per share on a diluted basis, compared with net income of $293.3 million, or $2.11 per share on a diluted basis, in the same period a year earlier. Revenues in the fourth quarter of 2009 were $890.8 million, compared with revenues of $903.2 million for the fourth quarter of 2008.

Results for the fourth quarter of 2009 were adversely impacted by increased tax expense, largely arising from the (i) changing mix of domestic and international earnings during the year (ii) foreign exchange differences which affected the amount of foreign tax credits that could be utilized and (iii) to a lesser degree, an assessment by Brazil related to operations in 2004 and 2005. All of these factors disproportionately affected the fourth quarter. [Read the full article]

Canadian Superior Energy Inc. (“Canadian Superior” or the “Company”) (TSX:SNG – News)(AMEX:SNG – News) is pleased to announce that the terms and conditions of the First Preferred Shares, Series A, as previously announced on December 29, 2009, of the Company in the aggregate principal amount of USD$15,000,000 owned by West Coast Opportunity Fund, LLC (“West Coast”), was completed on February 3, 2010. Pursuant to the terms of the restructuring, the First Preferred Shares, Series A shares held by West Coast were exchanged on a share for share basis for First Preferred Shares, Series B shares pursuant to which the Redemption Date was extended from December 31, 2010 to December 31, 2011 and the conversion price was reduced from USD $2.50 to USD $0.60. West Coast was also granted 2,500,000 common share purchase warrants exercisable at a price of USD $0.65 for each common share and expiring December 31, 2011. [Read the full article]

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