Diamond Offshore Revenue Beats Estimates

Monday, February 12, 2018
Diamond Offshore Drilling Inc's fourth-quarter revenue beat analysts' estimates on Monday, helped by higher demand for its ultra-deepwater rigs.
The company's revenue from its ultra-deepwater rigs rose more than 24 percent to $288.28 million in the fourth quarter.
Total revenue fell nearly 12 percent to $346.21 million, but beat analysts' estimate of $331.91 million, according to Thomson Reuters I/B/E/S.
"Although market conditions continue to be challenging, we were able to secure additional work for the Ocean Valor and Ocean Valiant, extending both of the rigs' current contracts through 2020," Chief Executive Marc Edwards said in a statement.
The rig contractor's results come weeks after the Donald Trump administration drew up a proposal to open up almost all of U.S. offshore waters to oil and gas drilling, a move expected to help the struggling industry stage a comeback.
The company reported a net loss of $32 million, or 23 cents per share, for the quarter, compared with a profit of $116.1 million, or 85 cents per share, a year earlier.
Diamond Offshore took an impairment charge of $28 million related to its rigs.
Excluding one-time items, the company posted a loss of 5 cents per share, smaller than analysts' average estimate of a 6 cent loss.


(Reporting by John Benny in Bengaluru; Editing by Maju Samuel)
Categories: Deepwater Finance Offshore Offshore Energy

Related Stories

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

Valeura Concludes Eight-Well Drilling Campaign in Gulf of Thailand

BW Opal FPSO Vessel set for Work off Australia

ABS Greenlights SHI’s Multi-Purpose Deepwater LNG Floating Unit

Woodside to Shed Some Trinidad and Tobago Assets for $206M

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Tokyo Gas Enters LNG Market in Philippines

Eco Wave Finds Partner for Wave Energy Project in India

Current News

MODEC, Carbon Clean to Advance FPSO-Mounted Carbon Capture Tech

Aker Solutions, PTAS JV Hooks Brownfield Services Extension off Brunei

CDWE Wraps Up Pin Pile Installation Job for Taiwanese Offshore Wind Farm

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Fugro Lands Deepwater Gas Field Job in Southeast Asia

OMV Exits Ghasha Gas Project off UAE with Lukoil Stake Sale

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

CIP, ACEN Partner Up for First Large-Scale Offshore Wind Farm in Philippines

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com