Diamond Offshore Posts Smaller-Than-Expected Quarterly Loss

Reuters

April 30 (Reuters) - Diamond Offshore Drilling Inc reported a smaller-than-expected quarterly loss on Monday, helped by new contracts for the company's deep-water rigs.

Rig utilization was at 52 percent during the first quarter, from 47 percent last year, even as average day rates, which clients pay to use the company's deep-water rigs fell 4 percent.

Deepwater drilling has suffered as cheaper land-based shale oil fracking has pushed producers away from undersea crude.

Excluding items, the rig contractor lost 16 cents per share, while on average analysts estimated a loss of 19 cents per share, according to Thomson Reuters I/B/E/S

Net income fell to $19.3 million, or 14 cents per share, in the first quarter ended March 31, from $23.5 million, or 17 cents per share, a year earlier.

Total revenue fell 20.8 percent to $295.5 million.

(Reporting by Karan Nagarkatti in Bengaluru; Editing by Shailesh Kuber)



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


MORE FROM THIS AUTHOR
Reuters