Diamond Offshore 1Q Results Top Expectations
29 April 2019 - 09:30PM
Dow Jones News
By Colin Kellaher
Diamond Offshore Drilling Inc. (DO) on Monday reported
better-than-expects results for the first quarter amid solid
fleetwide operational efficiency.
The Houston contract driller posted a quarterly loss of $73.3
million, or 53 cents a share, compared with a net income of $19.3
million, or 14 cents a share, a year earlier.
Analysts polled by FactSet were expecting a loss of 59 cents a
share.
Revenue fell to $233.5 million from $295.5 million a year ago
but topped the $232.7 million Wall Street was expecting.
Diamond Offshore, which is majority owned by Loews Corp. (L),
said its total contracted backlog stood at $1.8 billion at April 1,
adding that the backlog doesn't include more than $450 million of
work secured this month for its Ocean BlackRhino, Ocean BlackHawk
and Ocean GreatWhite drillships.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 29, 2019 07:15 ET (11:15 GMT)
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