Diamond Offshore 1Q Results Top Expectations

Date : 29/04/2019 @ 21:30
Source : Dow Jones News

Diamond Offshore 1Q Results Top Expectations

Diamond Offshore Drilling (NYSE:DO)
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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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