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Diamond Offshore Q1 Earnings and Revenue Beat Estimates

Diamond Offshore Drilling Inc.DO is a major contract driller, providing comprehensive offshore drilling services to the global energy industry. The company's drilling fleet of 33 consists of 23 semi-submersibles (of which one is under construction), 6 jackups and 4 dynamically positioned drillship. The majority of Diamond Offshore is owned (53% of total shares outstanding) by Loews Corporation L .

Currently, Diamond Offshore has a Zacks Rank #3 (Hold) but that could change following its first quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: Diamond Offshore beats on adjusted quarterly earnings. Earnings per share came in at 64 cents per share, above the Zacks Consensus Estimate of 28 cents.

Revenue: Revenues of $470.5 million came above the Zacks Consensus Estimate of $415.0 million.

Key Stats: In the first quarter, revenues from the Contract Drilling segment fell 26.0% year over year to approximately $443.5 million. Ultra-Deepwater floaters recorded an average dayrate of $533,000 during the quarter, up from $497,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $334,000 compared with $486,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $263,000, down from $266,000 in the prior-year quarter. Jackup rig dayrates averaged $118,000, up from $92,000 in the first quarter of 2015.

Rig utilization for Ultra-Deepwater floaters increased to 61% from 51% in the year-ago quarter. Utilization of Deepwater floaters fell to 28% from 45% a year ago. Mid-water category rig utilization was 25% as against 49% in the comparable quarter last year, while jackup rig utilization decreased significantly to 18% from 66%.

Check back later for our full write up on this Diamond Offshore earnings report later!

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LOEWS CORP (L): Free Stock Analysis Report

DIAMOND OFFSHOR (DO): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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