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Diamond Offshore 4Q Net Down 22% On Softer Revenue, Utilization Rates

DOW JONES NEWSWIRES Diamond Offshore Drilling Inc.'s (DO) fourth-quarter earnings fell 22% as the oil driller reported weaker revenue and lower utilization rates for its mid-water floaters. The fourth quarter marks a reversal for the company, after it posted two preceding quarters with rising revenue and profits. The company had warned that scheduled maintenance would reduce the number of earning days for several rigs in the second half. Deep-water drilling was suspended for about 10 months in response to 2010's Deepwater Horizon rig explosion, which killed 11 workers and touched off the worst offshore oil spill in U.S. history. It wasn't until last February when U.S. regulators began approving deep-water drilling projects, which face heightened scrutiny. Houston-based Diamond Offshore, which is majority owned by Loews Corp. (L), reported a profit of $188.5 million, or $1.36 a share, down from $241.7 million, or $1.74 a share, a year earlier. Revenue fell 11% to $748.4 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 99 cents a share on revenue of $739 million. Operating margin sank to 29.2% from 39.9%. The average day rate for ultra-deepwater floaters rose 4.4% from a year earlier, while the utilization rate stayed at 70% from a year earlier. For mid-water floaters, day rates dropped 4.9% and the utilization rate slipped to 60% from 80%. Shares closed Wednesday at $63.07 and were inactive premarket. The stock is down 2% over the past three months. --By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Diamond Offshore Drilling (DO)
DateTimeHeadline
05/18/201616:07:06Current Report Filing (8-k)
05/17/201615:00:00Loews Corporation CEO James S. Tisch to Speak at the Bernstein...
05/10/201610:40:00Loews Corporation Announces Quarterly Dividend On Common Stock
05/06/201616:30:00Loews Corporation Trades Shares Of Nautilus Mineral Inc.
05/04/201615:22:12Initial Statement of Beneficial Ownership (3)
05/02/201614:53:02Quarterly Report (10-q)
05/02/201611:40:00Diamond Offshore, Helmerich Revenue Declines Not as Bad as Feared
05/02/201607:49:00Loews Corp. Revenue Hurt by Investment Returns
05/02/201606:34:34Current Report Filing (8-k)
05/02/201606:31:31Current Report Filing (8-k)
05/02/201606:05:00Diamond Offshore Names Kelly Youngblood as Senior Vice President...
05/02/201606:00:00Diamond Offshore Announces First Quarter 2016 Results
05/02/201606:00:00Loews Corporation Reports Net Income Of $102 Million For The...
04/12/201610:00:00Loews Corporation to Release First Quarter 2016 Results on May...
04/12/201610:00:00Diamond Offshore to Release First Quarter 2016 Results on May...
04/05/201612:49:27Statement of Changes in Beneficial Ownership (4)
04/05/201610:02:58Statement of Changes in Beneficial Ownership (4)
04/05/201610:00:47Statement of Changes in Beneficial Ownership (4)
04/05/201609:58:57Statement of Changes in Beneficial Ownership (4)
04/05/201609:58:21Statement of Changes in Beneficial Ownership (4)

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