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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
09/06/201606:09:01Current Report Filing (8-k)
09/01/201606:11:45Current Report Filing (8-k)
08/29/201618:00:00Diamond Offshore to Present at the 2016 Barclays' CEO Energy-Power...
08/09/201611:47:00Loews Corporation Announces Quarterly Dividend On Common Stock
08/01/201610:43:29Quarterly Report (10-q)
08/01/201607:49:00Loews Swings to Surprise Loss on Asset Write Downs
08/01/201606:13:42Current Report Filing (8-k)
08/01/201606:00:00Loews Corporation Reports Results For The Second Quarter Of 2016
08/01/201606:00:00Diamond Offshore Announces Second Quarter 2016 Results
07/12/201610:00:00Loews Corporation to Release Second Quarter 2016 Results on August...
07/12/201610:00:00Diamond Offshore to Release Second Quarter 2016 Results on August...
07/08/201606:13:00Bolts Securing Subsea Oil Wells are Failing, Say Regulator
07/05/201618:00:20Statement of Changes in Beneficial Ownership (4)
07/05/201617:58:55Statement of Changes in Beneficial Ownership (4)
07/05/201617:57:36Statement of Changes in Beneficial Ownership (4)
07/05/201617:56:18Statement of Changes in Beneficial Ownership (4)
07/05/201617:54:35Statement of Changes in Beneficial Ownership (4)
07/05/201617:53:10Statement of Changes in Beneficial Ownership (4)
07/05/201617:51:48Statement of Changes in Beneficial Ownership (4)
07/05/201617:50:57Statement of Changes in Beneficial Ownership (4)

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