Diamond Offshore Q1 Beats On Earnings And Revenues

Diamond Offshore Drilling Inc. (DOis a major contract driller, providing comprehensive offshore drilling services to the global energy industry. The company’s drilling fleet of 38 consists of 27 semi-submersibles (of which one is under construction), 6 jackups and 5 dynamically positioned drillship (of which one is under construction). The company’s rigs operate in the Gulf of Mexico (GoM), the U.K. North Sea, South America, Africa, Australia and Southeast Asia.

Currently, Diamond Offshore has a Zacks Rank #3 (Hold) but that could change following its first quarter 2015 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 earnings. Adjusted earnings per share came in at 50 cents per share, above the Zacks Consensus Estimate of 42 cents.

Revenue: Revenues of $620.1 million came above the Zacks Consensus Estimate of $618 million.

Key Stats: In the first quarter, revenue from the Contract Drilling segment fell 12.5% year over year to approximately $599.6 million. Ultra-Deepwater floaters recorded an average dayrate of $251,396 during the quarter, down from $205,794 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $138,770 versus $146,559 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $176,357, down from $285,979 in the year-earlier quarter. Jackup rigs’ dayrates averaged $33,054, down from $46,976 in the first quarter of 2014.



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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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