Credit: Shutterstock photoDiamond 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 fourth 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 adjusted quarterly earnings. Earnings per share came in at 89 cents per share, above the Zacks Consensus Estimate of 53 cents.
Revenue: Revenues of $555.6 million came above the Zacks Consensus Estimate of $517.0 million.
Key Stats: In the fourth quarter, revenues from the Contract Drilling segment fell 19.3% year over year to approximately $555.6 million. Ultra-Deepwater floaters recorded an average dayrate of $531,000 during the quarter, up from $493,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $337,000 compared with $431,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $249,000, down from $270,000 in the prior-year quarter. Jackup rig dayrates averaged $124,000, up from $96,000 in the fourth quarter of 2014.
Rig utilization for Ultra-Deepwater floaters increased to 70% from 66% in the year-ago quarter. Utilization of Deepwater floaters fell to 42% from 48% a year ago. Mid-water category rig utilization was 24% as against 55% in the comparable quarter last year, while jackup rig utilization decreased significantly to 17% from 77%.
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
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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.
