Diamond Offshore (DO) Beats On Q2 Earnings & Revenues
Zacks Investment Research | Aug 01, 2016 04:20AM ET
Diamond Offshore Drilling Inc. (NYSE:DO) reported second-quarter 2016 adjusted earnings of 16 cents per share that comfortably surpassed the Zacks Consensus Estimate of 2 cents loss. The bottom line, however, decreased from the year-earlier earnings of 66 cents.
Total revenue in the quarter of $388.7 million came lower than the year-over-year number of $634.0 million. However, the top line came in above the Zacks Consensus Estimate of $377.0 million.
Operational Performance
In the second quarter, revenues from the Contract Drilling segment fell 42.1% year over year to approximately $357.4 million.
Ultra-Deepwater floaters recorded an average dayrate of $452,000 during the quarter, down from $483,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $301,000 compared with $451,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $313,000, up from $278,000 in the prior-year quarter. Jackup rig dayrates averaged $335,000, up from $83,000 in the second quarter of 2015.
Rig utilization for Ultra-Deepwater floaters decreased to 47% from 63% in the year-ago quarter. Utilization of Deepwater floaters fell to 35% from 63% a year ago. Mid-water category rig utilization was 30% as against 32% in the comparable quarter last year, while jackup rig utilization decreased significantly to 13% from 53%.
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