Diamond Offshore profit tumbles

Offshore drilling contractor Diamond Offshore Drilling saw its profit and revenues drop during the third quarter of 2016 compared to last year’s third quarter performance. 

During the quarter, Diamond recorded profit of $13.9 million, a decrease compared to profit of $136.4 million in the third quarter of 2015.

The driller’s revenues nearly halved during the third quarter of 2016 totaling $349.2 million versus revenues of $609.7 million in the same period last year.

When it comes to the company’s rig operational efficiency during the third quarter of 2016, it decreased from 95.5% in the third quarter last year to 91% in this year’s third quarter.

As of September 30, 2016, the company’s total contracted backlog was $4.1 billion, which represents 27 rig years of work. Approximately 96% of the company’s available ultra-deepwater rig days for the remainder of 2016 are contracted.

Offshore Energy Today Staff