Diamond Sinks Deeper Into the Red

Graphic for News Item: Diamond Sinks Deeper Into the Red

Offshore drilling contractor Diamond Offshore sank deeper into the red in the second quarter of 2019 amid smaller dayrates and lower utilization of its drilling rigs compared to the year-ago period.

Diamond Offshore on Monday posted a net loss of $114 million for the second quarter of 2019, compared to a loss of $69.3 million in 2Q 2018.

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The company recorded revenues of $216.7 million in the second quarter of 2019, compared to $268.9 million in the same period last year.

As of July 1, 2019, the company’s total contracted backlog was $2 billion, including over $450 million of backlog secured year to date and excluding approximately a $130 million margin commitment from one of the company’s customers.

During the second quarter of 2019, Diamond’s average dayrate was $273,000, which is a decrease compared to $317,000 in the corresponding quarter of 2018 and its utilization dropped to 51% from 53% in 2Q 2018.

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