Diamond Offshore profit drops in 1Q
- Business & Finance
Houston-based driller Diamond Offshore saw a decrease in quarterly profit and revenues as the driller’s increase in rig utilization was offset by lower dayrates.
The driller on Monday posted a net income of $19 million, a decrease compared to a $23.54 million net income recorded in the first quarter of 2017.
The driller’s revenues in the first quarter of the year totaled $295.5 million, also a decrease compared to $374.2 million revenues in the same period of 2017.
Marc Edwards, President and Chief Executive Officer, commented: “Despite the continuing challenges in the offshore drilling market, we were able to secure additional work for the Ocean Apex and the Ocean BlackRhino, and were awarded new work for the Ocean Endeavor.”
Edwards added that Diamond continues to have strong interest from prospective clients for its fleet.
As of March 31, 2018, the company’s total contracted backlog was $2.2 billion, which represents 19 rig years of work.
When it comes to Diamond’s rig utilization, floater utilization increased to 52% in 1Q 2018 from 47% in the first quarter 2017. However, average dayrate dropped to $$351,000 from $366,000 in the prior-year quarter.
Offshore Energy Today Staff