Diamond Offshore returns to quarterly profit

U.S. deepwater drilling contractor Diamond Offshore returned to profit in the second quarter of the year from a loss in the prior-year period. 

For the second quarter of 2017, the driller on Monday posted a profit of $15.9 million, which compares to a net loss of $589.9 million in the prior-year quarter.

The driller’s revenues also improved during the second quarter 2017 totaling $399.3 million, compared to $388.7 million in the same period of 2016.

Revenues for the floater rigs section increased to $385.9 million in 2Q 2017 from $337.99 million in the same period of 2016.

However, the company’s jack-up section of the business suffered a decrease in revenues for the second quarter of the year totaling $6.9 million, compared to $19.4 million in 2Q 2016.

Marc Edwards, President and Chief Executive Officer, said: “Though the market remains challenged, Diamond Offshore secured two new contracts this quarter. Further, our operational efficiency continues to improve on the back of Pressure Control by the Hour.”

According to the company, results for the second quarter were impacted by impairment charges and related taxes of $46 million, relating to the carrying value of two semi-submersible rigs.

As of June 30, 2017, Diamond Offshore’s total contracted backlog was $2.9 billion, which represents 22 rig years of work.

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