Diamond Offshore sinks deeper into the red

Offshore drilling contractor Diamond Offshore nearly doubled its losses as its revenues dropped in the third quarter of 2019 when compared to the same period in 2018. Diamond has also secured a new contract for one of its semi-submersible rigs with Woodside.

Ocean Apex rig
Ocean Apex rig; Source: Diamond Offshore

Diamond on Monday posted revenues of $254 million for the third quarter of 2019, a decrease when compared to revenues of $280.7 million in the same period last year.

The company recorded a loss of $95.1 million for the third quarter 2019 compared to the loss of $51.1 million in the same period of 2018.

Diamond also reported on Monday that Woodside had awarded a contract to Ocean Apex. The contract starts in early January 2021 until mid-November 2021. The dayrate has not been disclosed.

The rig is currently under contract Shell, which expires in mid-November 2019. After that, the rig starts its contract with Woodside in early January 2020, which expires in late September 2020. Later, the rig will work for BP from early October 2020 until late December 2020.

According to Bassoe Offshore, Ocean Apex’s dayrate estimate with BP in 2020 is $180,000. The dayrate estimate for the Woodside contract is $220,000.

“During the quarter, we secured approximately $90 million of additional backlog, including a new fixture for the Ocean Apex in Australia and the exercise of a two-well option for the Ocean Endeavor in the North Sea,” said Marc Edwards, President and Chief Executive Officer.

As of October 1, 2019, the company’s total contracted backlog was $1.8 billion, including over $540 million of backlog secured year to date and excluding approximately a $130 million margin commitment from one of the company’s customers.

Diamond also said that the 2001-built semi-submersible Ocean Confidence is held for sale.

Offshore Energy Today Staff


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product or technology on Offshore Energy Today, please contact us via our advertising form where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply