Diamond Offshore Files for Bankruptcy
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11, said…
Diamond Offshore Posts Smaller-than-expected Loss
Diamond Offshore Drilling Inc posted a smaller-than-expected loss on Monday, as a fall in revenue was offset by a 15 percent drop in costs.The Houston-based company's total operating expenses fell to $321.2 million from $378.5 million, a year earlier.As oil prices stay above $70 a barrel, oil and gas producers are again…
Diamond Offshore Beats Street, Posts Q1 Loss
Diamond Offshore Drilling Inc reported a smaller-than-expected quarterly loss on Monday, helped by new contracts for the company's deep-water rigs. Rig utilization was at 52 percent during the first quarter, from 47 percent last year, even as average day rates, which clients pay to use the company's deep-water rigs fell 4 percent.
Diamond Offshore Revenue Beats Estimates
Diamond Offshore Drilling Inc's fourth-quarter revenue beat analysts' estimates on Monday, helped by higher demand for its ultra-deepwater rigs. The company's revenue from its ultra-deepwater rigs rose more than 24 percent to $288.28 million in the fourth quarter. Total revenue fell nearly 12 percent to $346.21 million…
Options Bulls Betting on U.S. Energy Rebound
Some U.S. equity options traders are betting that the recent rebound in the price of crude oil spells good news for the battered energy sector. The S&P energy index is still down about 9.9 percent this year, making it the second worst-performing sector among S&P's tracking indexes. That contrasts against the broad benchmark S&P 500 stock index, which is up 6.9 percent for the year.
ABS Approves Innovative Drillship Design
ABS is working with industry to improve efficiencies in offshore development. “ABS is working on multiple fronts to help the offshore industry find efficiencies and streamline operations,” says ABS Executive Vice President for Global Offshore Ken Richardson. “We are coordinating efforts for standardization and working one…
Diamond Offshore Beats the Street on Cost Cuts
Diamond Offshore Drilling Inc reported a higher-than-expected quarterly profit, helped by lower costs. Total operating expenses in the quarter fell 10 pct to $323.36 million. Contract drilling revenue fell 18 percent to $363.56 million from the first quarter. Offshore projects, which take years to develop and are capital intensive…
Diamond Offshore Sees Recovery when Oil 'Well over $60'
Rig contractor Diamond Offshore Drilling Inc's Chief Executive Officer Marc Edwards said on Monday oil prices needed to be "well over $60" to spur a recovery in offshore drilling. The company's shares reversed course and were down 2.3 percent at $16.67, with investors shrugging off a beat on quarterly profit and revenue.
Diamond Offshore Beats Street on Cost Cuts
Rig contractor Diamond Offshore Drilling Inc's quarterly profit beat analysts' estimates as the company kept a tight leash on costs. The company, which operates in the Americas, Europe, Australia and Asia, earned an adjusted profit of 27 cents per share for the fourth quarter, according to Thomson Reuters I/B/E/S. Analysts on average had expected 13 cents per share.
Partnership Yields New Helical Buoyancy Technology
Diamond Offshore Drilling, Inc. and Trelleborg's offshore operation today announced a joint development agreement to develop, manufacture and market Helical Buoyancy riser technology developed by Diamond Offshore. This innovative, patented riser buoyancy design reduces riser drag and mitigates Vortex-Induced Vibration in offshore applications and enables improved operational efficiency.
Diamond Offshore Names Senior VP, CFO
Diamond Offshore Drilling, Inc. has appointed Kelly Youngblood as Senior Vice President and Chief Financial Officer, to be effective May 3, 2016. Youngblood succeeds Gary T. Krenek, who is retiring after 33 years of service to the Company and its predecessors. Prior to joining the company, Youngblood held a variety of managerial positions with Halliburton Company…
Diamond Offshore Beats Street on Lower Costs
May 2 (Reuters) - Rig contractor Diamond Offshore Drilling Inc reported a higher-than-expected quarterly profit as its ongoing cost-cutting measures pay off. The company has scrapped its dividend, retired assets and scaled back drilling to cope with a more-than 60 percent fall in oil prices since mid-2014. Diamond Offshore…
Diamond Offshore: Two Petrobras Rig Contracts Terminated
Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, said contracts for two rigs with Brazil's Petrobras had ended ahead of schedule. The company said it had secured an 875-day extension on another rig working for the Brazilian oil and gas producer in exchange for the terminations. Diamond…
Alabama Announces $20 Million Transocean Settlement
Governor Robert Bentley on Thursday announced that Alabama has agreed to a settlement with Transocean Offshore Deepwater Drilling, Inc., which owned the Deepwater Horizon. Alabama will receive $20 million. “The State of Alabama suffered tremendous environmental and economic losses because of the BP/Deepwater Horizon oil spill in April 2010,” Governor Robert Bentley said.
Samson Bankruptcy Spotlights Offshore Rig Situation
The most significant bankruptcy of the current oil downturn has shone a spotlight on what is perhaps the most oversupplied corner of the energy world: the market for offshore rig services. Samson Resources Corp, an independent oil producer bought just four years ago for $7.2 billion, said in its late Wednesday filing for…
Some U.S. Fund Managers Still Bet on Oil
Mutual fund managers who believed the slump in oil prices would be short-lived have been taking it on the chin, but some are not giving up, betting that the market will bounce back and they will have the last laugh. The FPA Capital Fund, the Towle Deep Value Fund and the Mount Lucas US Focus Equity fund are among several that are still plowing money into oil exploration and production companies…
Burned by Oil, Some US Fund Managers Still Bet on Rebound
Mutual fund managers who believed the slump in oil prices would be short-lived have been taking it on the chin, but some are not giving up, betting that the market will bounce back and they will have the last laugh. The FPA Capital Fund, the Towle Deep Value Fund and the Mount Lucas US Focus Equity fund are among several that are still plowing money into oil exploration and production companies…
Diamond Offshore Profit Beat Street on Rig Demand
Total operating expenses also down 10.5 pct. Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, reported a much higher-than-expected quarterly profit, helped by demand for its high-tech ultra-deepwater rigs and a drop in operating costs. Modern, faster rigs are cheaper to run and they can drill more efficiently…
InterMoor Completes Juniper Contract Off Trinidad and Tobago
InterMoor Inc., an Acteon company, has completed its role in the largest foundation installation project offshore Trinidad and Tobago to date. The final stage of the project involved hooking up Diamond Offshore Drilling Inc.’s Ocean Victory semisubmersible drilling rig to the preset mooring spread InterMoor had previously installed.
Diamond Offshore to Release Quarterly Fleet Status Report
Diamond Offshore Drilling, Inc. informs it will issue its future fleet status reports each calendar quarter concurrent with the release of its quarterly earnings. Diamond Offshore has historically issued its fleet status reports on a monthly basis, but has decided to change to quarterly reporting to better protect sensitive…
