Diamond Offshore Earnings Lower Than Expected

Friday, July 14, 2000
Diamond Offshore Drilling Inc.'s second-quarter earnings plunged 93 percent because strong oil prices have not yet fuelled recovery in its main area of operation: mid-depth offshore drilling markets.

Net income for the quarter totaled $3.6 million, or 3 cents per share, down from $53.2 million, or 37 cents per share, in the second quarter of 1999. Analysts had expected earnings of 5 cents a share, according to First Call/Thomson Financial. Diamond Offshore's revenues also fell sharply, to $143.3 million from $215.3 million, mainly due to sharply lower contributions from semi-submersible rigs drilling in medium water depths.

"The mid-water market remains weak and that has primarily contributed to the decline in earnings," President and Chief Operating Officer Larry Dickerson said in a conference call. Dickerson made no specific projections for the future but suggested it would bring improved results.

"We believe the market has said that this will be a trough for us," he said of the company's second-quarter performance.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Crowley Opens Government Services Office

Crowley Maritime Corp. has opened a new government services office in downtown Norfolk, Va. to help the company better serve government agencies such as the Military Sealift Command (MSC) and the U.

McAllister Towing – 150 Years of Family Business

“Early in 1864, a young man names James McAllister stood on board a sailing vessel where he served as a mate. The boat was about to set sail from the Red Bay of

Rolls-Royce Targets Costs and Complexity in Quest for Growth

Rolls-Royce's new chief executive aims to strip out costs and complexity, rather than selling off chunks of the business, as he seeks to return the British engine company to growth.


North Group Increases Projected Free Reserve

Directors of the North P&I Club and Sunderland Marine Insurance Company (North Group) have revised their projection for the group’s year-end free reserve up to $380 million,

Stena Bulk Orders Tankers from China

Stena Bulk has placed an order for three 50,000 dwt IMOIIMAX MR tankers with the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OME), formerly Guangzhou Shipyard International (GSI),

Golden Ocean CEO: No Share Issue

Dry bulk shipping firm Golden Ocean Group said on Tuesday it did not consider an equity issue to improve its liquidity and balance sheet following challenging markets conditions.

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0905 sec (11 req/sec)