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 May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

New Leadership at Alphatron Marine

Alphatron Marine announced that Arno Metzemakers will join the company's management team as General Manager responsible for all operational matters worldwide, effective June 1.

PureBallast Nears Completion of USCG Testing Procedures

Alfa Laval saiys it continues to move swiftly towards the submission of a U.S. Coast Guard (USCG) type approval application for Alfa Laval PureBallast 3.1. The

Damen's Oranjewerf Yard ISO 9001:2008 Certified

Damen Shiprepair Oranjewerf (DSO) has become the latest Damen ship repair yard to receive ISO 9001:2008 certification, demonstrating that the yard fulfils the requirements

Finance

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Lower Large Dry Bulk Rates drag Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.0929 sec (11 req/sec)