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 Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

World’s Largest Boxship is DNV GL classed

CSCL Globe, the world’s largest containership and the first of a series of five 19,100 TEU containerships ordered by China Shipping Container Lines (CSCL) in 2013,

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Japan Military Wants China "Crisis Management" Pact

Japan's highest-ranking military officer on Friday urged an early start to a "crisis management" mechanism with China amid conflicting claims to a group of tiny East China Sea islands.

Finance

Asia VLCC Rates Could Could Climb Even More

Owners see rates climb by nearly $22,000 per day; Rates could peak as more tonnage comes free. Rates for very large crude carriers (VLCCs) on key Asian routes

New Players in Singapore Markets in OW's Absence

The downfall of a leading marine fuel supplier that prompted sellers to tighten credit terms in Singapore is skewing the post-OW Bunker jostle for market share

Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1248 sec (8 req/sec)