Contract Backlog Continues to Grow as Revenue Remains Stagnant; FVE Unchanged
No-moat Diamond posted sequentially flat revenue as a 3% uptick in the company’s average rig count was offset by a 2% decline in day rates. Adjusted operating margin slipped to -19% from -15% in the fourth quarter owing chiefly to these weaker day rates. These results were largely in line with our expectations and management’s guidance. Dayrates for rigs continues to hover around the price floor, and our fair value estimate remains unchanged. Loss per share came out to $0.53, below EPS for the f...Diamond Offshore Drilling provides contract drilling services to the energy industry around the globe. The company's fleet enables it to provide services in the floater market on a worldwide basis. The company's contracts to provide offshore drilling services vary in their terms and provisions. The principal markets for the company's offshore contract drilling services are: the Gulf of Mexico, including the U.S., and Mexico; South America, principally offshore Brazil, and Trinidad and Tobago; Australia and Southeast Asia, including Malaysia, Indonesia, Myanmar and Vietnam; Europe, principally offshore the U.K., and Norway; East and West Africa; and the Mediterranean.
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