Diamond's 3Q Earnings Meet Expectations; FVE and Outlook Unchanged
No-moat Diamond Offshore posted third-quarter results, with revenue that met our expectations, though drilling profits fell below our estimates. Drilling revenue fell sequentially, with Ocean Victory completing its contract before the start of the quarter and Ocean Courage receiving blowout preventer upgrades. Total revenue was nearly on par with our $367 million revenue target, and drilling profitability moved lower than our forecast of 48%, to 44%. Capitalizing on its experience in harsh envir...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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