Diamond Offshore Drilling (DO) Misses Q2 EPS by 11c, Revenues Miss

Diamond Offshore Drilling (NYSE: DO) reported Q2 EPS of ($0.99), $0.11 worse than the analyst estimate of ($0.88). Revenue for the quarter came in at $216.73 million versus the consensus estimate of $230.11 million.

"During the quarter, the Ocean GreatWhite successfully completed its first well, delivering over 97.5% operating efficiency," said Marc Edwards, President and Chief Executive Officer. "We also completed the reactivation and upgrade of the Ocean Endeavor and the upgrade of the Ocean Apex. Both rigs commenced operations in May."

Diamond Offshore recently announced the launch of its Stack-ViewTM service, which allows the Company to shift to predictive maintenance from time-based maintenance by utilizing 24/7 real-time monitoring, data visualization, and advanced analytics. "This is yet another example of Diamond continually working to improve offshore drilling economics by reducing the total cost of the well," said Edwards. "Stack-View will streamline maintenance and mitigate subsea downtime while improving BOP reliability, which will significantly enhance the operational efficiency of a drilling campaign."

For earnings history and earnings-related data on Diamond Offshore Drilling (DO) click here.

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