Diamond Offshore Drilling (DO) Misses Q3 EPS by 41c

Diamond Offshore Drilling (NYSE: DO) reported Q3 EPS of $0.38, $0.41 worse than the analyst estimate of $0.79. Revenue for the quarter came in at $738 million versus the consensus estimate of $740.5 million.

The Company today announced plans to retire and scrap six of its mid-water semisubmersible rigs, resulting in a non-cash impairment charge in the third quarter of $109 million before tax, or $0.84 per share after tax. The retired units include the Ocean Epoch, Ocean New Era and Ocean Whittington, which are currently cold-stacked, and the Ocean Concord and Ocean Yatzy, which are currently idle in Brazil. The sixth unit, the Ocean Winner, will be retired and scrapped upon completion of its current contract term in Brazil.

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

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