Diamond Offshore Drilling (DO) Posts Q4 GAAP Loss of $1.79/Share; Discontinues Dividend
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Diamond Offshore and GE Oil & Gas Enter into Industry's First Performance-Based Subsea Blowout Preventer Service Agreement
February 8, 2016 6:05 AM ESTHOUSTON, Feb. 8, 2016 /PRNewswire/ --Â Diamond Offshore Drilling, Inc. (NYSE: DO) and GE Oil & Gas (NYSE: GE) today announced the offshore drilling industry's first-of-its-kind contractual service agreement (CSA) that transfers full accountability for BOP performance to GE Oil & Gas. In this Pressure Control by the Hour model, Diamond Offshore will compensate GE Oil & Gas only when the BOP is available. This 10-year collaborative arrangement for GE's engageDrilling Services showcases a new way of thinking to drive continuous improvement in deepwater drilling.
The arrangement... More
Diamond Offshore Announces Fourth Quarter 2015 Results
February 8, 2016 6:01 AM ESTHOUSTON, Feb. 8, 2016 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE: DO) today reported a fourth quarter 2015 net loss of $245 million, a loss of $1.79 per diluted share, compared to net income of $99 million, or $0.72 per diluted share, in the fourth quarter of 2014. Results for the quarter included a non-cash charge of $499 million associated with the impairment of nine drilling units, which resulted in an after-tax charge of $2.68 per share. Revenues in the fourth quarter of 2015 were $556 million, compared to revenues of $675 million in the fourth quarter of 2014.
For full year 2015,... More
Loews Corporation Reports Net Income For 2015
February 8, 2016 6:01 AM ESTNEW YORK, Feb. 8, 2016 /PRNewswire/ --Â Loews Corporation (NYSE: L) today reported net income of $260 million, or $0.72 per share, for the year ended December 31, 2015, compared to net income of $591 million, or $1.55 per share, in the prior year. Net income in 2014 included a loss from discontinued operations of $371 million, or $0.97 per share, reflecting the disposition by Loews of HighMount Exploration & Production, LLC and by CNA Financial Corporation of its former life insurance subsidiary.
Results for the three months ended December 31, 2015 were a net loss of $201 million, or $0.58 per share, compared... More
