Diamond Offshore's 4Q Loss Narrows. Revenue Up

February 10, 2020

Ocean Patriot - Image by Jan Henry Knutsen - Source: Marine Traffic
Ocean Patriot - Image by Jan Henry Knutsen - Source: Marine Traffic

Offshore Drilling company Diamond Offshore posted a net loss of $74 million for the fourth quarter of 2019.

The result is an improvement compared to a loss of $79 million in the fourth quarter of 2018, and also compared to the third quarter 2019 loss of $95 million.

Diamond Offshore's revenue grew to $276 million during the quarter, up from $232 million in the previous year's fourth quarter.

"During 2019, the Company secured $620 million of backlog, including over $50 million secured in the fourth quarter related to a 12-month extension for the Ocean Patriot in the North Sea,” the deepwater drilling company said.

The 1983-built semi-submersible drilling rig is drilling in the North Sea for Apache. Under the recent extension, Apache will keep the rig working until early June 2021. The day rate for the rig was not disclosed.

As of January 1, 2020, Diamond Offshore’s total contracted backlog was $1.6 billion, excluding approximately a $100 million margin commitment from one of the company’s customers.

The company has recently also secured work for Woodside in Senegal, at the Australian company's Sangomar offshore development. Woodside will use two diamond offshore rigs, OceanBlack Hawk and Ocean BlackRhino to drill development wells at the project that is expected to start production in 2023.

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