The adjusted results exclude restructuring and separation costs, costs for settlement of a previously pending legal claim, the loss on rig sale and last year’s loss on extinguishment of debt, as well as the related tax effects.
Revenue plunged 22% to $286.32 million. Contract drilling revenues fell by 21.5% and revenues related to reimbursable expenses dropped by 32.5%.
Loews misses Q3 earnings estimate
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Diamond Offshore continues to take the necessary steps to position the company for long-term success. As such, the company entered into a new $950 million revolving credit facility maturing October 2023 and amended its existing credit facility. Combined, this provides $1.275 billion of availability and further enhances its liquidity runway.
As of October 1, 2018, the company’s total contracted backlog was $2 billion, not including a $135 million margin commitment from one of its customers.
Shares of Diamond Offshore ended Friday’s regular session up 0.35% at $14.21 on the NYSE. The stock has fallen over 13% in the past year and over 23% in the year so far.