Diamond Offshore Posts Q4 Loss

(RTTNews) - Diamond Offshore Drilling Inc. (DO) reported that its net loss for the fourth quarter was $52.44 million or $0.52 per share, while it posted net income of $5.51 million or $0.05 per share in the third quarter. The decrease in net result was largely a result of a swing in discrete, non-cash tax adjustments of about $49 million quarter to quarter.

Contract drilling revenue for the fourth quarter, excluding reimbursable revenue, totaled $208 million compared to $190 million in the third quarter of 2022. The increase in revenue was due to a full quarter of operation in Senegal for the Ocean BlackHawk, the Ocean BlackLion operating for a full quarter at its higher dayrate, and the Vela going on contract in the fourth quarter. The increased revenue was partially offset by reduced revenues from the Ocean Onyx.

Total revenues for the fourth quarter were $223.26 million compared to $226.07 million in the third quarter.