Diamond Offshore Drilling (DO) Posts Q1 GAAP Loss of $1.86/Share

Diamond Offshore Drilling (NYSE: DO) reported Q1 EPS of ($1.86), which may not compare with the analyst estimate of $0.43. Revenue for the quarter came in at $620 million versus the consensus estimate of $622.36 million.

Results for the quarter included a non-cash charge of $319 million after tax, or $2.33 per share, associated with the impairment of eight drilling units, three of which are to be retired and scrapped. The units to be retired are the mid-water semisubmersibles Ocean Saratoga, Ocean Worker and Ocean Yorktown, which are all cold stacked in the U.S. Gulf of Mexico. Other rigs included in the impairment group are the mid-water semisubmersibles Ocean Ambassador, Ocean General, Ocean Lexington, Ocean Nomad and the drillship Ocean Clipper.

The Company also recognized a charge during the quarter of $4 million after tax, or $0.03 per share, related to restructuring and employee separation-related costs.

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

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