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Diamond Offshore posts Q2 adjusted net loss with revenue drop

Diamond Offshore Drilling Inc. on Aug. 5 reported an adjusted net loss of $136.3 million, or a loss of 99 cents per share, for the second quarter, down from an adjusted net loss of $44.9 million, or a loss of 33 cents per share, a year ago.

The Texas-based company missed the S&P Global Market Intelligence normalized consensus EPS estimate of a loss of 88 cents for the quarter.

On a GAAP basis, net loss amounted to $114.0 million during the quarter, declining from a net loss of $69.3 million in the prior-year period.

Total revenues reached $216.7 million for the quarter, lower than $268.9 million a year earlier. Contract drilling brought in $207.3 million, a decrease from $265.4 million in the prior-year period.

The company's total contracted backlog reached $2.0 billion as of July 1, dropping from $2.2 billion a year ago. The updated backlog excludes a $130 million margin commitment from a customer.