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Diamond Offshore loses $69M in Q2

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Diamond Offshore loses $69M in Q2

Houston-based driller Diamond Offshore Drilling Inc. reported July 30 a net loss of $69 million, or 50 cents per share, in the second quarter, exceeding the S&P Capital IQ estimate for a loss of 37 cents per share.

Total revenue of $268.9 million was down from $295.5 million in the first quarter and well below revenue of $399.3 million in the same quarter a year ago.

The company saw an operating loss of $52.4 million in the three-month period ended June 30. As of July 1, the company's total contracted backlog was $2.2 billion, which represents 23 rig years of work.