Revenues at drill rig owner Diamond Offshore slumped by a third last year as demand for vessels lagged.
During the fourth quarter, Diamond inked new contract for the Ocean Monarch with BHP Billiton in Australia.
The contract will kick in during second quarter of 2017 and will runs through to late third quarter of 2017.
At year end, Houston-headquartered Diamond’s backlog was $3.6billion, which represents 25 rig years of work.
About 94% of its available ultra-deepwater rig days for 2017 are contracted with top tier customers.
Revenues fell 33% to $1.6billion while the pre-tax net losses widened to $468million from $381million.
Nonetheless Marc Edwards, chief executive of Diamond, said he was pleased with the company’s fourth quarter.
Diamond’s revenues were 12% higher in the fourth quarter than in the previous three months.
Mr Edwards: “Considering current market headwinds, I am pleased with our fourth quarter results, driven in part by continuing cost controls and improving rig efficiencies.
“Despite an extremely challenging market environment, the Ocean GreatWhite, Ocean Scepter and the Ocean BlackRhino will all commence term contracts in the first quarter, contributing to our strong backlog and liquidity positions.”