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Diamond Offshore continues losing streak into third quarter 2019

Diamond Offshore has won a number of long-term charter contracts
Diamond Offshore has won a number of long-term charter contracts

Aberdeen-based Diamond Offshore has continued its streak of widening losses, reporting a near doubling of its pre-tax figure from the same period last year.

Total revenues for the Houston-headquartered firm also took a hit in Q3, with Diamond reporting a more than £20,000 loss from 2018.

The company’s total 2019 third quarter pre-tax loss was £79,000, a drop from £42,000 in 2018.

Diamond Offshore’s revenues were £197,000 in Q3 2019, down from £222,000 in 2018.

However, the firm’s boss Marc Edwards revealed Diamond Offshore had secured a £70m backlog during the quarter.

It has also undertaken a two-well option with Shell in the UK North Sea utilising its Ocean Endeavor drilling rig.

Details of the Shell deal have not been disclosed but analytics firm Bassoe estimates the rig’s day rate is $130,000.

That contract is set to run until late 2021.

Diamond also secured a deal for the Ocean Apex in Australia.

It has additionall had its Ocean Patriot and Ocean GreatWhite out doing drilling work for Apache and Siccar Point respectively this year.

Mr Edwards, president and chief executive of Diamond Offshore, said: “These two awards are further confirmation of Diamond’s strategy to focus on the improving moored rig market.”

Diamond Offshore announced a near doubling rental rates for deepwater drillships earlier this year as oil explorers returned to the North Sea.

Mr Edwards said the increase involved “long-term rig leases beginning in 2020 and beyond”.

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