Diamond posts second-quarter loss of 13 cents per share - July 27, 2003

Providing coverage of Alaska and northern Canada's oil and gas industryJuly 2003

Vol. 8, No. 30

Week of July 27, 2003

Diamond posts second-quarter loss of 13 cents per share

Petroleum News Houston staff

Diamond Offshore Drilling said July 17 that it lost $16.7 million or 13 cents per share in the 2003 second quarter, slightly more than the 8 cents per share loss analysts had expected.

Second-quarter results reflect an increase in the estimated asset lives and salvage values of the company’s drilling rigs to better reflect their remaining economic lives, Diamond said.

Revenues for the second quarter were $163 million compared with $187 million for the same period last year. In the year-ago quarter, Diamond had net income of $12 million or 9 cents per share.

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