Total revenue in the quarter of $349.2 million decreased from the year-ago figure of $388.7 million and also came in below the Zacks Consensus Estimate of $361.51 million. Operational PerformanceIn the third quarter, revenues from the Contract Drilling segment plunged 43.3% year over year to approximately $339.6 million.
Ultra-Deepwater floaters recorded an average dayrate of $452,000 during the quarter as against $479,000 in the year-earlier quarter. Deepwater floaters realized an average dayrate of $303,000 compared with $361,000 in the year-ago quarter. Mid-water floaters recorded an average dayrate of $311,000 as against $289,000 in the prior-year quarter.Rig utilization for Ultra-Deepwater floaters decreased to 48% from 71% in the year-ago quarter.
Utilization of Deepwater floaters fell to 34% from 59% a year ago. Mid-water category rig utilization was 33% as against 31% in the comparable quarter last year.FinancialsAs of Sep 30, 2016, Diamond Offshore had approximately $81.3 million in cash and cash equivalents, while long-term debt totaled $1,980.6 million.
Zacks Rank and Stocks to Consider Diamond Offshore currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy sector are Enbridge Energy Partners, LP EEP, Braskem SA BAK and EQT Midstream Partners EQM. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.Enbridge Energy Partners has an impressive earnings surprise history. The partnership posted positive earnings surprise in three of the last four quarters. It reported a positive earnings surprise of 69.23% in the preceding quarter.
Braskem SA posted a positive earnings surprise of 105.45% in the year-ago quarter.In the last reported quarter, EQT Midstream Partners delivered a positive earnings surprise of 6.72%. Coming to the earnings surprise history, the partnership beat estimates in three of the last four quarters.
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