Diamond Offshore Misses (DO, RIG)

Posted: February 5, 2009 at 10:23 am

Diamond Offshore Drilling, Inc. (NYSE:DO) reported fourth quarter EPS of $2.11 on revenue of $903.2 million. Analysts had been expecting EPS of $2.34 on revenue of $912.42 million. For the full year, Diamond earned EPS of $9.43 on revenue of $3.5 billion, missing estimates of EPS of $9.71 and revenue of $3.55 billion.

Dayrates and utilization are either essentially flat or up from a year ago and up sequentially. The company gave no 2009 guidance.  Diamond opened lower this morning and is down about 3%. It’s also dragging Transocean Ltd (NYSE:RIG) down with it. Transocean is off about 1.5% on no news.

Paul Ausick
February 5, 2009

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