Diamond Offshore Posts Smaller-than-expected Loss
Diamond Offshore Drilling Inc posted a smaller-than-expected loss on Monday, as a fall in revenue was offset by a 15 percent drop in costs.
The Houston-based company's total operating expenses fell to $321.2 million from $378.5 million, a year earlier.
The rig contractor recorded a loss of $69.27 million, or 50 cents per share, in the second quarter ended June 30, compared to a profit of $15.95 million, or 12 cents per share, a year earlier.
Excluding items, the company posted a loss of 33 cents per share. Analysts on average were expecting the company to lose 39 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue fell to $268.86 million from $399.29 million.
(Reporting by John Benny in Bengaluru; Editing by Bernard Orr and Shailesh Kuber)