Diamond Offshore dives into the red in 4Q

first_imgHouston-based offshore driller Diamond Offshore sank to a loss in the fourth quarter of 2017 as its revenues decreased compared to the same period of 2016. The driller on Monday posted a net loss of $31.94 million for the fourth quarter of 2017 compared to a profit of $116.1 million in the same period of 2016.Diamond’s revenues in the fourth quarter of 2017 dropped to $346.2 million from $391.87 million in the prior-year quarter.“Although market conditions continue to be challenging, we were able to secure additional work for the Ocean Valor and Ocean Valiant, extending both of the rigs’ current contracts through 2020,” said Marc Edwards, President and Chief Executive Officer.“These contract extensions comprise a majority of the additional 48 months of backlog Diamond was able to secure this past quarter.”Edwards went on to say, “The moored market continues to tighten, evidenced by our three other contract wins during the quarter.”Operational efficiency of the company’s fleet was 98.8% in the fourth quarter, compared to 94.3% in the third quarter of 2017, reflecting continued improvements from the company’s Pressure Control by the Hour service model.As of December 31, 2017, the company’s total contracted backlog was $2.4 billion, which represents approximately 21 rig years of work.last_img read more

Syria cancels football friendly with Iran

first_imgTEHRAN: Syria has cancelled a friendly football match with Iran in preparation for the remaining matches of the World Cup qualification group stage. The Iran football federation had already announced that they will host Syria in Tehran on September 3.”An apology has been made since we cannot play Iran but we will meet Iraq in a friendly match as planned,” Syrian national football team head coach Nabil Maaloul was quoted as saying by Tehran Times daily on Sunday. The Iran national football team is also scheduled to meet Uzbekistan in Tashkent on September 7. According to Iran football federation spokesman Amir Mehdi Alavi, the match will be held as planned. “The Asian qualifying matches of the 2022 World Cup have been postponed but our plans go ahead as scheduled,” Alavi was quoted as saying. Iran, who sit third in Group C behind Iraq and Bahrain, have four must-win matches ahead in the competition. IANS Also Watch: Assam Guv Bats for Good Governance in BTADlast_img read more