Diamond loses shine as profit drops

BLOOMBERG

Eoin O'Cinneide

 05 February 2013 11:37 GMT

Diving revenues and asset impairments sent full-year net profit down at Houston-based rig owner Diamond Offshore Drilling.

The company reclassified a quartet of cold-stacked units as 'held for sale' at the end of the year, taking a resultant hit to its balance sheet.

Net profit for the twelve months to the end of December was $720.48 million, down from $962.54 million a year earlier.

The main reason was a slump in revenues from $3.32 billion to $2.99 billion while costs, although down, only fell slightly.

Diamond booked asset impairments of $62.44 million. In the fourth quarter it reclassified the trio of semi-submersibles Ocean Epoch, Ocean New Era and Ocean Whittington and…

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