Diamond Offshore (DO) has just opened the reporting season for U.S.-listed drillers. The company reported revenues of $276 million and a GAAP loss of -$0.54 per share, easily beating analyst estimates. Diamond Offshore finished the year with $156 million of cash, down from $209 million of cash at the end of the third quarter. The company generated positive operating cash flow of $23.3 million; material capital spending ($76 million) led to the decrease in cash position.
On the contract side, Diamond Offshore managed to extend the contract for semi-sub Ocean Patriot. The rig