On Monday, February 11, 2019, offshore drilling contractor Diamond Offshore (DO) announced its fourth quarter 2018 earnings results. At first glance, these results appeared to be very disappointing as the company failed to meet the expectations of analysts on either its top- or bottom line. A closer look at the company's results does indeed reveal that Diamond Offshore has seen better days as the offshore drilling industry continues to prove challenging. While we have certainly seen some improvements, the industry has remained very depressed for an extended period, and this has weighed on the