Diamond Offshore Drilling Inc (DO) Q4 2019 Earnings Call Transcript

Diamond Offshore Drilling Inc (DO) Q4 2019 Earnings Call Transcript

Diamond Offshore Drilling Inc ( NYSE:DO ) Q4 2019 Earnings Call Feb 10, 2020 , 9:00 a.m. ET. With me on the call today are, Marc Edwards, President and Chief Executive Officer; Ron Woll, Executive Vice President and Chief Commercial Officer; and Scott Kornblau, Senior Vice President and Chief Financial Officer.. Good morning, everyone, and thank you for being on the call today.. In the fourth quarter of 2019, Diamond Offshore had an adjusted loss per share of $0.45.. The slight decline year-over-year was primarily driven by the Ocean BlackHornet undergoing its upgrades in the fourth quarter of 2019 compared to working in the fourth quarter of 2018.. Once complete, the rig will commence a 16-month campaign for Posco International in Myanmar.. So turning to our fleet contracting activities during the fourth quarter of 2019.. The extension comes at a higher dayrate than the legacy contract and adds over $50 million of additional backlog.. We believe that our differentiated strategy has enabled us to price our assets at a premium within the market in both the drillships and moored semi-markets.. Within this environment of depressed dayrates we are anticipating negative cash flow for 2020.. The increase was mostly offset by