George Economou-led Ocean Rig reported a deeper-than-expected decline in quarterly profit as the drillship and rig owner revealed talks that could lead to a contract cancellation.
The New York-listed company reported net income of $38.8m during the third quarter, down from $138m a year earlier.
While the result was within the wide range of analyst estimates, but the $0.47 in earnings per share was below the consensus projection calling for EPS of $0.56.
Earnings snapshot
| Q3 2016 | Q3 2015 | |
| Revenue | $335,043,000 | $437,174,000 |
| Drilling units operating expenses | $103,676,000 | $135,479,000 |
| Operating Income | $126,222,000 | $188,745,000 |
| Net income attributable to common stockholders | $38,812,000 | $137,702,000 |
| EPS | $0.47 | $0.94 |
The
