Diamond Offshore (DO +2.65%) trades up after handily beating Q3 estimates this morning. The...

|About: Diamond Offshore Drilling Inc. (DO)|By:, SA News Editor

Diamond Offshore (DO +2.65%) trades up after handily beating Q3 estimates this morning. The company posted a 29% surge in profits, due in large part to the repositioning of one of its rigs from Brazil to the Gulf of Mexico and the shifting of some planned downtime into Q4. Additionally, the driller says it added 14 new rig contracts totaling over $1.4 billion in revenue backlog.