Diamond Offshore profit falls on lower rig utilization rates
Oct 18 (Reuters) - Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, reported a 31 percent drop in quarterly profit as utilization rates fell.
Diamond, majority-owned by Loews Corp, said third-quarter net income fell to $178 million, or $1.28 per share, from $257 million, or $1.85 per share, a year earlier.
Revenue fell 17 percent to $729 million.
Utilization rates -- a ratio measuring the number of rigs being used as a percentage of a company's fleet -- of its deepwater rigs fell.
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