Diamond Offshore profit falls as rig utilization rates decline

April 24 Thu Apr 24, 2014 6:15am EDT

April 24 (Reuters) - Diamond Offshore Drilling Inc reported a 17 percent fall in quarterly profit due to lower utilization rates for its deepwater and ultra deepwater rigs.

The company, one of the world's top five offshore rig contractors, said net profit fell to $145.8 million, or $1.05 per share, in the first quarter ended March 31, from $176 million, or $1.27 per share, a year earlier.

Revenue fell about 3 percent to $709.7 million.

The company said it would pay a special quarterly cash dividend of 75 cents per share and a regular quarterly cash dividend of 13 cents per share.

(Reporting By Shubhankar Chakravorty in Bangalore; Editing by Sriraj Kalluvila)

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