Diamond Offshore profit drops in 1Q

Houston-based driller Diamond Offshore saw a decrease in quarterly profit and revenues as the driller’s increase in rig utilization was offset by lower dayrates. 

The driller on Monday posted a net income of $19 million, a decrease compared to a $23.54 million net income recorded in the first quarter of 2017.

The driller’s revenues in the first quarter of the year totaled $295.5 million, also a decrease compared to $374.2 million revenues in the same period of 2017.

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