WASHINGTON (dpa-AFX) - Diamond Offshore Drilling, Inc. (DO) reported first-quarter net income of $185.17 million or $1.33 per share, lower than $250.61 million or $1.80 per share last year.
On average, 31 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share. Analysts' estimates typically exclude special items.
Total revenues declined to $768.64 million from last year's $806.39 million. Analysts estimated revenues of $756.78 million.
'Our ongoing efforts to control costs and maximize operating efficiency, expressed in terms of minimal rig downtime, enabled us to achieve favorable operating results for the quarter,' said Larry Dickerson, President and Chief Executive Officer of Diamond Offshore.
'Looking ahead, we are optimistic about future contracting opportunities for our fleet, given the continuing market strength in the offshore drilling industry,' noted Dickerson.
Separately, Diamond Offshore said it has declared a special quarterly cash dividend of $0.75 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on June 1, 2012 to shareholders of record on May 1, 2012.
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