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May 1 Diamond Offshore Drilling Inc
reported a higher-than-expected quarterly profit, helped by
Total operating expenses in the quarter fell 10 pct to
Contract drilling revenue fell 18 percent to $363.56 million
from the first quarter.
Offshore projects, which take years to develop and are
capital intensive, were the hardest hit by the slump in crude
prices, as oil and gas producers slashed spending.
Diamond Offshore, majority owned by Loews Corp, said
net income fell to $23.5 million, or 17 cents per share, for the
first quarter ended March 31, from $87.4 million, or 64 cents
per share, a year earlier.
Excluding items, the rig contractor earned 17 cents per
share, higher than average analysts' estimate of 12 cents per
share, according to Thomson Reuters I/B/E/S.
Total revenue fell 20.5 percent to $374.2 million, but beat
analysts' estimate of $363.49 million.
(Reporting by John Benny in Bengaluru; Editing by Shounak
Dasgupta and Arun Koyyur)