Rig contractor firm Diamond Offshore Drilling Inc reported a 7% drop in quarterly revenue as demand dropped due to weak oil prices.
The company also confirmed that it will not pay a special dividend for the first time since 2006.
Diamond Offshore Drilling’s revenues fell to $675.3 million in the fourth quarter from $726.5 million a year earlier.
The company’s net income rose to $98.8 million, or 72 cents per share, in the quarter ended Dec. 31, from $92.6 million, or 67 cents per share, a year earlier.
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