Diamond Offshore Drilling 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.