UPDATE: Diamond Offshore Posts Upbeat Q4 Earnings

Diamond Offshore Drilling

reported upbeat fourth-quarter earnings. Diamond Offshore's quarterly net income dropped to $93 million, or $0.67 per share, versus $156 million, or $1.12 per share, in the year-ago period. Excluding special items, it earned $0.96 per share, beating analysts' expectations of $0.81 per share. Its revenue declined 3% to $726 million. Diamond Offshore shares closed at $46.51 yesterday.