Diamond Offshore Drilling has reported a loss of $319million in its first quarter results.
The company, which is one of the top five offshore rig contractors, said it had to write down the value of eight rigs.
It reported a net loss of $255.7million for the quarter ended March 31, compared with a profit of $145.8million a year earlier.
The Houston-based company’s revenue has dropped 12.6% to $620million.
In February the company posted losses in its fourth quarter earnings, which were down $51million from the previous year.