The company posted earnings of $149.7 million, or $1.05 a share, in the quarter, down from $282.3 million, or $1.97 a share, last year.
Analysts, on average, expected the company to earn $1.03 a share, according to Thomson Reuters.
Total revenue fell 31% to $425.4 million, but revenue at the company's deep-water drilling unit more than doubled to $62.5 million. Operating earnings from deep-water drilling were up 29% in the quarter.
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