Diamond Offshore ( DIG) turned in a sparkling first-quarter profit as the contract driller saw its floating-rig business surge.

Net income for the quarter was $348.6 million, or $2.51 per share, up from $290.5 million, or $2.09 per share in the year-ago period.

Analysts polled by Thomson Reuters expected $2.22 a share.

Revenue was up 13% to $885.7 million from $786.1 million. Analysts expected $878.5 million.

Diamond, based in Houston, saw revenue rise in its "high specification floaters" and "intermediate semisubmersibles."

The company also declared a special cash dividend of $1.875 per share and a regular quarterly cash dividend of 12.5 cents per share, both payable June 1 to shareholders of record on May 1.

More from Stocks

Steel Stocks Are Monday's Biggest Losers From Cooling China Trade Tensions

Steel Stocks Are Monday's Biggest Losers From Cooling China Trade Tensions

Tesla's $78,000 Model 3 Is a Bargain. Here's Why

Tesla's $78,000 Model 3 Is a Bargain. Here's Why

Is Tesla's Stock Set to Nearly Double to $500?

Is Tesla's Stock Set to Nearly Double to $500?

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

Dow Rises Sharply as U.S.-China Trade Tensions Thaw

GE's $11.1 Billion Deal With Wabtec Should Have Warren Buffett Feeling Very Sad

GE's $11.1 Billion Deal With Wabtec Should Have Warren Buffett Feeling Very Sad