Diamond Offshore Drilling Inc. said Thursday its first-quarter profit rose 30 percent as higher rates for its top-line floating drilling rigs offset the effect of a lower utilization rate.

Net income rose to $290.6 million, or $2.09 per share, from $224.2 million, or $1.64 per share, in the year-earlier period.

Analysts polled by Thomson Financial expected earnings per share of $2.12.

Revenue climbed to $786.1 million from $608.2 million. Analysts expected revenue of $792.2 million.

The company’s high-specification floaters _ a type of semisubmersible drilling rig _ carried a dayrate of $323,000 compared to $280,000 in the year-earlier quarter. The utilization rate of those rigs fell to 87 percent from 98 percent in the year-earlier quarter.

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