Offshore drilling contractor Diamond Offshore sank deeper into the red in the second quarter of 2019 amid smaller dayrates and lower utilization of its drilling rigs compared to the year-ago period.

Diamond Offshore on Monday posted a net loss of $114 million for the second quarter of 2019, compared to a loss of $69.3 million in 2Q 2018.

The company recorded revenues of $216.7 million in the second quarter of 2019, compared to $268.9 million in the same period last year.

As of July 1, 2019, the company’s total contracted backlog was $2 billion, including over $450 million of backlog secured year to date and excluding approximately a $130 million margin commitment from one of the company’s customers.

During the second quarter of 2019, Diamond’s average dayrate was $273,000, which is a decrease compared to $317,000 in the corresponding quarter of 2018 and its utilization dropped to 51% from 53% in 2Q 2018.