May 1 (Reuters) - Diamond Offshore Drilling Inc (DO.N) reported a 73 percent fall in quarterly profit as it got fewer contracts for it rigs.

Diamond, majority owned by Loews Corp (L.N) , said net income fell to $23.5 million, or 17 cents per share, for the first quarter ended March 31, from $87.4 million, or 64 cents per share, a year earlier.

Total revenue fell 20.5 percent to $374.2 million.

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