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

Diamond, majority owned by Loews Corp, 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. (Reporting by John Benny in Bengaluru; Editing by Shounak Dasgupta)