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UPDATE 1-Diamond offshore profit falls 22.4 pct

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Oct 30 (Reuters) - Diamond Offshore on Monday reported a 22.4 percent fall in its quarterly profit due to higher drilling expenses and debt repayment.

The company, majority owned by Loews Corp, said net income fell to $10.8 million, or 8 cents per share, for the third quarter ended Sept. 30 from $13.9 million, or 10 cents per share, a year earlier.

The company booked $34.4 million in costs related to debt repayment.

Offshore drilling took a big hit from a slump in crude oil prices and the fracking boom in the Permian Basin further compounded the industry's woes.

Global benchmark Brent crude prices have stabilized after a more than two-year slump, with prices hovering around $60 per barrel.

Revenue from contract drilling rose 5.3 percent to $357.7 million, while total revenue was up 4.8 percent at $366 million. (Reporting by Akshara P in Bengaluru; Editing by Anil D'Silva)