Diamond Offshore profit falls on reduced rates for older rigs

Feb 5 (Reuters) - Diamond Offshore Drilling Inc, one of the world's top-five offshore rig contractors, reported a 17 percent decline in quarterly profit as the rates it earned for its older deepwater rigs declined.

Diamond, majority-owned by Loews Corp, said fourth-quarter net income fell to $156 million, or $1.12 per share, from $188 million, or $1.36 per share, a year earlier.

Revenue rose less than 1 percent to $751 million.