UPDATE 1-Overseas Shipholding Q3 loss narrower than expected

* Q3 adj loss $0.98 vs est. loss of $1.08

* Q3 time charter equivalent revenue drops 52 pct

Nov 2 (Reuters) - Oil transportation company Overseas Shipholding Group Inc (OSG.N) posted a narrower-than-expected quarterly loss, partly helped by lower expenses.

For the third quarter ended Sept 30, it posted a net loss attributable to the company of $19.6 million or 73 cents a compared with a profit of $197.8 million, or $6.69 a share, a year ago.

The quarter's earnings reflect a repurchase of 6 percent of total shares outstanding since Sept. 30, 2008, the company said.

Excluding certain items, the company lost 98 cents a share, compared with consensus estimates of a loss of $1.08 a share according to Thomson Reuters I/B/E/S.

Quarterly time charter equivalent revenue dropped 52 percent to $207.3 million, on declines in spot rates and total revenue days.

The company said cost cutting efforts and the redelivery of 13 vessels resulted in general and administrative expenses dropping 13 percent, while vessel expenses fell 16 percent.

Shares of the company closed at $39.25 Friday on the New York Stock Exchange. (Reporting by Antonita Madonna Devotta in Bangalore; Editing by Aradhana Aravindan)