Diamond Offshore Announces 4th Quarter/Year-End 2003 Results

Diamond Offshore Drilling Inc. reported net income for the fourth quarter of 2003 of $1.3 million, or $0.01 per share on a diluted basis, compared with net income of $6.3 million, or $0.05 per share on a diluted basis in the same period a year earlier. Revenues for the fourth quarter of 2003 were $187.7 million, compared with revenues of $183.0 million for the fourth quarter of 2002.

For the year ended Dec. 31, 2003, the Company reported a net loss of $48.4 million, or $0.37 per share on a diluted basis, compared with net income of $62.5 million, or $0.47 per share on a diluted basis for the same period in 2002. Revenues for the year 2003 were $680.9 million, compared with revenues of $752.6 million in the same period a year earlier.

As of Dec. 31, 2003, there were 129.3 million shares of Diamond Offshore common stock outstanding. During the fourth quarter of 2003, the Company repurchased 1,014,000 shares of its common stock at an aggregate cost of $18.2 million, or $17.96 per share. Depending on market conditions, the Company may, from time to time, purchase shares of its outstanding common stock in the open market or otherwise.
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