Diamond Offshore Announces First Quarter 2004 Results

Diamond Offshore Drilling Inc. (NYSE:DO) reported a net loss for the first quarter of 2004 of $11.0 million, or $0.08 per share on a diluted basis, compared with a net loss of $21.6 million, or $0.17 per share on a diluted basis in the same period a year earlier. Revenues for the first quarter of 2004 were $184.2 million, compared with revenues of $146.1 million for the first quarter of 2003.

Diamond Offshore President and Chief Operating Officer Larry Dickerson noted that, "Results for the quarter were impacted by planned surveys as well as greater than anticipated idle time on several of the Company's mid-water and deepwater units. However, market conditions appear to be improving, and we are realizing benefits from continuing cost control programs initiated in 2003. Scheduled survey work is expected to be completed in the second quarter, and our goal is to resume the sequential quarterly improvements achieved last year as we move forward in 2004."