Diamond Offshore Impacted by Rig Downtime

Diamond Offshore Drilling, Inc. (NYSE:DO) reported that the semisubmersible rig Ocean Alliance experienced a series of sub-sea and electrical problems after returning to work following a scheduled regulatory survey and sub-sea equipment upgrade and was off contract for 80 days during the second quarter of 2004. As a result, gross revenue was negatively impacted by approximately $9.3 million. The unit went back on term contract for Petrobras in Brazil on July 2, where it is currently operating.

Diamond Offshore is a leader in deep water drilling. The Company's fleet of 45 offshore drilling rigs consists of 30 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.

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