Diamond Offshore Updates Fleet Status Following Ivan

Diamond Offshore reported preliminary results of inspections on-board five Company rigs that were operating in the path of Hurricane Ivan. Examination of the jack-up rig Ocean Warwick revealed damage to the unit's legs and jacking system. Crews are currently making initial repairs before moving the rig to a shipyard to complete the inspection and perform any necessary work. Total downtime for the Warwick cannot be determined until the inspections are complete.

Four additional units were also in the storm's path. The semisubmersible rigs Ocean Star and Ocean America, which parted their mooring during the height of the hurricane, have both been moved to a shallow-water location where crews are working to replace anchor chain and wire lost during the storm. All necessary materials are on hand and estimated downtime for each rig is approximately 10 to 21 days, depending on weather and other conditions. Efforts to recover the lost anchor chain and wire are expected to commence as soon as weather and other conditions permits.

The jack-up rig Ocean Drake experienced essentially no damage to the unit, but wave action from the storm destabilized the drill site, and the Company is currently working with the operator to develop a course of action. The jack-up Ocean Columbia was essentially undamaged and is proceeding to its next drilling location.

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