Diamond Offshore to Upgrade Ocean Endeavor

Diamond Offshore announced initiation of a major upgrade of the Victory-class semisubmersible Ocean Endeavor for ultra-deepwater service. The modernized rig will be designed to operate in up to 10,000 ft. of water and will be the most capable of the Company's upgraded Victory-class units. The project is budgeted at $250 million including capitalized overhead and interest, spares, testing and delivery, mobilization to Singapore, and all other associated expenditures. Delivery is expected in approximately two years.

The Ocean Endeavor will be fully outfitted for 8,000-ft. moored operations upon delivery and in certain applications will be capable of deploying a 12-point mooring system. In addition, the rig will have increased crew quarters' capacity, over 6,000 tons of operating variable deck load, and more than twice the useable deck space compared to the design of the previously upgraded Ocean Rover and Ocean Baroness. The Endeavor will employ the same Tripsaver(TM) technology that is at work on the Rover and Baroness, which provides for significant drilling efficiencies.

"We have made the decision to move forward on the Endeavor upgrade based upon our confidence in the strength of the market," stated Diamond Offshore President and Chief Operating Officer, Larry Dickerson. "The modernized Endeavor will expand our 5th Generation semisubmersible fleet to four units, enhancing our ability to serve both the exploration and development needs of our customers. The estimated construction cost of this unit is significantly below new-build costs, and the relatively short construction schedule represents a large delivery advantage over new builds."

The Endeavor, currently cold stacked in the Gulf of Mexico, will be mobilized to Keppel-FELS Ltd.'s shipyard in Singapore.

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