Diamond Offshore Drilling Declares Cash Dividend

Diamond Offshore Drilling, Inc. (NYSE:DO) announced that its Board of Directors has declared a quarterly cash dividend of $0.125 per common share, payable on September 1, 2005 to shareholders of record on August 1, 2005. This dividend represents a doubling of the Company's prior quarterly dividend.

The increased dividend reflects the strength of the Company's offshore drilling business as demonstrated by the Company's previously reported success in securing term contracts at favorable rates.

The Company believes that its financial position is strong and its earnings outlook positive. As a result, the Board of Directors will consider declaring a special cash dividend in the first quarter of 2006. The amount of the special cash dividend, if any, will be determined by the Board based on the Company's financial position, earnings outlook, capital spending plans and other factors which the Board determines are relevant. The Board may consider paying annual special dividends in future years if it believes that the Company's financial position, earnings outlook, capital spending plans and other relevant factors warrant such action at that time.

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