Diamond Offshore Declares Cash Dividend

Diamond Offshore Drilling, Inc. (NYSE: DO) says that its Board of Directors has declared a quarterly cash dividend of $0.125 per share of common stock, payable on March 1, 2006 to shareholders of record on February 3, 2006.

In addition, the Board declared a special cash dividend of $1.50 per share of common stock, payable on March 1, 2006 to shareholders of record on February 3, 2006.

The Company noted that the special dividend reflects the strength of its financial condition and prospects. As previously stated in a press release dated July 18, 2005, the Company's Board of Directors may, in subsequent years, consider paying additional annual special dividends, in amounts to be determined, if it believes that the Company's financial position, earnings outlook, capital spending plans and other relevant factors warrant such action at that time.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling.

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