Diamond Offshore Pleased with 2005 Results

Diamond Offshore Drilling, Inc. (NYSE: DO) reported net income for the fourth quarter of 2005 of $106.9 million, or $0.78 per share on a diluted basis, compared with net income of $11.3 million, or $0.09 per share on a diluted basis, in the same period a year earlier. Revenues for the fourth quarter of 2005 were $368.3 million, compared with revenues of $237.3 million for the fourth quarter of 2004.

For the year ended December 31, 2005, the Company reported net income of $260.3 million, or $1.91 per share on a diluted basis, compared with a net loss of $7.2 million, or $0.06 per share on a diluted basis for the year ended December 31, 2004. Revenues for the year ended December 31, 2005 were $1.2 billion, compared with $814.7 million for the year 2004.

"During 2005, our earnings registered quarterly improvement as conditions in the offshore drilling market became increasingly robust," commented Larry Dickerson, President and Chief Operating Officer. "By employing our capital for upgrades, new-builds and the purchase of existing rigs, we have enhanced our fleet, broadened our access to new markets, boosted our earnings potential and positioned the Company to generate significant cash flow. Virtually all of the fundamental market conditions that defined 2005 appear to remain in place for 2006, and we are confident in our market position and our ability to participate in any future improvements."

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