Diamond Offshore Announces Second-Quarter/First-Half 2006 Results

Diamond Offshore Drilling, Inc. on Wednesday reported net income for the second quarter of 2006 of $175.7 million, or $1.27 per share on a diluted basis, compared with net income of $41.3 million, or $0.31 per share on a diluted basis, in the same period a year earlier. Revenues for the second quarter of 2006 were $512.2 million, compared with revenues of $283.4 million for the second quarter of 2005.

For the six months ended June 30, 2006, the company reported net income of $321.0 million, or $2.33 per share on a diluted basis, compared with net income of $71.4 million, or $0.53 per share on a diluted basis, for the same period in 2005. Revenue for the six months ended June 30, 2006, was $959.9 million, compared to $542.2 million for the first six months of 2005.

The improvement in operating results reflects continuing record-high average dayrates and rig utilization for the company's entire fleet. Currently, approximately 95% of the fleet's available days are contracted or committed through the end of 2006, and about 67% of the fleet's available days are contracted or committed through the end of 2007.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. Commitments represent letters of intent that are subject to customary conditions, including the execution of a definitive agreement.

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