Diamond Offshore Reports Third-Quarter 2006 Results

Diamond Offshore Drilling, Inc. (NYSE:DO) reported net income for the third quarter of 2006 of $164.5 million, or $1.19 per share on a diluted basis, compared with net income of $82.0 million, or $0.60 per share on a diluted basis, in the same period a year earlier. Revenue for the third quarter of 2006 was $514.5 million, compared with revenue of $310.5 million for the third quarter of 2005.

For the nine months ended September 30, 2006, the Company reported net income of $485.5 million, or $3.52 per share on a diluted basis, compared with net income of $153.4 million, or $1.14 per share on a diluted basis for the same period in 2005. Revenue for the nine months ended September 30, 2006 was $1,474.4 million, compared with revenue of $852.7 million for the first nine months of 2005.

Revenue for the third quarter of 2006 was relatively unchanged compared to revenue for the second quarter of 2006, despite increasing dayrates on numerous rigs. Contributory factors included downtime associated with mandatory surveys and related repair time, and lower revenues earned by three of our semisubmersible rigs because of previously established job sequencing that caused the units to temporarily roll to older contracts with lower dayrates. Results for the third quarter of 2006 were also impacted by higher expenses related to mooring enhancement activities, and to surveys performed during the quarter. The higher survey costs included increased expenses for survey-related services and higher boat charges associated with moving rigs to and from shipyards.

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

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