Diamond Offshore Reports 2006 Results

Diamond Offshore Drilling, Inc. (NYSE:DO) reported net income for the fourth quarter of 2006 of $221.4 million, or $1.60 per share on a diluted basis, compared with net income of $106.9 million, or $0.78 per share on a diluted basis, in the same period a year earlier. Revenues for the fourth quarter of 2006 were $578.2 million, compared with revenues of $368.3 million for the fourth quarter of 2005.

For the year ended December 31, 2006, the Company reported net income of $706.8 million, or $5.12 per share on a diluted basis, compared with net income of $260.3 million, or $1.91 per share on a diluted basis, for the year ended December 31, 2005. Revenues for the year ended December 31, 2006 were $2.1 billion, compared with $1.2 billion for 2005.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. Generally, rig utilization rates approach 95-98% during contracted periods; however, utilization rates can be adversely impacted by additional downtime due to unscheduled repairs, maintenance and weather.

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