Diamond Enters LOI for Ocean Confidence

Diamond Offshore has entered into a Letter of Intent (LOI) to utilize the 5th generation rig Ocean Confidence in the Gulf of Mexico for a period of four years. Maximum total revenue provided for under the LOI would be approximately $730 million. The LOI is subject to customary conditions, including the execution of a definitive agreement.

Commencement of the contract is expected to take place subsequent to January 2008 following completion of the well being drilled for the current operator.

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