Diamond Offshore: 1Q07 Results & Contract Awards

Diamond Offshore Drilling, Inc. (NYSE:DO) reported net income for the first quarter of 2007 of $224.1 million, or $1.64 per share on a diluted basis, compared with net income of $145.3 million, or $1.06 per share on a diluted basis, in the same period a year earlier. Revenues for the first quarter of 2007 were $608.2 million, compared with revenues of $447.7 million for the first quarter of 2006.

Additionally, three of Diamond Offshore's mid-water semisubmersibles have received new term commitments. The Ocean Whittington and the Ocean Yorktown have each received notification of award for five-year term contracts with Petrobras in Brazil. The Whittington could earn maximum total revenue of approximately $409 million, excluding mobilization fee and a potential performance bonus of 15%, and is expected to begin work in Brazil in the third quarter of 2007. The Yorktown could earn maximum total revenue of approximately $427 million, excluding mobilization fee and a potential performance bonus of 15%, and is expected to begin work in Brazil in the first quarter of 2008.

In the Gulf of Mexico, the Ocean Saratoga, has received a six-month contract extension with LLOG. The contract extension for the rig could provide maximum total revenue of approximately $55 million and is expected to begin in the third quarter of 2007.

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
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