Diamond Offshore Reports 4Q02 Earnings

Diamond Offshore reported net income for the fourth quarter of 2002 of $6.3 million, or $0.05 per share on a diluted basis, compared to net income for the fourth quarter of the prior year of $39.8 million, or $0.29 per share on a diluted basis. Total revenues for the fourth quarter of 2002 were $183.0 million compared to total revenues of $231.1 million for the fourth quarter of 2001. Net income for the fourth quarter of 2002 includes investment gains of $1.6 million, or $0.01 per share on a diluted basis, compared to $4.9 million, or $0.03 per share on a diluted basis for the fourth quarter of the prior year.

For the year ended Dec. 31, 2002, the Company reported net income of $62.5 million, or $0.47 per share on a diluted basis, compared to net income of $173.8 million, or $1.26 per share on a diluted basis, for the same period in 2001. Total revenues for the year ended Dec. 31, 2002 were $752.6 million compared to total revenues of $924.3 million for the year ended Dec. 31, 2001. Net income for the year ended December 31, 2002 includes investment gains of $23.7 million, or $0.17 per share on a diluted basis, compared to $17.6 million, or $0.12 per share on a diluted basis, for the same period of 2001.

As of Dec. 31, 2002, there were 130.3 million common shares outstanding. During the fourth quarter of 2002, the Company repurchased 680,900 shares of its common stock at an aggregate cost of $12.9 million. Depending on market conditions, the Company may, from time to time, purchase shares of its outstanding common stock in the open market or otherwise.

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