Diamond Offshore Drilling Q4 Net Income Drops Nearly $60 Million

Diamond Offshore Drilling, Inc. reported net income for the fourth quarter of 2007 of $164.9 million, or $1.19 per share on a diluted basis, compared with net income of $221.4 million, or $1.60 per share on a diluted basis, in the same period a year earlier. Net income for the fourth quarter of 2007 includes $58.6 million, or $0.42 per share on a diluted basis, of non-recurring tax expense related to the distribution of previously untaxed earnings from one of the Company's foreign subsidiaries to its U.S. parent. Revenues for the fourth quarter of 2007 were $666.7 million, compared with revenues of $578.2 million for the fourth quarter of 2006.

For the year ended December 31, 2007, the Company reported net income of $846.5 million, or $6.12 per share on a diluted basis, compared with net income of $706.8 million, or $5.12 per share on a diluted basis, for the year ended December 31, 2006. Revenues for the year ended December 31, 2007 were $2.6 billion, compared with $2.1 billion for 2006.

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