Diamond Offshore to Redeem Convertible Senior Debentures Due 2031

Diamond Offshore Drilling, Inc. announced its decision to redeem on April 15, 2008 all of its outstanding 1 1/2% Convertible Senior Debentures Due 2031 at a redemption price equal to 100% of the principal amount thereof, in accordance with the Indenture under which the Debentures were issued. On April 15, 2008, the redemption price, plus accrued and unpaid interest to, but excluding, such date, will become due and payable and interest on the Debentures will cease to accrue.

The Debentures are convertible, at any time until the close of business on April 14, 2008, into Diamond Offshore common stock at a conversion rate of 20.3978 shares of common stock per $1,000 principal amount of Debentures, subject to adjustment in certain circumstances.

Diamond Offshore issued $460,000,000 principal amount of the 1 1/2% Convertible Senior Debentures Due 2031 in April 2001. Debentures in the aggregate principal amount of $3,435,000 are presently outstanding.


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