Diamond Offshore Reports Second Quarter 2003 Results

Diamond Offshore Drilling Inc. reported a net loss for the second quarter of 2003 of $16.7 million, or $0.13 per share on a diluted basis, compared with net income of $12.0 million, or $0.09 per share on a diluted basis in the same period a year earlier. Revenues for the second quarter of 2003 were $163.2 million, compared with revenues of $187.8 million for the second quarter of 2002.

The second quarter results reflect an increase in the estimated asset lives and salvage values of the Company's drilling rigs to better reflect their remaining economic lives. The effect of these changes in accounting estimates was an increase in pre-tax income for the quarter of approximately $6.9 million, or $0.04 per diluted share. The change is expected to increase pre-tax income for the year 2003 by approximately $21.7 million, or $0.14 per share. The Company made this determination by comparing its asset life and salvage value assumptions with its own and industry operating experience and making appropriate adjustments. Diamond Offshore last revised the asset life and salvage value assumptions of its fleet in 1995.
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