Diamond Offshore's 6th Generation Rig to Be Renamed Ocean Valor

Diamond Offshore Drilling announced that a wholly owned subsidiary, Diamond Offshore Drilling Limited, acquired from PetroRig II Pte Ltd the construction contract to purchase the new-build, 7,500-foot, dynamically positioned semi-submersible offshore drilling unit PetroRig II. The rig is to be renamed the Ocean Valor.

The purchase of the rig from Jurong Shipyard Pte Ltd is expected to be completed on or about October 1, 2009 in Singapore. The aggregate amount of the consideration paid to acquire the construction contract and the remaining payment due to Jurong Shipyard under the construction contract is approximately $490 million exclusive of initial mobilization costs, final commissioning, drillstring and necessary spares.

In late June, in an unrelated transaction, Diamond Offshore purchased the new-build dynamically positioned semisubmersible offshore drilling unit PetroRig I and renamed that unit the Ocean Courage.

Diamond Offshore President and Chief Executive Officer Larry Dickerson noted that "in keeping with the Company's long history of value creation for our shareholders, we were able to acquire this rig without waiting three years for construction and at a substantial discount from peak pricing of approximately $750 million. We believe there are multiple opportunities to employ this highly capable rig in our pursuit of future deepwater projects."

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