Diamond Offshore Reports 1Q 2010 Results

Diamond Offshore Drilling reported net income for the first quarter of 2010 of $290.9 million, or $2.09 per share on a diluted basis, compared with net income of $348.6 million, or $2.51 per share on a diluted basis, in the same period a year earlier. Revenues in the first quarter of 2010 were $859.7 million, compared with revenues of $885.7 million for the first quarter of 2009.

In addition, in a related statement today, the Company announced its regular quarterly dividend of $0.125 per share of common stock, and a special dividend of $1.375 per share of common stock. The special dividend represents a reduction of $0.50 per share from the previous special dividend, reflecting current and anticipated industry conditions, including a decline in renewal contract dayrates from peak levels. The Company also considers it prudent at this time to retain cash for potential rig acquisition opportunities and other corporate purposes.

Larry Dickerson, President and CEO, stated, "Since Diamond Offshore began paying a special dividend in January 2006, we have paid out to shareholders total dividends of $23.88 per share, or approximately $3.3 billion. These dividend payments are an important part of our efforts to enhance shareholder value, and our revised special quarterly dividend continues these efforts while maintaining the Company’s financial strength and strategic flexibility."

Mr. Dickerson continued, "We believe that the new level of special quarterly dividend can be maintained at least through 2010, although any decision by our Board to declare a special dividend, as well as the amount of any special dividend that may be declared, will be based on the Company’s financial position, earnings, earnings outlook, capital spending plans, and other relevant factors at that time."

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