Diamond Offshore to Redeem Zero Coupon Convertible Debentures

Diamond Offshore announced its decision to redeem on May 28, 2010 all of its outstanding Zero Coupon Convertible Debentures Due June 6, 2020 at the redemption price of $706.28 per $1,000 principal amount at stated maturity, in accordance with the Indenture under which the Debentures were issued. On May 28, 2010, the redemption price will become due and payable and original issue discount on the Debentures will cease to accrue.

The Debentures are convertible, at any time until the close of business on May 27, 2010, into Diamond Offshore common stock at a conversion rate of 8.6075 shares of common stock per $1,000 principal amount at stated maturity of Debentures, subject to adjustment in certain circumstances.

Diamond Offshore issued $805,000,000 principal amount at stated maturity of the Zero Coupon Convertible Debentures Due June 6, 2020 in June 2000. As of April 27, 2010, Debentures were outstanding in the aggregate principal amount at stated maturity of $6,000,000.00, which Debentures would have an aggregate cash redemption price on May 28, 2010 (assuming no additional conversions occurred prior to such date) of approximately $4,237,680.00.

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