Diamond Offshore Wins Contract for Ocean America

Diamond Offshore has signed a term contract for one year, plus option, on the 4th generation rig Ocean America for work in the Gulf of Mexico. The contract, which is expected to provide maximum total revenue of approximately $84 million, is scheduled to commence in mid-November 2005.

Larry Dickerson, President and Chief Operating Officer, said, "The addition of this contract to the seven signed and pending contracts we announced earlier this week further augments our stream of future revenue and cash flow into 2006, while the relatively short term of the contract will afford continuing participation in future market movement."

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