Diamond Offshore Receives LOI for Ocean Valiant

Diamond Offshore has entered into a Letter of Intent (LOI) to utilize the 4th generation semisubmersible Ocean Valiant in the Gulf of Mexico for a period of one year commencing in mid-March 2006, with an option to extend the work at a mutually agreeable rate and term. Maximum total revenue under the LOI for the initial one-year term would be approximately $111 million. The LOI is subject to customary conditions, including the execution of a definitive agreement, and actual revenues received could be reduced by various operating factors including utilization rates.
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