Diamond Offshore Finds Wandering Rig

Diamond Offshore has found the Ocean Warwick, which had previously been listed as missing, on Dauphin Island off the coast of Alabama. Aerial photos indicate that the rig has sustained significant damage and is aground on the island. Diamond Offshore is working to get personnel to the rig but will not be able to make a complete assessment of the condition of the unit until a crew is able to re-board the rig.

Dauphin Island is approximately 66 miles northeast of the rig's work location on Main Pass Block 299 prior to passage of hurricane Katrina. The Warwick is insured for approximately $50 million net of applicable deductibles. No personnel were on board the rig at the time of the storm.

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