Diamond Offshore Lands Contract for Ocean Baroness

Diamond Offshore has entered into a drilling contract with Unocal Indonesia Company for the semisubmersible Ocean Baroness offshore Indonesia.

Subject to final Indonesian government approvals, the Ocean Baroness is scheduled to commence operations under this contract upon completion of shipyard modifications. These modifications are designed to permit surface stack operations and are currently taking place in a Singapore shipyard. The estimated term of the drilling program is 400 days and is expected to generate revenues of approximately $44 million.

The Ocean Baroness is a fifth-generation semisubmersible drilling rig, and one of the Company's signature Victory-class upgrades, designed for self-contained mooring operations in up to 7,000 feet of water.