Diamond Offshore Drilling Names Lawrence R. Dickerson as CEO

Diamond Offshore Drilling, Inc. announced that Lawrence R. Dickerson, formerly President and Chief Operating Officer of the Company, has been named President and Chief Executive Officer. James S. Tisch, formerly Chairman and Chief Executive Officer, will remain Chairman of the Company and will continue to focus primarily on major strategic decisions.

Mr. Dickerson has been with the company since 1979 and was previously Chief Financial Officer from 1989 until 1998 when he became President and Chief Operating Officer. Additionally, Mr. Dickerson is a past Chairman of both the International Association of Drilling Contractors and National Ocean Industries Association. From 2001 through 2003, Mr. Dickerson served on the U.S. Commission on Ocean Policy.

"We are pleased to recognize Larry's key contributions to Diamond Offshore with this important promotion" stated Mr. Tisch. "As the Company's leader in Houston, Larry has been instrumental in the development of staff and personnel who have delivered outstanding performance in drilling markets around the world. Larry focuses on both operational excellence and enhancing shareholder value."