Diamond Offshore Completes Purchase of PetroRig 1

Diamond Offshore Drilling, Inc.

Diamond Offshore Drilling has completed purchase of the semisubmersible offshore drilling unit PetroRig I from Jurong Shipyard Pte Ltd.

Purchase price for the rig, which will be renamed Ocean Courage, was $460 million exclusive of initial mobilization costs, drillstring and other necessary spares. The Company has received several inquires from potential customers regarding availability of the unit.