Diamond Offshore receives letter of intent for semi

Offshore staff

Diamond Offshore Drilling, Inc. has entered into a letter of intent for its 4th generation semisubmersibleOcean Valiant in the Gulf of Mexico for one year in March 2006, with an option to extend the work at a mutually rate and term.

The maximum revenue for the one-year term would be $111 million. The letter is subject to conditions, including the execution of a definitive agreement, and actual revenues received could be reduced by various operating factors.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. The company's fleet of 44 offshore drilling rigs consists of 29 semisubmersibles, 14 jackups and one drillship.

08/10/05