Port Security Conference

June 2, 2003

PEMEX contracts for Diamond Offshore
Diamond Offshore Drilling Inc. says it has received three drilling contracts awarded by Mexico's state-owned oil company Petroleos Mexicanos S.A. (PEMEX) for three of its semisubmersible rigs. The work, which is expected to generate total combined revenues of approximately $272 million, will take place in the Gulf, offshore Mexico, and is scheduled to begin in late July 2003.

The Ocean Worker, now completing work in the U.S. Gulf of Mexico, will be contracted for 1,462 days. The Ocean Ambassador, currently idle in the U.S. Gulf, was awarded a contract for 1,601 days. And the Ocean Whittington, presently idle in Ghana, received a contract for 1,167 days.

Diamond Offshore President and Chief Operating Officer, Larry Dickerson, noted that: "We are pleased with the award of these contracts. Our fleet of semisubmersibles has a long history of strong performance in the U.S. sector of the Gulf of Mexico, and we are confident that our operations in the Bay of Campeche will build upon that history with PEMEX." Diamond Offshore's fleet of 47 offshore drilling rigs currently consists of 32 semisubmersibles, 14 jack-ups and one drillship.

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