Press Release

HOUSTON--(BUSINESS WIRE)--Oct. 11, 2001--Diamond Offshore Drilling Inc. (NYSE:DO) today announced that the Board of Directors declared a cash dividend of $0.125 per common share payable Dec. 3, 2001 to stockholders of record on Nov. 1, 2001.

Diamond Offshore is a leader in deep water drilling. The Company's fleet of 45 offshore drilling rigs consists of 30 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.

--30--BMD/ho*