Press Release

HOUSTON--(BUSINESS WIRE)--Jan. 24, 2003--Diamond Offshore Drilling Inc. (NYSE:DO) today announced that the board of directors declared a cash dividend of $0.125 per common share payable March 3, 2003 to stockholders of record on Feb. 3, 2003.

Diamond Offshore is a leader in deep water drilling. The Company's fleet of 46 offshore drilling rigs consists of 31 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.