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Diamond Offshore Drilling Inc. Redeems 3-3/4% Convertible Subordinated Notes Due 2007

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    HOUSTON--(BUSINESS WIRE)--April 6, 2001--Diamond Offshore Drilling Inc. (NYSE:DO) today announced that it has redeemed all of its outstanding 3-3/4% Convertible Subordinated Notes Due 2007 pursuant to a Notice of Redemption issued March 7, 2001, in accordance with the Indenture under which the Notes were issued.
    $400,000,000 principal amount of the Convertible Subordinated Notes were issued in February 1997. $12,437,000 principal amount of the Notes were converted into 307,071 shares of Diamond Offshore common stock at the stated conversion price of $40.50 per share. The remaining $387,563,000 principal amount of the Notes were redeemed at 102.08% of the principal amount thereof plus accrued interest for a total cash payment of $397,683,238.
    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--MJB/ho*

    CONTACT: Diamond Offshore, Houston
             Caren W. Steffes, 281/492-5393

    KEYWORD: TEXAS
    INDUSTRY KEYWORD: ENERGY OIL/GAS