Press Release

HOUSTON--(BUSINESS WIRE)--July 2, 2003--Diamond Offshore Drilling Inc. (NYSE:DO) announced today that it will issue a press release and host a conference call and webcast related to its second quarter 2003 operating results on Thursday, July 17, 2003. The conference call and webcast will include a discussion by management regarding the Company's results of operation as well as an operating overview. The call will begin at 9:00 a.m. CDT.

The 800 number to participate in this conference call is 800/374-1364. Those individuals calling in from international locations may participate by dialing 706/634-2462. The confirmation for entry is 1592587.

We suggest that you call in approximately 10 minutes prior to the start of the call. There will be a digital replay of the conference call for 48 hours after the original call, after which it will be archived on the Company's Web site at www.diamondoffshore.com. The phone number for the digital replay is 800/642-1687 or internationally 706/645-9291.

Also, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its second quarter 2003 operating results conference call. The live broadcast of our conference call will be available online at www.diamondoffshore.com on July 17, 2003, beginning at 9:00 a.m. CDT. The online replay will follow immediately and continue for 5 days after the original call. Please go to the Web site at least 15 minutes before the broadcast to register, download and install any necessary audio software.

Diamond Offshore is a leader in deep water drilling. The Company's fleet of 47 offshore drilling rigs consists of 32 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents. Additional information on Diamond Offshore Drilling Inc. is available on the Internet at www.diamondoffshore.com.

CONTACT: Diamond Offshore Drilling, Houston Les Van Dyke, 281/492-5370 SOURCE: Diamond Offshore Drilling