Press Release

HOUSTON, Aug 9, 2002 (BUSINESS WIRE) -- Diamond Offshore Drilling Inc. (NYSE:DO) reported that its jack-up drilling unit, Ocean King, while conducting routine operations offshore Louisiana in Grand Isle Block 93, experienced a well control event and fire at approximately 9:00 a.m. on August 9, 2002. Emergency procedures were initiated and all personnel on board the rig have been safely evacuated to another Company-owned rig in the area. There are no reported injuries and no apparent pollution.

The fire is out. A detailed damage assessment will be commenced as soon as it is safe to board the vessel, which may be as early as this afternoon. A full evaluation of any damage or related repairs may take several days to complete.

The Ocean King is currently under contract with BP in the Gulf of Mexico.

CONTACT: Diamond Offshore Drilling Inc., Houston Media: Lynn Charles, 281/492-5333 or Analysts: Caren W. Steffes, 281/492-5393

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