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Diamond Offshore Announces Ocean Baroness Resumes Operations

HOUSTON--(BUSINESS WIRE)--May 20, 2002--Diamond Offshore Drilling Inc. (NYSE:DO) (the "Company") announced today that the semisubmersible "Ocean Baroness" has resumed normal operations under its contract with Murphy Sabah Oil Co., Ltd., a subsidiary of Murphy Oil Corporation.

On April 22, 2002, following drilling of its initial well, the "Ocean Baroness" experienced a parting of its vendor supplied marine riser during operations offshore Malaysia. The riser has since been retrieved and the Company is in the process of repairing the riser. The "Ocean Baroness" is currently in transit to a new drilling location and upon arrival will commence normal well operations. Timing of the redelivery of the repaired riser joints is not expected to impede future drilling operations and no additional off contract time is anticipated at this time. Approximately 60 days remain under the term of the contract.

Larry Dickerson, president and chief operating officer, stated, "I commend our crews, engineering team, and support personnel for their extraordinary efforts. The ability of the "Ocean Baroness" to resume operations in less than 30 days after an event of this magnitude is a reflection of the tremendous capabilities of this Company."

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.

Statements in this press release that contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.

The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

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