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Diamond Offshore Completes Rig Acquisition

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HOUSTON, Mar 13, 2003 (BUSINESS WIRE) -- Diamond Offshore Drilling Inc. (NYSE:DO) today reported that its subsidiary, Diamond Offshore Drilling Limited, completed the previously announced acquisition of the third-generation semisubmersible drilling rig Omega. The rig, purchased for $65 million, has been renamed Ocean Patriot.

Diamond Offshore is a leader in deep water drilling. The Company's fleet of 47 offshore drilling rigs currently consists of 32 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.

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