Press Release

HOUSTON, Jan 7, 2002 (BUSINESS WIRE) -- Diamond Offshore Drilling Inc. (NYSE:DO) announced today that its fourth quarter 2001 earnings release and conference call has been scheduled for Tuesday, Jan. 22, 2002. The press release will be issued before the market opens and the conference call will be conducted at 9:00 a.m. Central Time.

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. 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. The phone number for the digital replay is 800/642-1687 or internationally 706/645-9291, and the passcode for entry is 2853615.

Also, Diamond Offshore will provide an online, real-time simulcast and rebroadcast of its 2001 fourth quarter earnings release conference call. The live broadcast of the Diamond Offshore Drilling Inc. quarterly conference call will be available online at www.diamondoffshore.com on Jan. 22, 2002, beginning at 9:00 a.m. Central Time. 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 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. Additional information on Diamond Offshore Drilling Inc. is available on the Internet at http://www.diamondoffshore.com.

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

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