Diamond Offshore Drilling, Inc. Declares Special Cash Dividend of $1.25 Per Share

Diamond Offshore Drilling, Inc. (NYSE:DO) announced today that its Board of Directors has declared a special cash dividend of $1.25 per share of common stock and a regular quarterly cash dividend of $0.125 per share of common stock. Both dividends are payable on December 3, 2007 to shareholders of record on November 2, 2007.

The Companys Board of Directors, commencing this quarter, has adopted a policy of considering paying special cash dividends, in amounts to be determined, on a quarterly basis, rather than annually. The Board noted that any determination to declare a special dividend, as well as the amount of any special dividend which may be declared, would be based on the Company's financial position, earnings, earnings outlook, capital spending plans and other relevant factors at that time. The Companys Board had previously stated its willingness to consider paying special cash dividends on an annual basis.

Diamond Offshore provides contract drilling services to the energy industry around the globe and is a leader in deepwater drilling. Additional information on Diamond Offshore Drilling, Inc. and access to the Companys SEC filings is available on the Internet at www.diamondoffshore.com.

Statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements may include, but are not limited to, statements concerning future earnings, future cash flows, future regular or special dividend payments, market conditions, future market improvements, future growth in demand for equipment types or in any region and future contracts. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated or projected, including, among others, the risk that future regular or special dividends may not be declared. A discussion of additional risk factors that could impact these areas and the Companys overall business and financial performance can be found in the Company's reports and other filings with the Securities and Exchange Commission. These factors include, among others, general economic and business conditions, casualty losses, industry fleet capacity, changes in foreign and domestic oil and gas exploration and production activity, competition, changes in foreign, political, social and economic conditions, regulatory initiatives and compliance with governmental regulations, customer preferences and various other matters, many of which are beyond the Companys control. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this press release. 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.

Contacts:

Diamond Offshore Drilling, Inc., Houston
Les Van Dyke, 281-492-5370
Director, Investor Relations

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