Diamond Offshore Completes Rig Acquisition

Wednesday, December 18, 2002
Diamond Offshore Drilling Inc. reported that its subsidiary, Diamond Offshore Drilling Limited, completed the previously announced acquisition of the third-generation semisubmersible drilling rig West Vanguard. The rig, purchased for $68.5 million, has been renamed Ocean Vanguard. In accordance with the sales agreement, the rig has been bareboat chartered to the seller for the completion of ongoing work in Norway. Diamond Offshore is a leader in deep water drilling. The Company's fleet of 46 offshore drilling rigs currently consists of 31 semisubmersibles, 14 jack-ups and one drillship. The fleet operates in the waters of six of the world's seven continents.

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