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Diamond Offshore Declares Special Cash Dividend of $0.75 per Share



  Diamond Offshore Declares Special Cash Dividend of $0.75 per Share

           Also Declares Regular Cash Dividend of $0.125 per Share

Business Wire

HOUSTON -- February 5, 2013

Diamond Offshore Drilling, Inc. (NYSE: DO) announced today that the Company
has declared a special quarterly cash dividend of $0.75 per share of common
stock and a regular quarterly cash dividend of $0.125 per share of common
stock. Both dividends are payable on March 1, 2013 to shareholders of record
on February 19, 2013.

The Board reiterated its stated policy of considering paying special cash
dividends, in amounts to be determined, on a quarterly basis. Any
determination to declare a special dividend, as well as the amount of any
special dividend that may be declared, will be based on the Company's
financial position, earnings, earnings outlook, capital spending plans and
other relevant factors at that time.

ABOUT DIAMOND OFFSHORE

Diamond Offshore provides contract drilling services to the energy industry
and is a leader in deepwater drilling. Diamond Offshore’s fleet of offshore
drilling rigs consists of 30 semisubmersibles, seven jack-ups and one
drillship, in addition to four ultra-deepwater drillships and two deepwater
semisubmersibles currently under construction. For additional information and
access to SEC filings, please visit the Company’s website at
www.diamondoffshore.com. Diamond Offshore is a 50.4% owned subsidiary of Loews
Corporation (NYSE: L).

FORWARD-LOOKING STATEMENTS

Statements contained in this press release which are not historical facts are
“forward-looking statements” within the meaning of the federal securities
laws. Forward-looking statements are inherently uncertain and subject to a
variety of risks that could cause actual results to differ materially from
those expected by management of the Company. A discussion of the important
risk factors and other considerations that could materially impact these
matters as well as the Company’s overall business and financial performance
can be found in the Company’s reports filed with the Securities and Exchange
Commission and readers of this release are urged to review those reports
carefully when considering these forward-looking statements. Copies of these
reports are available through the Company’s website www.diamondoffshore.com.
Given these risk factors, investors and analysts should not place undue
reliance on forward-looking statements. Any such forward-looking statements
speak 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.

Contact:

Diamond Offshore Drilling, Inc.
Darren Daugherty, (281) 492-5370
Director, Investor Relations
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