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

PR Newswire

HOUSTON, Oct. 24, 2013

HOUSTON, Oct. 24, 2013 /PRNewswire/ --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
December 2, 2013 to shareholders of record on November 5, 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 is a leader in offshore drilling, providing contract drilling
services to the energy industry around the globe with a total fleet of 45
offshore drilling rigs, including seven rigs under construction. Diamond
Offshore's fleet consists of 33 semisubmersibles, three of which are under
construction, five dynamically positioned drillships, four of which are under
construction, and seven jack-ups. Additional information about the Company and
access to the Company's SEC filings is available on the Internet at
www.diamondoffshore.com. Diamond Offshore is owned 50.4% by 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.

(Logo: http://photos.prnewswire.com/prnh/20130725/NY53104LOGO-b)

Contact:
Darren Daugherty
Director, Investor Relations
(281) 492-5370

SOURCE Diamond Offshore Drilling, Inc.

Website: http://www.diamondoffshore.com