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Marine Insurance Seminar Houston, Texas September 19, 2006

Marine Insurance Seminar Houston, Texas September 19, 2006. Presented by: Lawrence R. Dickerson President & Chief Operating Officer. Impact of Katrina/Rita Improving Rigs to Withstand Hurricanes Insuring for Hurricanes The Future. Katrina Damage – Ocean Warwick.

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Marine Insurance Seminar Houston, Texas September 19, 2006

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  1. Marine Insurance Seminar Houston, Texas September 19, 2006 Presented by: Lawrence R. Dickerson President & Chief Operating Officer

  2. Impact of Katrina/Rita • Improving Rigs to Withstand Hurricanes • Insuring for Hurricanes • The Future

  3. Katrina Damage – Ocean Warwick

  4. Installation of GPS Systems • Lily - “Where’s our rig?” • Ivan – “Oops!” • Katrina/Rita – “Let’s field test this baby.”

  5. Anchor Pattern

  6. Twelve Point Moorings • Noble – Installation of new winches • Diamond Offshore - Passive 12 point moorings • Transocean – Similar to Diamond • GlobalSantaFe – Polyester inserts

  7. ($ Millions) Our Insurance Decision Warwick Loss Insurance Proceeds 50 Book Value 14 Book Gain 36 Replacement Cost of Rig 100 Discounted Earnings @ $100k/day 150 Stock Market Value 200

  8. Pre Renewal Katrina Offer Accepted DO Insurance Terms($ In Millions) Premium 20 60 15 Deductible 5 10 10 Aggregate No Yes Yes Cap 200 No coverage

  9. Market Decisions Self Insured Diamond, Ensco Pay Premiums > 2x Global, Rowan Pay Premiums < 1x Transocean, Noble

  10. Aug ’99 Jul ‘06 The Future Working Jack-ups in GOM 87 54 * Stacked, Shipyard, etc. 58 33 145 87 * Post announced rig departures.

  11. Safe Harbor Statement Statements made during the scope of the Diamond Offshore Drilling, Inc.’s presentation that state the Company’s or management’s “intentions”, “plans”, “estimates”, “expectations”, “anticipations”, “predictions” and words of similar import are “forward-looking statements” made within the meaning of the “Safe Harbor” provisions under the Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove accurate. Important factors with respect to such forward-looking statements,including risks and uncertainties that could cause actual results to differ materially from the Company’s expectations, include but are not limited to: The overall market demand for the Company’s drilling services, foreign and domestic oil and gas exploration and production activity; dates that drilling rigs will enter service; day rate revenue for the Company’s drilling rigs; industry competition; customer preferences and various other risk factors as may be discussed in reports filed with the U.S. Securities & Exchange Commission. 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, which speak as of the date of today's presentation. Information presented herein can be found within Diamond Offshore Drilling, Inc.’s public filings with the U.S. Securities & Exchange Commission. Please refer to the Company’s 10-K, 10-Q or 8-K filings for more detailed information.

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