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    Diamond Offshore announces Letter of Intent for Ocean Rover

    Contracts, Tenders and Rates // March 28, 2003
    Diamond Offshore Drilling has announced that it has received a letter of intent from Murphy Sabah Oil Company Ltd, a wholly-owned subsidiary of Murphy Oil Corporation, to operate the semisubmersible Ocean Rover offshore Malaysia for approximately 120 days following completion of its upgrade.

    Subject to the negotiation and execution of a definitive agreement, the Ocean Rover is expected to commence operations in Malaysia following delivery from the shipyard. The drilling program consists of three wells with a minimum expected duration of 120days during which time the rig is expected to generate revenues, depending upon water depth, of approximately $13.4 million to $14.9 million.

    The Ocean Rover is currently undergoing an upgrade to fifth-generation capabilities, including the ability for self-contained mooring operations in up to 7,000 feet of water. The work is taking place in a Singapore shipyard. The upgrade is expected to becompleted and the rig delivered to the company in the third quarter of this year.

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