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Diamond Offshore CEO To Retire After More Than 30 Years Of Service

HOUSTON, Sept. 24, 2013 /PRNewswire/ -- Diamond Offshore Drilling, Inc. (NYSE:  DO) announced today that Lawrence R.  Dickerson, President and Chief Executive Officer, has decided to retire after more than 30 years of service.

"I have had the pleasure of knowing and working with Larry for the past 25 years," said James Tisch, Chairman of the Board of Diamond Offshore.  "Diamond Offshore has achieved operational excellence and substantially modernized its fleet with Larry at the helm. Under his leadership, Diamond has created tremendous value for shareholders, including paying total dividends of more than $5 billion—over $36 per share—to shareholders since 2006.  The Board is grateful for Larry's many contributions and his distinguished tenure as both President and CEO."

"I have been privileged to lead this great company," Mr. Dickerson said. "Our achievements reflect the contributions of a great many men and women, and I believe that after 34 years at Diamond and 15 as President, it is time to pass the reins to a new generation.  I am especially proud of our safety achievements in recent years.  I look forward to working with my colleagues, the board, and our customers during this transition."

Mr. Dickerson will remain CEO until his successor joins the company, which is expected to take place by March 31, 2014.

Russell Reynolds Associates has been retained by the Board of Directors of Diamond to assist in a search for a new CEO. 

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, the company has four ultra-deepwater drillships and three deepwater semisubmersibles under construction. 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).

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