EXHIBIT 99.1

DIAMOND
OFFSHORE


FOR IMMEDIATE RELEASE                                CONTACT: CAREN W. STEFFES
WEDNESDAY, APRIL 11, 2001                                       (281) 492-5393


                         DIAMOND OFFSHORE DRILLING, INC.
                     ANNOUNCES CLOSING OF PRIVATE PLACEMENT
                    OF CONVERTIBLE SENIOR DEBENTURES DUE 2031

Houston, Texas, April 11, 2001-Diamond Offshore Drilling, Inc. (NYSE: DO) today
announced the completion of the private placement of $460 million aggregate
principal amount of its 1.5% convertible senior debentures due 2031. This amount
includes $60 million principal amount sold pursuant to an over-allotment option
granted by the Company. The transaction resulted in net proceeds to Diamond
Offshore of approximately $449.2 million.

The debentures and the shares of Diamond Offshore common stock issuable upon
conversion thereof have not been registered under the Securities Act of 1933 or
the securities laws of any other jurisdiction and will not be offered or sold in
the United States absent registration or an applicable exemption from the
registration requirements.

Diamond Offshore is a leader in deep water drilling. The Company's fleet of 45
offshore drilling rigs consists of 30 semisubmersibles, 14 jack-ups and one
drillship. The fleet operates in the waters of six of the world's seven
continents.