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Diamond Offshore Announces Agreement to Sell the Ocean Columbia

HOUSTON--(BUSINESS WIRE)--Diamond Offshore Drilling, Inc. (NYSE:DO) announced today the execution of a definitive agreement to sell its subsidiary’s jack-up drilling rig, Ocean Columbia, to a subsidiary of Hercules Offshore, Inc. (NASDAQ: HERO) for a sale price of $40 million in cash. The transaction is expected to close in May 2012, subject to customary closing conditions.