Diamond Offshore Drilling, Inc., as the U.S. borrower, and the Company’s wholly owned subsidiary, Diamond Foreign Asset Company, a Cayman Islands exempted company (DFAC), as the foreign borrower, entered into a senior 5-Year Revolving Credit Agreement with Wells Fargo Bank, National Association, as administrative agent, an issuing lender and swingline lender. The maximum amount of borrowings available under the New Credit Agreement is $950,000,000. Subject to the conditions specified in the New Credit Agreement, the Company has the option to increase the revolving commitments under the New Credit Agreement by up to an additional $500,000,000 from time to time upon receipt of additional commitments from new or existing lenders. Borrowings under the New Credit Agreement may be used for general corporate purposes, including investments, acquisitions and capital expenditures. The New Credit Agreement provides for a swingline subfacility of $100,000,000 and a letter of credit subfacility in the amount of $250,000,000. Letters of credit may be issued under the New Credit Agreement in U.S. dollars or in certain alternative currencies. The New Credit Agreement matures on October 2, 2023.

The entire amount of borrowings available under the New Credit Agreement will be available for loans to DFAC, and a portion of such amount will be available for loans to the Company (in an amount equal to 40% of the aggregate Rig Values (as defined in the New Credit Agreement) of all Marketed Rigs (as defined in the New Credit Agreement) directly wholly owned by guarantors of the Company’s obligations under the New Credit Agreement, less the aggregate outstanding amount of indebtedness of the Company and such guarantors that is secured by a lien or has as an obligor (whether primary or contingent) any subsidiary of the Company that directly owns a Rig (as defined in the New Credit Agreement) (or the Company, if the Company directly owns a Rig), excluding any guaranties of DFAC’s obligations under the New Credit Agreement), in each case as provided in the New Credit Agreement. The obligations of the Company under the New Credit Agreement are guaranteed by the Company’s subsidiaries Diamond Offshore Services Company, a Delaware corporation (DOSC), and Diamond Rig Investments Limited, an English company (DRIL). The obligations of DFAC under the New Credit Agreement are guaranteed by the Company and the Company’s subsidiaries DOSC, DRIL, Diamond Offshore International Limited, a Cayman Islands exempted company, and Diamond Offshore Limited, an English company.