Hydril Receives Order from a Subsidiary of Diamond Offshore Drilling,

Hydril Receives Order from a Subsidiary of Diamond Offshore Drilling, Inc.

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    Business Editors/Energy Editors
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    HOUSTON--(BUSINESS WIRE)--March 28, 2005--Hydril (Nasdaq:HYDL) announced it has received a letter of intent from a subsidiary of Diamond Offshore Drilling, Inc. (NYSE:DO) for a deepwater subsea blowout preventer stack, multiplex blowout preventer control system, and a spare blowout preventer stack.
    "The 18 3/4" bore size, 15,000 p.s.i. working pressure blowout preventer stack and multiplex blowout preventer control system is designed for ultra-deepwater service and is destined for Diamond's semi-submersible drilling rig, the Ocean Endeavor," stated Chris Seaver, Hydril's President and Chief Executive Officer. "The equipment to be supplied by Hydril is scheduled for delivery in early 2006, and is valued at approximately $18 million. Diamond Offshore is a highly-valued customer and we appreciate their confidence in Hydril's ability to provide technologically sophisticated equipment."
    Hydril, headquartered in Houston, Texas, is engaged worldwide in engineering, manufacturing and marketing premium connection and pressure control products used for oil and gas drilling and production.

    Forward-Looking Statements

    This press release contains forward-looking statements concerning expected future results. These statements relate to future events and the company's future financial performance, including the company's business strategy and product development plans, and involve known and unknown risks, uncertainties and assumptions. These risks, uncertainties and assumptions, many of which are more fully described in Hydril Company's Annual Report on Form 10-K for the year-ended December 31, 2004 filed with the Securities and Exchange Commission, include but are not limited to the impact of changes in oil and natural gas prices and worldwide and domestic economic conditions on drilling activity and demand for and pricing of Hydril's products, the impact of geo-political and other events affecting international markets and trade, Hydril's ability to successfully develop new technologies and products and maintain and increase its market share, the impact of international and domestic trade laws, the loss of or change to distribution methods of premium connections in the U.S. and Canada, overcapacity in the pressure control industry, and high fixed costs that could affect the pricing of Hydril's products. These factors may cause Hydril's or the industry's actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

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CONTACT: Hydril, Houston Sue Nutt, 281-985-3532 snutt@hydril.com

KEYWORD: TEXAS INDUSTRY KEYWORD: OIL/GAS GOVERNMENT ENERGY UTILITIES MARKETING AGREEMENTS PHOTO PHOTOWIRE SOURCE: Hydril PHOTO: 42424

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