US offshore contract driller Diamond Offshore has filed for Chapter 11 Bankruptcy hit by money owed of greater than $2.6 billion within the wake of spreading COVID-19 pandemic, fierce oil value struggle and asset value declines. Diamond Offshore scenario worsened not too long ago after the corporate missed an curiosity cost of $500 million. The contract driller had $5.eight billion of belongings and $2.6 billion of debt as of the tip of 2019.
Diamond Offshore based mostly in Katy. Texas, is a frontrunner in offshore drilling, offering contract drilling companies to the vitality business across the globe with a complete fleet of 15 offshore drilling rigs, consisting of 11 semisubmersibles and 4 dynamically positioned drillships.
Diamond Offshore’s beginnings date from the mid-1960s when the Diamond M firm was fashioned. In 1992, Diamond M Corporation acquired ODECO from Murphy Oil for $358 million. Diamond M Corp. briefly modified its identify to Diamond M-ODECO Drilling Inc. earlier than changing into Diamond Offshore Drilling, Inc. in 1993.
In May 2012, the corporate ordered its first ultra-deepwater drillship from from Hyunday Heavy Indutries in South Korea for $655 million.
(Source: Diamond Offshore/FT/Bloomberg/FP – Image: Diamond Offshore)
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