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Diamond Offshore Drilling Files for Bankruptcy
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Diamond Offshore Drilling Inc. has filed for bankruptcy.
In addition to Diamond, the following Company subsidiaries are included in the chapter 11 filings:
- Diamond Offshore Finance Company
- Diamond Offshore Development Company
- Diamond Offshore Services Company
- Diamond Offshore Management Company
- Diamond Offshore Company
- Arethusa Off-Shore Company
- Diamond Offshore General Company
- Diamond Offshore (Brazil) L.L.C.
- Diamond Offshore Holding, L.L.C.
- Diamond Foreign Asset Company
- Diamond Offshore International Limited
- Diamond Rig Investments Limited
- Diamond Offshore Limited
- Diamond Offshore Drilling (UK) Limited
Marc Edwards, President and Chief Executive Officer, said "After a careful and diligent review of our financial alternatives, the Board of Directors and management, along with our advisors, concluded that the best path forward for Diamond and its stakeholders is to seek chapter 11 protection. Through this process, we intend to restructure our balance sheet to achieve a more sustainable debt level to reposition the business for long-term success.
"Diamond remains focused on maintaining its high standards as it relates to safety and operational excellence during the chapter 11 process. Our clients and vendors should expect business as usual across our organization as our world class team will stay steadfast on our collective goal of providing superior operations that clients have come to expect from Diamond Offshore."
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