Diamond Offshore files for Chapter 11 bankruptcy

April 26, 2020
Houston-based Diamond Offshore Drilling Inc. has filed for bankruptcy, according to several online reports.

Offshore staff

HOUSTON – Diamond Offshore Drilling Inc. has filed for bankruptcy according to several online reports.

The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has about $434.9 million of cash on hand, according to the document.

Conditions worsened “precipitously in recent months,” the company said, citing a price war between OPEC and Russia and the Covid-19 pandemic.

With cash running short, the Houston-based company reportedly skipped a semiannual interest payment due April 15 on some of its senior notes.

Diamond Offshore adds to the more than 200 oil patch bankruptcies dating from 2015, according to a tally by the Haynes & Boone law firm. About 2,500 jobs could be at stake at Diamond.


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