Diamond Offshore Drilling

#4483

Rank

$1.11B

MarketCap US

US United States

Country

Summary
Diamond Offshore Drilling, Inc. provides contract drilling services to the energy industry worldwide. As of December 31, 2021, the company operated a fleet of 12 offshore drilling rigs, including four drillships and eight semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas.

History

In the early 1960s, Brewster-Bartle, an onshore drilling company, filed bankruptcy. In 1964, Don McMahon acquired Brewster-Bartle from its bank creditors and formed Diamond M Drilling Company, named after Diamond M Acres, his ranch near Simonton, Texas, which then expanded into offshore drilling.

In 1970, Diamond M became a public company via an initial public offering.

In 1977, Kaneb Services acquired the company for $102 million.In 1989, Loews Corporation acquired the company for $48.5 million.In 1992, Diamond M Corporation acquired ODECO from Murphy Oil for $358 million. Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993.In October 1995, the company once again became a public company via an initial public offering, listing on the New York Stock Exchange.In April 1996, the company acquired Arethusa for $516 million in stock. Arethusa had previously acquired Zapata Corporation .In May 2012, the company ordered a $655 million drillship from Hyundai Heavy Industries.On February 8, 2016, the company discontinued payment of a quarterly cash dividend. In September 2016, the company was removed from the S&P 500 Index.In April 2020, the company filed for bankruptcy in part due to the oil price collapse following the reduction in oil demand during the COVID-19 pandemic. The company was criticized for taking CARES Act bailout money - intended for small businesses - and, in bankruptcy court, turning it into executive bonuses.


Mission
How we deliver on our purpose every day With respect for the lives we touch and the impact we make, we deliver fresh perspectives to anticipating and solving complex deepwater challenges.

Vision
Where we will be in five to ten years as a result of delivering on our purpose We see a world in which affordable and plentiful energy is delivered safely from the deepest waters.

Key Team

Samir Ali (VP of Investor Relations & Corp. Devel.)

Mr. Tim Osburn (Chief Information Officer)

Mr. Aaron Sobel (VP of HR)

Mr. Karl S. Sellers (Sr. VP of Technical Services)

Mr. Jon L. Richards (Sr. VP of Worldwide Operations)

Mr. Stephen Glenn Elwood (Sr. VP of Tax)

Mr. Neil Hall (VP of HSE, QA & Maintenance)


Recognition and Awards
Diamond Offshore Drilling has been the recipient of numerous safety, environmental, and industry awards. These include the International Association of Drilling Contractors Meritorious Service Award, the Offshore Technology Conference Top ADCI Safety Award, and the Texas Alliance of Energy Producers Peak Performance Safety Award.

References
Diamond Offshore Drilling
Leadership team

Mr. Bernie G. Wolford (Pres, CEO & Director)

Mr. Dominic A. Savarino (Sr. VP & CFO)

Mr. David Lynn Roland (Sr. VP, Gen. Counsel & Sec.)

Products/ Services
Industrial, Oil and Gas, Renewable Energy
Number of Employees
1,000 - 20,000
Headquarters
Houston, Texas, United States
Established
1989
Company Registration
SEC CIK number: 0000949039
Revenue
Above - 1B
Traded as
DO
Social Media
Sat Feb 24 2024
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