Diamond Offshore Drilling

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.