Houston-based Diamond Offshore Drilling has emerged from chapter 11 after completing a financial restructuring.
Diamond Offshore had been working on the restructuring since filing for chapter 11 in April 2020. The company has merged with a reduction of over $2.1bn of debt after the equitization of senior unsecured note obligations. It also has over $625m of new available capital.
Raj Iyer, the new chairman of Diamond Offshore, commented: “I am extremely pleased to have such an experienced and uniquely qualified Board of Directors. They undoubtedly have the necessary financial and business expertise and industry knowledge to oversee Diamond’s post-emergence strategy.
“I’ve had the opportunity to engage with the Company’s stakeholders to review and evaluate the Company’s assets, balance sheet and operational performance and have confidence that Diamond is well-positioned for the future. I’m looking forward to working with the Diamond team to help drive the Company’s strategic plan and achieve sustainable, long-term success while continuing to focus on safe and reliable services for our global customers.”