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Diamond Offshore Drilling files for chapter 11

US offshore driller Diamond Offshore Drilling filed for chapter 11 in the US Bankruptcy Court for the Southern District Texas (Houston) on Sunday.

The company said that the recent drop in oil prices had worsened day rates and demand for its services, and had already signalled issues earlier this month when it announced it had elected not to make the semiannual interest payment due on its 5.70% senior notes due 2039.

Diamond Offshore Drilling reported a $357.2m loss for the year 2019, and has debts of around $2.6bn. Its fleet consists of 11 semi-submersible rigs and four drillships.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Comments

  1. OMG that’s not good news coming up during this pandemic episode which I am sure all of us will come out, but the issue is how many can sustain until than.

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