CEO Retires as Drilling Contractor Exits Chapter 11

Diamond Offshore Drilling, Inc. (OTCMKTS: DOFSQ) reported Monday that it, along with its debtor affiliates, emerged from Chapter 11 bankruptcy on April 23, 2021, after successfully completing a financial reorganization

In addition, Marc Edwards has retired as the drilling contractor’s chairman, president, and CEO effective immediately and Executive Vice President and Chief Operating Officer Ronald Woll will serve into the interim CEO role until Edwards’ successor is named, Diamond noted in a written statement emailed to Rigzone. The firm stated that talks are underway regarding a new executive chairman and CEO, adding that it anticipates making announcements “in the near future.”

Furthermore, Diamond pointed out that it has a newly constituted board of directors under the reorganization plan. The new board includes: Chairman Raj Iyer, Neal Goldman, John Hollowell, Ane Launy, Patrick “Carey” Lowe, and Adam Peakes.

“I am extremely pleased to have such an experienced and uniquely qualified board of directors,” remarked Iyer. “They undoubtedly have the necessary financial and business expertise and industry knowledge to oversee Diamond’s post-emergence strategy.”

When Diamond revealed its decision to file Chapter 11 last spring, Edwards observed at the time that it represented the company’s best route for bringing its debt load to a more sustainable level. In January of this year, the firm unveiled its restructuring plan to raise new capital and reduce debt. On Monday, Diamond noted that reorganization equitizes approximately $2.1 billion in senior unsecured notes and provides the company with more than $625 million of new available capital.

“We commenced the Chapter 11 process with the goal of strengthening our capital structure to position Diamond for long-term success and growth,” commented Edwards, who joined the company in March 2014 and led it through the restructuring. “I would like to thank our lenders and other stakeholders, our suppliers and customers and most of all our incredibly talented team of employees, for working together to consummate this restructuring plan to position Diamond for a strong and bright future.”

To contact the author, email mveazey@rigzone.com.