HOUSTON – Diamond Offshore Drilling Inc. has filed for bankruptcy according to several online reports.
The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has about $434.9 million of cash on hand, according to the document.
Conditions worsened “precipitously in recent months,” the company said, citing a price war between OPEC and Russia and the Covid-19 pandemic.
With cash running short, the Houston-based company reportedly skipped a semiannual interest payment due April 15 on some of its senior notes.
Diamond Offshore adds to the more than 200 oil patch bankruptcies dating from 2015, according to a tally by the Haynes & Boone law firm. About 2,500 jobs could be at stake at Diamond.
