Diamond Offshore Drilling CEO steps down as company emerges from chapter 11
Diamond Offshore Drilling announced this week that, on April 23, 2021, it and its debtor affiliates emerged from their chapter 11 process after successfully completing a financial reorganization pursuant to their joint plan of reorganization.

The restructuring significantly delevers the Company's balance sheet and provides substantial liquidity for the Company, resulting in the equitization of approximately $2.1 billion in senior unsecured note obligations and providing the Company with over $625 million of new available capital.

In accordance with the joint plan of reorganization, a newly constituted Board of Directors of the Company was appointed, consisting of Raj Iyer (Chairman), Neal Goldman, John Hollowell, Ane Launy, Patrick "Carey" Lowe and Adam Peakes.

Mr. Iyer 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."

Mr. Iyer continued, 
"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."

In connection with its emergence from chapter 11, the Company also announced that Marc Edwards has retired as Chairman, President and Chief Executive Officer, effective immediately. Mr. Edwards joined the Company in March 2014 and has played a key role in transforming Diamond into a leader in offshore drilling, including leading the Company through its successful chapter 11 restructuring process. The Company is currently in discussions regarding appointment of an Executive Chairman and a Chief Executive Officer and expects to make announcements in the near future. Until a Chief Executive Officer is appointed, Ronald Woll, Executive Vice President and Chief Operating Officer, will serve as Interim CEO in addition to his current position.

Mr. Edwards commented, 
"We commenced the chapter 11 process with the goal of strengthening our capital structure to position Diamond for long-term success and growth. 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."

Mr. Iyer commented, 
"On behalf of the entire organization, I thank Marc for his many years of service and invaluable contributions to the company and the industry and especially the significant time and effort he has expended over the past year as the company successfully restructured. We appreciate the leadership and dedication he has exhibited during this time and wish him every success in the future."

Mr. Iyer concluded, 
"We believe that our executive leadership team is well-positioned for future success, and I look forward to the next chapter in Diamond's history."

The Company was represented in the restructuring by Paul, Weiss, Rifkind, Wharton & Garrison LLP, Porter Hedges LLP, Alvarez & Marsal and Lazard Frères & Co. LLC.

KeyFacts Energy Industry Directory: Diamond Offshore Drilling