NYSE: DO (1995-2024) | |
Industry | Oilfield services |
Founded | 1978 |
Founder | Don McMahon |
Headquarters | Katy, Texas, U.S. |
Services | Offshore drilling |
Revenue | {{}} $980 million (2019) |
{{}} $357 million (2019) | |
Total assets | {{}} $5.83 billion (2019) |
Total equity | {{}} $3.23 billion (2019) |
Number of employees | 2,500 (2019) |
Parent | Noble Corporation (since 2024) |
Website | diamondoffshore |
Footnotes /references [1] |
Diamond Offshore Drilling, Inc. is an offshore drilling contractor. The company is headquartered in Katy, Texas, United States, and has major offices in Australia, Brazil, Mexico, Scotland, Singapore, and Norway. [1]
It operates 15 drilling rigs including 11 semi-submersible platforms and 4 drillships. [1] In September 2024, Noble Corporation completed its acquisition of the Texas firm. [2]
In the early 1960s, Brewster-Bartle, an onshore drilling company, filed bankruptcy. In 1964, Don McMahon acquired Brewster-Bartle from its bank creditors and formed Diamond M Drilling Company, named after Diamond M Acres, his ranch near Simonton, Texas, which then expanded into offshore drilling.
In 1970, Diamond M became a public company via an initial public offering. Twelve years after being acquired by Kaneb Services for $102 million, [3] the firm was sold for $48.5 million to Loews Corporation in 1989. [4]
In 1992, Diamond M Corporation acquired ODECO from Murphy Oil for $358 million. [4] Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993. [5]
In October 1995, the company once again became a public company via an initial public offering, listing on the New York Stock Exchange. [6] In April 1996, the company acquired Arethusa for $516 million in stock; Arethusa had previously acquired Zapata Corporation (now HRG Group). [7]
In May 2012, the company ordered a $655 million drillship from Hyundai Heavy Industries. [8] In September 2016, seven months after discontinuing the quarterly cash dividend payment, [1] the firm was removed from the S&P 500 Index. [9]
In 2019, the company's revenues were primarily from Hess Corporation (28.9%), Occidental Petroleum (20.6%), Petrobras (19.5%), and BP (3.1%). [1] Operations in the United States accounted for 52.5% of the company's revenues in 2019. [1]
In April 2020, the company filed for bankruptcy in part due to the oil price collapse following the reduction in oil demand during the COVID-19 pandemic. [10] [11] The company was criticized for taking CARES Act bailout money - intended for small businesses - and, in bankruptcy court, turning it into executive bonuses. [12] [13]
In June 2024, offshore drilling contracting company Noble Corporation announced it would acquire Diamond Offshore for $1.6 billion in a cash-and-stock deal. [14] The transaction was completed in September.
In 1989, Diamond's predecessor bought 6 drilling rigs from the predecessor of Kaneb Management. Some of Kaneb's employees continued to work for Diamond after the transaction and then sued Diamond for personal injuries they allegedly suffered from asbestos exposure while they worked for Kaneb. [15] In a 2013 filing with the SEC, Diamond acknowledged that its equipment had been used for the "manufacture and use of asbestos-containing drilling mud" but sought to be indemnified from liability. [16]
An oil platform is a large structure with facilities to extract and process petroleum and natural gas that lie in rock formations beneath the seabed. Many oil platforms will also have facilities to accommodate the workers, although it is also common to have a separate accommodation platform linked by bridge to the production platform. Most commonly, oil platforms engage in activities on the continental shelf, though they can also be used in lakes, inshore waters, and inland seas. Depending on the circumstances, the platform may be fixed to the ocean floor, consist of an artificial island, or float. In some arrangements the main facility may have storage facilities for the processed oil. Remote subsea wells may also be connected to a platform by flow lines and by umbilical connections. These sub-sea facilities may include one or more subsea wells or manifold centres for multiple wells.
HRG Group, Inc., formerly Harbinger Group Inc. and Zapata Corporation, was a holding company based in Rochester, New York, having originated from an oil company started by a group including future U.S. president George H. W. Bush. In 2009, it was renamed the Harbinger Group Inc.
Baker Hughes Company is a global energy technology company co-headquartered in Houston, Texas and London, UK. As one of the world's largest oil field services, industrial and energy technology companies, it provides products and services to the oil and gas industry for exploration and production, as well as other energy and industrial applications. It operates in over 120 countries, with facilities in Australia, Brazil, Singapore, Malaysia, India, Dubai, Saudi Arabia, Italy, Germany, Norway, the United Kingdom and the United States.
Loews Corporation is an American conglomerate headquartered in New York City. The company's majority-stake holdings include CNA Financial Corporation, Boardwalk Pipeline Partners, Loews Hotels and Altium Packaging.
Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Steinhausen, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, United Kingdom, India, Brazil, Singapore, Indonesia, and Malaysia.
A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In recent years the vessels have been used in deepwater and ultra-deepwater applications, equipped with the latest and most advanced dynamic positioning systems.
NOV Inc., formerly National Oilwell Varco, is an American multinational corporation based in Houston, Texas. It is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 500 locations across six continents, operating through two reporting segments: Energy Equipment and Energy Products and Services.
Valaris Limited is an offshore drilling contractor headquartered in Houston, Texas, and incorporated in Bermuda. It is the largest offshore drilling and well drilling company in the world, and owns 52 rigs, including 36 offshore jackup rigs, 11 drillships, and 5 semi-submersible platform drilling rigs.
Seadrill is an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry. Its primary business is the ownership and operation of drillships, semi-submersible rigs, and jack-up rigs for operations in shallow to ultra-deep water in both benign and harsh environments. It provides a contract-based service and primarily serves the oil super-majors, integrated oil and gas, state-owned national oil, and independent oil and gas companies.
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Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed. Most commonly, the term is used to describe drilling activities on the continental shelf, though the term can also be applied to drilling in lakes, inshore waters and inland seas.
Ocean Rig UDW Inc. was an operator of semi-submersible oil platforms and underwater drillships and was based in Athens. In 2018, the company was acquired by Transocean.
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Nabors Industries Limited is an American global oil and gas drilling contractor that has operated since 1972. Based in Houston, Texas, Nabors operates the world’s largest land drilling rig fleet, with around 500 rigs operating in over 25 countries – in almost every significant O&G basin on the planet. It also has the largest number of high-specification rigs and custom rigs, built to withstand challenging conditions such as extreme cold, desert and many complex shale plays.
A jackup rig or a self-elevating unit is a type of mobile platform that consists of a buoyant hull fitted with a number of movable legs, capable of raising its hull over the surface of the sea. The buoyant hull enables transportation of the unit and all attached machinery to a desired location. Once on location the hull is raised to the required elevation above the sea surface supported by the sea bed. The legs of such units may be designed to penetrate the sea bed, may be fitted with enlarged sections or footings, or may be attached to a bottom mat. Generally jackup rigs are not self-propelled and rely on tugs or heavy lift ships for transportation.
Atwood Oceanics, Inc. was an offshore drilling contractor headquartered in Houston, Texas. In October 2017, the company was acquired by Ensco plc.
The Ocean Star Offshore Drilling Rig & Museum, located in Galveston, Texas, is a museum dedicated to the offshore oil and gas industry. Located next to the Strand National Historic Landmark District, the museum is housed on a retired jack-up rig set up in the Galveston harbor.
ODECO was an offshore drilling company. In 1992, it was acquired by Diamond Offshore Drilling.
Cameron International Corporation (formerly Cooper Cameron Corporation (CCC) and Cooper Oil Tool, Cameron Iron Works) though now operating under Schlumberger, is a global provider of pressure control, production, processing, and flow control systems as well as project management and aftermarket services for the oil and gas and process industries. Cameron was acquired by Schlumberger (SLB) in 2016, and now operates as 'Cameron, an SLB Company.' At the start of the SLB acquisition in 2015, Cameron employed approximately 23,000 people and delivered $9.8 billion in revenue.
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