<\/p>\n
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.<\/p>\n
<\/p>\n
Diamond owns rigs that can drill in water more than two miles deep. But offshore oil is among the most expensive to produce, putting the company at a disadvantage when prices plunged to less than $30 a barrel.<\/p>\n
<\/p>\n
While newer deepwater projects are less expensive, they still take longer to develop than shale wells and they still can\u2019t compete on costs. What\u2019s more, a global glut of offshore vessels has squeezed profit margins.<\/p>\n
<\/p>\n
Conditions worsened \u201cprecipitously in recent months,\u201d the company said, citing a price war between OPEC and Russia and the Covid-19 pandemic. With cash running short, the Houston-based company led by Chief Executive Officer Marc Edwards skipped a semiannual interest payment due April 15 on some of its senior notes.<\/p>\n
<\/p>\n
Diamond Offshore adds to the more than 200 oilpatch bankruptcies dating from 2015, according to a tally by the Haynes & Boone law firm. About 2,500 jobs could be at stake at Diamond.<\/p>\n
<\/p>\n
The case is Diamond Offshore Drilling Inc., 20-32307, U.S. Bankruptcy Court for the Southern District of Texas (Houston).<\/p>\n
gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":"
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. Diamond owns rigs that can drill in water more than two miles deep. But offshore oil is among …<\/p>\n","protected":false},"author":1,"featured_media":8732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[2623,3065,1404,1437,2622,2482,1131],"class_list":["post-8731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-bankruptcy","tag-crash","tag-crude","tag-diamond","tag-files","tag-historic","tag-offshore"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/8731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=8731"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/8731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/8732"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=8731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=8731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=8731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}