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Diamond Offshore Drilling

Logo: diamondoffshore.com5

American drilling contractor

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. It operates 15 drilling rigs including 11 semi-submersible platforms and 4 drillships.3 Its shares trade on NYSE under the symbol DO.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

1964Founded1

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  • TickerDO on NYSE1
  • Industrypetroleum industry1
  • HeadquartersHouston1
  • Websitewww.diamondoffshore.com
  • Legal formDelaware corporation1
  • Incorporated inDE6
  • Business address777 N Eldridge Pkwy, Suite 1100, Houston, Tx 770796
  • Filer categoryLarge accelerated filer6
  • LEIF14FQJ2EEHW5VPYUHL144
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States4
  • Registered withDivision of Corporations, Department of State, 21932024

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Diamond Offshore Drilling image from its website
Image: diamondoffshore.com5

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.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

4.8%Operating margin9
-4.2%Net margin9
25.5%Revenue growth, 20239
-6.9%Return on equity9
0.83×Debt to equity9
-$119.7MFree cash flow9

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Other costs92¢$971.8M
  • Interest5¢$53.4M
  • Income tax3¢$31.0M

Out of $1.1B in revenue.9 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Capital spending100¢$131.4M

Out of $11.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue101112139$1.1B in 2023−29% since 2017
0$500.0M$1.0B$1.5B2017: $1.5B$1.5B20172018: $1.1B$1.1B2018−27%2019: $980.6M$980.6M2019−9%2020: $733.7M$733.7M2020−25%2022: $841.3M$841.3M2022+15%2023: $1.1B$1.1B2023+26%
Operating income141112139$51.1M in 2023−59% since 2017
-$1.5B-$1.0B-$500.0M0$500.0M2017: $123.9M$123.9M20172018: -$112.2M-$112.2M20182019: -$282.3M-$282.3M2019+152%2020: -$1.2B-$1.2B2020+308%2022: -$63.4M-$63.4M2022−94%2023: $51.1M$51.1M2023
Net income141112139-$44.7M in 2023
-$1.5B-$1.0B-$500.0M0$500.0M2017: $18.3M$18.3M20172018: -$180.3M-$180.3M20182019: -$357.2M-$357.2M2019+98%2020: -$1.3B-$1.3B2020+251%2022: -$103.2M-$103.2M2022−92%2023: -$44.7M-$44.7M2023−57%
Fiscal year2017201820192020202120222023
Revenue$1.5B10$1.1B11$980.6M12$733.7M13$841.3M9$1.1B9
Operating expenses$904.7M9$1.0B9
Operating income$123.9M14-$112.2M11-$282.3M12-$1.2B13-$63.4M9$51.1M9
Interest$113.5M14$123.2M11$122.8M12$42.6M13$40.4M9$53.4M9
Income before tax-$105.6M9-$13.7M9
Income tax-$39.8M14-$46.4M11-$44.8M12-$21.2M13-$2.4M9$31.0M9
Net income$18.3M14-$180.3M11-$357.2M12-$1.3B13-$103.2M9-$44.7M9
Earnings per share$0.1314-$1.3114-$2.6014-$9.0913-$1.039-$0.449
Earnings per share (diluted)$0.1314-$1.3114-$2.6014-$9.0913-$1.039-$0.449
Shares (weighted, basic)100.6M shares9101.8M shares9
Shares (weighted, diluted)100.6M shares9101.8M shares9

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Corporate structure

Diamond Offshore Drilling is part of a group headed by Noble Corporation. 10 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Diamond Offshore Drilling

  • Capital Research Global Investors Filed SC 13G/A on Diamond Offshore Drilling, latest Nov 12, 2024 (2 filings since Feb 9, 2024)
  • KGH Ltd Filed SC 13G/A on Diamond Offshore Drilling, latest Feb 13, 2024 (4 filings since Aug 12, 2022)
  • VANGUARD GROUP INC Filed SC 13G/A on Diamond Offshore Drilling, latest Feb 13, 2024 (2 filings since Feb 9, 2023)
  • Contrarius Investment Management Ltd Filed SC 13G/A on Diamond Offshore Drilling, latest Feb 12, 2024 (2 filings since Feb 7, 2023)
  • Capital World Investors Filed SC 13G/A on Diamond Offshore Drilling, latest Feb 9, 2024 (2 filings since Feb 13, 2023)
  • Wellington Management Company Filed SC 13G/A on Diamond Offshore Drilling, latest Feb 8, 2024 (2 filings since Feb 6, 2023)
  • BlackRock Filed SC 13G/A on Diamond Offshore Drilling, latest Jan 25, 2024 (2 filings since Feb 3, 2023)
  • Noble Corporation Nova Scotia, Nova Scotia, Canada
    • Diamond Offshore Drilling Wilmington, Delaware, United States
      • Diamond Offshore Drilling (UK) Ltd Subsidiary · United Kingdom
      • Diamond Offshore Finance Company Subsidiary · Delaware, United States
      • Diamond Offshore General Company Subsidiary · Delaware, United States
      • Diamond Offshore International, L.L.C. Subsidiary · Delaware, United States
      • Diamond Offshore Limited Subsidiary · United Kingdom
      • Diamond Offshore Management Company Subsidiary · Delaware, United States
      • Diamond Offshore Services, LLC Subsidiary · Delaware, United States
      • Diamond Rig Investments Limited Subsidiary · United Kingdom

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Diamond Offshore Drilling reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$1.2B9 Dec 31, 2023$1.1B9 Dec 31, 2022+1.3%
Finance-lease assets$128.3M9 Dec 31, 2023$145.5M9 Dec 31, 2022−11.8%
Operating-lease assets (leased space)$37.9M9 Dec 31, 2023$30.3M9 Dec 31, 2022+24.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$124.5M9 Dec 31, 2023$63.0M9 Dec 31, 2022+97.4%
Marketable securities, current$92.3M9 Dec 31, 2023

The story

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, the firm was sold for $48.5 million to Loews Corporation in 1989.

In 1992, Diamond M Corporation acquired ODECO from Murphy Oil for $358 million. Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993.

In October 1995, the company once again became a public company via an initial public offering, listing on the New York Stock Exchange. In April 1996, the company acquired Arethusa for $516 million in stock; Arethusa had previously acquired Zapata Corporation (now HRG Group).

In May 2012, the company ordered a $655 million drillship from Hyundai Heavy Industries. In September 2016, seven months after discontinuing the quarterly cash dividend payment, the firm was removed from the S&P 500 Index.

In 2019, the company's revenues were primarily from Hess Corporation (28.9%), Occidental Petroleum (20.6%), Petrobras (19.5%), and BP (3.1%). Operations in the United States accounted for 52.5% of the company's revenues in 2019.

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. The company was criticized for taking CARES Act bailout money - intended for small businesses - and, in bankruptcy court, turning it into executive bonuses.

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. The transaction was completed in September.

From Wikipedia’s article on Diamond Offshore Drilling, shared under CC BY-SA 4.0.7

Leadership

Who has led Diamond Offshore Drilling, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. James Tisch2006–2008
  2. Bernie G. Wolford2022–2024

President

  1. Lawrence R. Dickerson2006–2014
  2. Marc Gerard Rex Edwards2014–2020
  3. Bernie G. Wolford2022–2024

Chief financial officer

  1. Gary T. Krenek2007–2015
  2. Kelly Youngblood2016–2017
  3. Scott Lee Kornblau2017–2020
  4. Dominic A. Savarino2022–2024

Chief operating officer

  1. Ronald Woll2020
  2. Jon L. Richards2024
197019801990200020102020
Board members and other officers (39)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Diamond Offshore Drilling (UK) Ltd England8
  • Diamond Offshore Finance Company Delaware8
  • Diamond Offshore General Company Delaware8
  • Diamond Offshore International, L.L.C. Delaware8
  • Diamond Offshore Limited England8
  • Diamond Offshore Management Company Delaware8
  • Diamond Offshore Services, LLC Delaware8
  • Diamond Rig Investments Limited England8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • DIAMOND OFFSHORE DRILLING INCMay 23, 1996 to Jan 30, 20176

Timeline

  1. Sep 4, 20248-K Entered a material agreement; Ended a material agreement; Completed an acquisition or sale63
  2. Aug 27, 20248-K Shareholder vote64
  3. Aug 19, 20248-K Other events65
  4. Aug 7, 20248-K Results of operations; Executive or director change; Regulation FD disclosure66
  5. Jul 26, 20248-K Other events67
  6. Jun 10, 20248-K Entered a material agreement; Regulation FD disclosure68
  7. May 9, 20248-K Shareholder vote69
  8. May 8, 20248-K Results of operations; Regulation FD disclosure70
  9. Apr 23, 20248-K Other events71
  10. Mar 15, 20248-K Executive or director change72
  11. Mar 15, 20248-K Other events73
  12. Mar 4, 20248-K Regulation FD disclosure74
  13. Apr 5, 2022New chief executive Bernie G. Wolford becomes CEO18
  14. Jan 4, 2006New chief executive James Tisch becomes CEO19
  15. 1964Founded Founded1

Calendar

When it reported results

  1. Aug 7, 2024Reported quarterly or annual results66
  2. May 8, 2024Reported quarterly or annual results70
  3. Feb 28, 2024Reported quarterly or annual results75
  4. Nov 7, 2023Reported quarterly or annual results76
  5. Aug 8, 2023Reported quarterly or annual results77
  6. May 9, 2023Reported quarterly or annual results78
  7. Feb 28, 2023Reported quarterly or annual results79
  8. Nov 8, 2022Reported quarterly or annual results80

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

212 filings to the SEC since October 2021: 4 annual reports, 10 quarterly reports, 46 major events, 88 insider forms, 16 large holders, 48 other. The latest 20:

  1. Nov 12, 2024SC 13G/A SEC SCHEDULE 13G EDGAR
  2. Sep 16, 202415-12G EDGAR
  3. Sep 11, 2024EFFECT EDGAR
  4. Sep 11, 2024EFFECT EDGAR
  5. Sep 4, 2024POS AM EDGAR
  6. Sep 4, 2024POS AM EDGAR
  7. Sep 4, 2024S-8 POS EDGAR
  8. Sep 4, 20248-K EDGAR
  9. Sep 4, 20244 EDGAR
  10. Sep 4, 20244 EDGAR
  11. Sep 4, 20244 EDGAR
  12. Sep 4, 20244 EDGAR
  13. Sep 4, 20244 EDGAR
  14. Sep 4, 20244 EDGAR
  15. Sep 4, 20244 EDGAR
  16. Sep 4, 20244 EDGAR
  17. Sep 4, 20244 EDGAR
  18. Sep 4, 20244 EDGAR
  19. Sep 3, 2024144 EDGAR
  20. Sep 3, 2024144 EDGAR

The 212 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

16 open-market trades by officers, directors and large owners since October 2021: 0 buys and 16 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 3, 2024Wolford Bernie G.President and CEOSale26,000$14.11$366.9KForm 4
Sep 3, 2024ROLAND DAVID LSVP, General Counsel and SecSale8,000$14.11$112.9KForm 4
Aug 1, 2024Wolford Bernie G.President and CEOSale34,000$16.42$558.3KForm 4
Jul 15, 2024Wolford Bernie G.President and CEOSale8,000$16.00$128.0KForm 4
Jul 1, 2024Wolford Bernie G.President and CEOSale26,000$15.55$404.3KForm 4
Jun 3, 2024ROLAND DAVID LSVP, General Counsel and SecSale8,000$15.11$120.9KForm 4
Jun 3, 2024Savarino Dominic ASenior Vice President and CFOSale11,369$15.11$171.8KForm 4
Jun 3, 2024Wolford Bernie G.President and CEOSale26,000$15.11$392.9KForm 4
Mar 19, 2024Savarino Dominic ASenior Vice President and CFOSale13,000$13.16$171.1KForm 4
Mar 5, 2024ROLAND DAVID LSVP, General Counsel and SecSale5,000$11.99$60.0KForm 4
Mar 1, 2024Savarino Dominic ASenior Vice President and CFOSale5,106$11.76$60.0KForm 4
Nov 10, 2023Savarino Dominic ASenior Vice President and CFOSale5,106$12.74$65.0KForm 4
Jul 7, 2023Savarino Dominic ASenior Vice President and CFOSale5,797$15.00$87.0KForm 4
May 31, 2023Savarino Dominic ASenior Vice President and CFOSale6,027$10.94$65.9KForm 4
May 31, 2023Savarino Dominic ASenior Vice President and CFOSale6,027$10.94$65.9KForm 4
Mar 1, 2023Savarino Dominic ASenior Vice President and CFOSale10,000$12.25$122.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Diamond Offshore Drilling is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDIAMOND OFFSHORE DRILLING, INC.2
  • CIK0000949039
  • Employer ID (EIN)76-03217602
  • Filer statusLarge accelerated filer2
  • Incorporated inDelaware2
  • Fiscal year endsDecember 312
  • Industry code (SIC)1381 Drilling Oil & Gas Wells2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address777 N Eldridge Pkwy, Suite 1100, Houston, TX 770792
  • Phone281-492-53002
  • Shares outstanding103,213,055 as of Aug 5, 202416
  • Public float$1.4B as of Jun 30, 20239
  • On EDGAR sinceMay 10, 19962
  • Filings2,231 in all: 4 (1,203), 8-K (518), 10-Q (85), 424B3 (54), SC 13G/A (37), 3 (34), CORRESP (31), DEF 14A (26)2
    All 51 form types

    UPLOAD (26), 10-K (25), 11-K (24), SC 13G (20), ARS (16), 144 (14), DEFA14A (13), 425 (12), 424B2 (7), 424B5 (6), 8-K/A (6), POS AM (5), S-8 (5), S-8 POS (5), SC 13D/A (5), EFFECT (4), FWP (4), S-3 (4), S-3/A (4), S-3ASR (4), 10-K/A (3), 10-K405 (3), S-4 (3), SC 13D (3), 10-Q/A (2), 25-NSE (2), PRE 14A (2), 11-K/A (1), 15-12G (1), 4/A (1), 5 (1), 8-A12B (1), CERT (1), DEFM14A (1), POSASR (1), RW (1), S-1 (1), S-1/A (1), SC TO-I (1), SC TO-I/A (1), SEC STAFF ACTION (1), T-3 (1), T-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 28, 2024
    Quarterly report (10-Q) Aug 7, 2024
    Proxy statement (DEF 14A) Mar 28, 2024
    Latest 8-K (8-K) Sep 4, 2024

Sources

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