DO on NYSE

Diamond Offshore Drilling

Logo: diamondoffshore.com5

American drilling contractor

Diamond Offshore Drilling, Inc. is an offshore drilling contractor.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 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 margin8
-4.2%Net margin8
25.5%Revenue growth, 20238
-6.9%Return on equity8
0.83×Debt to equity8
-$119.7MFree cash flow8

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.8 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.8

Financial statements

Revenue91011128$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 income131011128$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 income131011128-$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$1.5B9$1.1B10$980.6M11$733.7M12$841.3M8$1.1B8
Operating expenses$904.7M8$1.0B8
Operating income$123.9M13-$112.2M10-$282.3M11-$1.2B12-$63.4M8$51.1M8
Interest$113.5M13$123.2M10$122.8M11$42.6M12$40.4M8$53.4M8
Income before tax-$105.6M8-$13.7M8
Income tax-$39.8M13-$46.4M10-$44.8M11-$21.2M12-$2.4M8$31.0M8
Net income$18.3M13-$180.3M10-$357.2M11-$1.3B12-$103.2M8-$44.7M8
Earnings per share$0.1313-$1.3113-$2.6013-$9.0912-$1.038-$0.448
Earnings per share (diluted)$0.1313-$1.3113-$2.6013-$9.0912-$1.038-$0.448
Shares (weighted, basic)100.6M shares8101.8M shares8
Shares (weighted, diluted)100.6M shares8101.8M shares8

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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)

Former names

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

Timeline

  1. Apr 5, 2022New chief executive Bernie G. Wolford becomes CEO17
  2. Jan 4, 2006New chief executive James Tisch becomes CEO18
  3. 1964Founded Founded1

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.

Sources

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