Diamond Offshore Drilling Inc. announced today that on Friday that it and its debtor affiliates emerged from Chapter 11 after successfully completing a financial reorganization pursuant to their joint plan of reorganization.
The restructuring significantly delevers the Houston-based company's balance sheet and provides substantial liquidity resulting in the equitization of approximately $2.1 billion in senior unsecured note obligations, providing the company with over $625 million of new available capital.
In accordance with the reorganization plan, a new board of directors was appointed, consisting of Raj Iyer (chairman), Neal Goldman, John Hollowell, Ane Launy, Patrick "Carey" Lowe and Adam Peakes.
"I am extremely pleased to have such an experienced and uniquely qualified board of directors," said Iyer. "They undoubtedly have the necessary financial and business expertise and industry knowledge to oversee Diamond's post-emergence strategy."
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 CEO, effective immediately. 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 CEO and expects to make announcements in the near future.
Until a CEO is appointed, Ronald Woll, executive vice president and chief operating officer, will serve as interim CEO in addition to his current position.
"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," Iyer said.