Diamond Offshore files for bankruptcy, citing 'price war,' coronavirus [Reuters]
Diamond Offshore Drilling, Inc. (DO)
Last diamond offshore drilling, inc. earnings: 2/10 06:00 am
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Source: Reuters
Diamond Offshore files for bankruptcy, citing 'price war,' coronavirus NEW YORK, April 26 (Reuters) - Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers. The Houston-based contract drilling company’s filing, one of 15 of its group companies seeking protection under Chapter 11, said day rates and demand for its services had “worsened precipitously” this year amid a “price war” between OPEC and Russia and the steep drop in oil demand caused by the coronavirus pandemic. The company has significant operations in the Gulf of Mexico. The filing comes as the five biggest U.S. and European firms have cut spending an average of 23% in response to the drop in oil demand caused by the coronavirus pandemic. The companies are Exxon Mobil Corp, Royal Dutch Shell BP PLC , Total and Chevron Corp. Global spending on oilfield equipment and services is forecast to
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