Diamond Offshore files for bankruptcy

Diamond Offshore files for bankruptcy

Contract driller Diamond Offshore has filed for bankruptcy with debts of $2.6 billion. The Houston-based cited the downturn that accelerated with a recent oil price war between Russia and other major producers as a trigger to the same. Diamond had $5.8 billion of assets and $2.6 billion of debt as of the end of 2019. It has about $435 million of cash on hand.

pennydreadful
pennydreadful
cjack
cjack 0 months

Oil is just not competative in the market anymore. Most big oil producers like BP or Shell are now investing in renewables. If anyone has investments or pension schemes within the oil sector move them.

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