Diamond Offshore Drilling (DO) Announces Chapter 11 Bankruptcy Filing to 'Restructure & Strengthen Balance Sheet'

Diamond Offshore Drilling, Inc. (NYSE: DO) today announced that the Company and select subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the "Chapter 11 Cases"). Diamond intends to use the proceedings to restructure and strengthen its balance sheet and achieve a more sustainable debt profile, while continuing to focus on safe, reliable, and efficient contract drilling services for its global clients.

The Company and its advisors are pursuing negotiations with its key stakeholders regarding a comprehensive restructuring plan to address the capital structure. Diamond has sufficient capital to fund its global operations in the ordinary course and to make continued investments in safety and reliability during the reorganization proceedings and does not require additional postpetition financing at this time.

Marc Edwards, President and Chief Executive Officer, said "After a careful and diligent review of our financial alternatives, the Board of Directors and management, along with our advisors, concluded that the best path forward for Diamond and its stakeholders is to seek chapter 11 protection. Through this process, we intend to restructure our balance sheet to achieve a more sustainable debt level to reposition the business for long-term success."

Mr. Edwards continued, "Diamond remains focused on maintaining its high standards as it relates to safety and operational excellence during the chapter 11 process. Our clients and vendors should expect business as usual across our organization as our world class team will stay steadfast on our collective goal of providing superior operations that clients have come to expect from Diamond Offshore."

In addition to Diamond, the following Company subsidiaries are included in the chapter 11 filings:

• Diamond Offshore Finance Company
• Diamond Offshore Development Company
• Diamond Offshore Services Company
• Diamond Offshore Management Company
• Diamond Offshore Company
• Arethusa Off-Shore Company
• Diamond Offshore General Company
• Diamond Offshore (Brazil) L.L.C.
• Diamond Offshore Holding, L.L.C.
• Diamond Foreign Asset Company
• Diamond Offshore International Limited
• Diamond Rig Investments Limited
• Diamond Offshore Limited
• Diamond Offshore Drilling (UK) Limited

Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as the Company's legal counsel and Alvarez & Marsal is serving as the Company's restructuring advisor. Lazard Frères & Co. LLC is serving as financial advisor to the Company.

The Company expects to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020 on or about May 4, 2020. The Company will not issue an earnings press release or hold a conference call to discuss the Company's first quarter results.

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