Rig contractor Diamond Offshore Drilling has emerged from chapter 11 bankruptcy after completing a financial reorganisation.
In addition, Marc Edwards has retired as chairman, president and chief executive, effective immediately.
Diamond said it expected to announce the appointment of a CEO in the near future.
Until then Ronald Woll, executive vice president and chief operating officer, will serve as interim CEO in addition to his current position.
The company said the restructuring significantly de-levered its balance sheet and provided substantial liquidity.
The result is the equitisation of $2.1 billion in senior unsecured note obligations and more than $625 million of new available capital for Diamond.
Mr Edwards, who joined the firm in 2014, said: “We commenced the chapter 11 process with the goal of strengthening our capital structure to position Diamond for long-term success and growth.
“I would like to thank our lenders and other stakeholders, our suppliers and customers and most of all our incredibly talented team of employees, for working together to consummate this restructuring plan to position Diamond for a strong and bright future.”
Chairman Raj Iyer said: On behalf of the entire organization, I thank Marc for his many years of service and invaluable contributions to the company and the industry and especially the significant time and effort he has expended over the past year as the company successfully restructured.
“We appreciate the leadership and dedication he has exhibited during this time and wish him every success in the future.”
He added: “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.”
