Diamond Offshore files for bankruptcy as oil prices crash

9 months 4 weeks 2 days ago Sunday, April 26 2020 Apr 26, 2020 April 26, 2020 11:48 PM April 26, 2020 in News - AP Texas Headlines

BANGKOK (AP) - Contract driller Diamond Offshore has filed for bankruptcy, as the industry is hammered by crashing oil prices. Court documents show Houston-based Diamond Offshore Drilling Inc. filed the petition in Houston on Sunday. The global economic crisis caused by the coronavirus pandemic has devastated the oil industry in the U.S., which pumps more crude than any other country. Both offshore and onshore oil companies have been laying off hundreds of people. Diamond Offshore reported a net loss of $62.7 million in the last quarter of 2019, even before future for the U.S. benchmark plunged below zero this month.

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