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April 27, 2020updated 28 Apr 2020 2:36pm

Diamond Offshore announces bankuptcy

By Matthew Farmer

Drillship and rig operator Diamond Offshore has announced its filing for Chapter 11 bankuptcy.

Revenue for the company has steadily declined over ten years, and the company is one of many being hit by offshore investment drying up during the coronavirus pandemic.

A statement said the company was able to carry on operating as normal for the time being, but would use a restructuring to strengthen its balance sheet.

Read the full story here.

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