Diamond Offshore Drilling
Diamond Offshore Drilling was a US-based deepwater drilling contractor that provided contract drilling services to major oil and gas E&P companies using ultra-deepwater drillships and high-specification jackup rigs, acquired by Noble Corporation in September 2024.
- Company typePrivate
- Founded1989
- HeadquartersHouston, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Diamond Offshore Drilling does
Diamond Offshore Drilling was a US-based offshore drilling contractor that provided contract drilling services to the oil and gas industry using a fleet of ultra-deepwater drillships and high-specification jackup rigs. The company targeted drilling opportunities in established and emerging offshore basins worldwide, serving major oil and gas exploration and production (E&P) companies including international and national oil companies. The fleet included advanced seventh-generation dual-BOP (blowout preventer) drillships representing leading-edge deepwater drilling capability, along with service offerings that extended to plug and abandonment (P&A) campaigns.
The company's business model is built on day-rate contracts negotiated directly with enterprise E&P customers. Revenue is recognized based on contracted day rates and additional services, with contract terms varying by rig type, contract duration, location, and prevailing market conditions. As a standalone entity, Diamond Offshore reported Q3 2023 revenue of $245 million but incurred a net loss of $145 million for the quarter, reflecting significant margin pressure amid the cyclical offshore drilling environment. In September 2023, the company priced a $550 million private placement of 8.500% Senior Secured Second Lien Notes due 2030 to refinance existing debt and fund general corporate purposes.
On September 4, 2024, Noble Corporation completed the acquisition of Diamond Offshore Drilling, adding approximately $2 billion in backlog value and expanding the combined fleet to 41 rigs, including the industry's largest suite of seventh-generation dual-BOP drillships. Following the acquisition, Diamond Offshore ceased operating as an independent public entity (previously NYSE: DO) and became a wholly-owned private subsidiary of Noble Corporation plc. The combined entity reported total backlog of $6.2 billion as of November 5, 2024, positioning it as one of the leading global offshore drilling contractors serving the deepwater market.
Diamond Offshore Drilling firmographics
Firmographics- Name
- Diamond Offshore Drilling
- Legal name
- Diamond Offshore Drilling, Inc.
- Website
- https://diamondoffshore.com
- Company type
- Private
- Founded year
- 1989
- Operating status
- Acquired
- Headcount range
- 5,001–10,000 employees
- Short description
- Diamond Offshore Drilling was a US-based deepwater drilling contractor that provided contract drilling services to major oil and gas E&P companies using ultra-deepwater drillships and high-specification jackup rigs, acquired by Noble Corporation in September 2024.
- Ownership category
- akta.pro rank
Diamond Offshore Drilling industry classification
Industry- Product category
- Offshore Drilling Services
- NAICS
- Drilling Oil and Gas Wells (213111), Support Activities for Mining (2131)
- SIC
- Drilling Oil & Gas Wells (1381), Oil & Gas Field Services, Nec (1389)
- akta.pro primary industry
- Drilling & Workover Rigs (Land & Offshore) (EUALABAA)
- akta.pro secondary industries
- Drilling & Well Construction (E&P Operator-led) (EUALAAAD), Drilling Rigs & Drill Systems (IMAHAMAA)
Keywords
Where Diamond Offshore Drilling is headquartered
LocationHeadquarters
- HQ city
- Houston
- HQ country
- United States
- HQ region
- North America
Markets served
Diamond Offshore Drilling business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D
Revenue model
- Contract Drilling Services: Diamond Offshore generates revenue through day-rate contracts for offshore drilling services. The company operates a fleet of offshore drilling units providing contract drilling to oil and gas companies. Revenue is recognized based on contracted day rates and additional services such as plug and abandonment (P&A) campaigns.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels2 records
Diamond Offshore Drilling product offering
Product offeringCore offering
Diamond Offshore Drilling provides contract drilling services to the oil and gas industry using a fleet of offshore drilling units, including ultra-deepwater drillships and high-specification jackup rigs. The company operated in established and emerging offshore basins worldwide, with services including drilling operations and plug and abandonment (P&A) campaigns.
Product overview
Diamond Offshore Drilling was an offshore drilling contractor providing contract drilling services for the oil and gas industry. The company operated a fleet of offshore drilling units, including the Ocean Patriot. Following Noble Corporation's acquisition of Diamond Offshore in September 2024, the combined entity operates a fleet of drilling rigs focused on ultra-deepwater and high-specification jackup drilling opportunities. However, specific product/module details are not available in the provided sources.
Differentiator
Problem solved
Functional benefit
Products and services
- Ultra-deepwater drilling services
- High-specification jackup drilling services
- Plug and abandonment (P&A) campaign services
Quantifiable outcome
- Combined fleet of 41 rigs with $6.2 billion total backlog
Companies that use Diamond Offshore Drilling
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Diamond Offshore Drilling technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Diamond Offshore Drilling partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Noble CorporationflagshipNoble Corporation acquired Diamond Offshore Drilling in September 2024 for approximately $2 billion in backlog value. The acquisition expanded Noble's fleet to 41 rigs, including the industry's largest suite of seventh-generation dual-BOP drillships. The combined entity became one of the leading offshore drilling contractors globally.
Scale indicators6 records
Recent moves4 records
Expansion highlights4 records
Diamond Offshore Drilling competitors and assessment
Company assessmentBroad incumbents
- Halliburton: Major oilfield services provider with drilling-related services and equipment offerings. Adjacent peer in the offshore services ecosystem, often partnering or competing with drilling contractors on integrated projects.
- Schlumberger (SLB): World's largest oilfield services company providing drilling-related services, equipment, and digital solutions. While primarily a services and technology company, it competes with drillers for integrated drilling contracts.
- Saipem: Large integrated oilfield services and engineering company with offshore drilling operations alongside EPCI and drilling services. Overlaps with Diamond Offshore in offshore drilling but operates across a much broader portfolio.
Direct peers
- Noble Corporation: Acquired Diamond Offshore in September 2024, forming the combined fleet of 41 rigs including the industry's largest suite of seventh-generation dual-BOP drillships. Noble is now the parent company and most direct operating peer in offshore drilling.
- Valaris Limited: Major offshore drilling contractor with a diversified fleet of drillships, semisubmersibles, and jackup rigs. Direct competitor in both ultra-deepwater and jackup segments with overlapping customer relationships with international oil majors.
- Transocean: Largest pure-play offshore drilling contractor globally, operating ultra-deepwater and harsh-environment drilling rigs. Direct competitor in the deepwater drillship market and serves the same major oil company customer base as Diamond Offshore.
- Borr Drilling: Specialized offshore drilling contractor focused on premium jackup rigs. Direct competitor in Diamond Offshore's high-specification jackup segment, particularly in international and emerging markets.
- Stena Drilling: Privately-held offshore drilling contractor operating harsh-environment semisubmersibles and drillships. Comparable ultra-deepwater capability and serves a similar customer base of international oil companies.
- Seadrill: Offshore drilling contractor operating a modern fleet of deepwater and harsh-environment drilling rigs. Direct peer in the ultra-deepwater segment with similar customer profile and day-rate contract model.
Emerging players
- Maersk Drilling (now part of Noble): Offshore drilling contractor with premium jackup and semisubmersible fleet that was integrated into Noble Corporation. Operated with comparable service offerings and customer relationships prior to the consolidation.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Diamond Offshore Drilling social profiles
Digital presenceDiamond Offshore Drilling financial estimates
Financial estimateRevenue estimate
Valuation estimate
Diamond Offshore Drilling leadership team
Management profileNumber of profiles
Profiles3 records
Diamond Offshore Drilling funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Diamond Offshore Drilling M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Diamond Offshore Drilling
What does Diamond Offshore Drilling do?
Diamond Offshore Drilling provides contract drilling services to the oil and gas industry using a fleet of offshore drilling units, including ultra-deepwater drillships and high-specification jackup rigs. The company operated in established and emerging offshore basins worldwide, with services including drilling operations and plug and abandonment (P&A) campaigns.
Is Diamond Offshore Drilling a public or private company?
Diamond Offshore Drilling is a private company. It is classified as corporate owned and is currently acquired.
When was Diamond Offshore Drilling founded?
Diamond Offshore Drilling was founded in 1989. It employs 5,001 to 10,000 people.
Where is Diamond Offshore Drilling based?
Diamond Offshore Drilling is headquartered in Houston, United States, in the North America region.
How does Diamond Offshore Drilling make money?
One revenue line is on record: contract Drilling Services.
Who are Diamond Offshore Drilling's main competitors?
Broad incumbents on record are Halliburton, Schlumberger (SLB) and Saipem. Direct peers are Noble Corporation, Valaris Limited, Transocean, Borr Drilling, Stena Drilling and Seadrill. Maersk Drilling (now part of Noble) is listed as an emerging player.
Does Diamond Offshore Drilling have an API?
No public API is recorded for Diamond Offshore Drilling.
What industry is Diamond Offshore Drilling in?
Diamond Offshore Drilling's product category is Offshore Drilling Services. Its primary akta.pro industry code is EUALABAA, Drilling & Workover Rigs (Land & Offshore), with a secondary code of EUALAAAD, Drilling & Well Construction (E&P Operator-led). Its NAICS code is 213111 and its SIC code is 1381.