8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: (Date of earliest event reported): October 28, 2019

Diamond Offshore Drilling, Inc.

(Exact name of registrant as specified in its charter)

Delaware	1-13926	76-0321760
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. Employer  Identification No.)

15415 Katy Freeway

Houston, Texas 77094

(Address of principal executive offices, including Zip Code)

(281) 492-5300

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 par value per share	DO	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02. Results of Operations and Financial Condition

On October 28, 2019, Diamond Offshore Drilling, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended September 30, 2019. A copy of the press release is furnished herewith as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure

A conference call to discuss the Company’s earnings results has been scheduled for 8:00 a.m. Central Time on October 28, 2019. The information for accessing the conference call is included in the press release.

The Company hereby incorporates by reference into this Item 7.01 the summary report of the status, as of October 28, 2019, of the Company’s offshore drilling rigs attached as Exhibit 99.2.

The information contained in Items 2.02 and 7.01 and Exhibits 99.1 and 99.2 to this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any previous or future registration statement filed under the Securities Act of 1933, as amended (the “Securities Act”), unless specifically identified therein as being incorporated by reference.

Statements in this report, statements in the press release furnished as Exhibit 99.1 to this report or the rig status report furnished as Exhibit 99.2 to this report, and statements made during the conference call described in this report, in each case that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements include, but are not limited to, statements concerning future contract effectiveness and estimated duration; expectations regarding downtime, reactivation, upgrades, surveys, retirement, availability, utilization, scrapping, impairments, backlog and revenue expected to result from backlog, future revenue, operating costs, performance, future liquidity and financial condition, market conditions, commodity prices and strategic opportunities; contract noncompliance by customers and other third parties; outcomes of customer discussions; future impact of regulations; process and timing for acquiring permits and approvals for drilling operations; and other statements that are not of historical fact. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those currently anticipated or expected by management of the Company. A discussion of certain of the risk factors and other considerations that could materially impact these matters as well as the Company’s overall business and financial performance can be found in the Company’s reports filed with the Securities and Exchange Commission, and readers of this report are urged to review those reports carefully when considering these forward-looking statements. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, litigation and disputes, operating risks, permits and approvals for drilling operations and various other factors, many of which are beyond the Company’s control. Given these risk factors and other considerations, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of such statement, and the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

2

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit number		Description
	99.1	Press Release dated October 28, 2019
	99.2	Rig Status Report as of October 28, 2019
	104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 28, 2019	DIAMOND OFFSHORE DRILLING, INC.
	By:	/s/ DAVID L. ROLAND
		David L. Roland
		Senior Vice President, General Counsel and Secretary

4

EX-99.1

Exhibit 99.1

Contact: Samir Ali Vice President, Investor Relations & Corporate Development (281) 647-4035

Diamond Offshore Announces Third Quarter 2019 Results

HOUSTON, October 28, 2019 — Diamond Offshore Drilling, Inc. (NYSE: DO) today reported the following results for the third quarter of 2019:

	Three Months Ended
Thousands of dollars, except per share data	September 30, 2019			June 30, 2019
Total revenues	$	254,020		$	216,706
Operating loss		(72,834	)		(111,500	)
Adjusted operating loss		(70,291	)		(120,366	)
Net loss		(95,128	)		(113,988	)
Adjusted net loss		(92,803	)		(136,299	)
Loss per diluted share	$	(0.69	)	$	(0.83	)
Adjusted loss per diluted share	$	(0.67	)	$	(0.99	)

“During the quarter, we secured approximately $90 million of additional backlog, including a new fixture for the Ocean Apex in Australia and the exercise of a two-well option for the Ocean Endeavor in the North Sea,” said Marc Edwards, President and Chief Executive Officer. “These two awards are further confirmation of Diamond’s strategy to focus on the improving moored rig market.”

As of October 1, 2019, the Company’s total contracted backlog was $1.8 billion, including over $540 million of backlog secured year to date and excluding approximately a $130 million margin commitment from one of the Company’s customers.

CONFERENCE CALL

A conference call to discuss Diamond Offshore’s earnings results has been scheduled for 8:00 a.m. CDT today. A live webcast of the call will be available online on the Company’s website, www.diamondoffshore.com. Those interested in participating in the question and answer session should dial 844-492-6043 or 478-219-0839 for international callers. The conference ID number is 9448907. An online replay will also be available on www.diamondoffshore.com following the call.

ABOUT DIAMOND OFFSHORE

Diamond Offshore is a leader in offshore drilling, providing innovation, thought leadership and contract drilling services to solve complex deepwater challenges around the globe. Additional information and access to the Company’s SEC filings are available at www.diamondoffshore.com. Diamond Offshore is owned 53% by Loews Corporation (NYSE: L).

FORWARD-LOOKING STATEMENTS

Statements contained in this press release or made during the above conference call that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. A discussion of certain of the important risk factors and other considerations that could materially impact these matters as well as the Company’s overall business and financial performance can be found in the Company’s reports filed with the Securities and Exchange Commission, and readers of this press release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website at www.diamondoffshore.com. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating risks, litigation and disputes, changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, casualty losses, and various other factors, many of which are beyond the Company’s control. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,			September 30,
	2019			2019			2018			2019			2018
Revenues:
Contract drilling	$	242,315		$	207,273		$	280,691		$	676,284		$	833,970
Revenues related to reimbursable expenses		11,705			9,433			5,631			27,984			16,723
Total revenues		254,020			216,706			286,322			704,268			850,693
Operating expenses:
Contract drilling, excluding depreciation		201,568			224,782			188,456			593,779			562,466
Reimbursable expenses		11,423			9,313			5,574			27,479			16,458
Depreciation		88,693			88,253			81,884			263,844			245,534
General and administrative		18,830			15,294			33,308			51,436			70,057
Impairment of assets		—			—			—			—			27,225
Restucturing and separation costs		—			—			649			—			4,925
Loss (gain) on disposition of assets		6,340			(9,436	)		(506	)		1,191			(1,066	)
Total operating expenses		326,854			328,206			309,365			937,729			925,599
Operating loss		(72,834	)		(111,500	)		(23,043	)		(233,461	)		(74,906	)
Other income (expense):
Interest income		1,317			1,933			2,364			5,664			6,001
Interest expense, net of amounts capitalized		(31,098	)		(31,159	)		(34,293	)		(92,182	)		(92,196	)
Foreign currency transaction (loss) gain		(77	)		(721	)		(743	)		(1,883	)		115
Other, net		82			105			(179	)		520			664
Loss before income tax benefit		(102,610	)		(141,342	)		(55,894	)		(321,342	)		(160,322	)
Income tax benefit		7,482			27,354			4,782			38,898			59,257
Net loss	$	(95,128	)	$	(113,988	)	$	(51,112	)	$	(282,444	)	$	(101,065	)
Loss per share	$	(0.69	)	$	(0.83	)	$	(0.37	)	$	(2.05	)	$	(0.74	)
Weighted-average shares outstanding:
Shares of common stock		137,694			137,691			137,434			137,636			137,386
Dilutive potential shares of common stock		—			—			—			—			—
Total weighted-average shares outstanding		137,694			137,691			137,434			137,636			137,386

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

	September 30,		December 31,
	2019		2018
ASSETS
Current assets:
Cash and cash equivalents	$	209,132	$	154,073
Marketable securities		—		299,849
Accounts receivable, net of allowance for bad debts		237,621		168,620
Prepaid expenses and other current assets		66,669		163,396
Asset held for sale		1,000		—
Total current assets		514,422		785,938
Drilling and other property and equipment, net of accumulated depreciation		5,150,876		5,184,222
Other assets		205,736		65,534
Total assets	$	5,871,034	$	6,035,694
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other current liabilities	$	279,206	$	236,846
Long-term debt		1,975,275		1,973,922
Deferred tax liability		54,119		104,380
Other liabilities		257,110		135,893
Stockholders’ equity		3,305,324		3,584,653
Total liabilities and stockholders’ equity	$	5,871,034	$	6,035,694

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	Nine months ended
	September 30,
	2019			2018
Operating activities:
Net loss	$	(282,444	)	$	(101,065	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities
Depreciation		263,844			245,534
Loss on impairment of assets		—			27,225
Deferred tax provision		(48,323	)		(69,109	)
Contract liabilities, net		15,060			(6,589	)
Deferred contract costs, net		49,866			34,901
Other		8,524			(931	)
Net changes in operating working capital		(20,738	)		58,790
Net cash (used in) provided by operating activities		(14,211	)		188,756
Investing activities:
Capital expenditures		(249,819	)		(159,751	)
Proceeds from maturities of marketable securities		2,300,000			775,000
Purchase of marketable securities		(1,996,996	)		(1,047,453	)
Proceeds from disposition of assets, net of disposal costs		16,097			69,533
Net cash provided by (used in) investing activities		69,282			(362,671	)
Financing activities:
Other		(12	)		(269	)
Net cash used in financing activities		(12	)		(269	)
Net change in cash and cash equivalents		55,059			(174,184	)
Cash and cash equivalents, beginning of period		154,073			376,037
Cash and cash equivalents, end of period	$	209,132		$	201,853

DIAMOND OFFSHORE DRILLING, INC. AND SUBSIDIARIES

AVERAGE DAYRATE, UTILIZATION AND OPERATIONAL EFFICIENCY

(Dayrate in thousands)

TOTAL FLEET
Third Quarter			Second Quarter			Third Quarter
2019			2019			2018
Average Dayrate (1)	Utilization (2)	Operational Efficiency (3)	Average Dayrate (1)	Utilization (2)	Operational Efficiency (3)	Average Dayrate (1)	Utilization (2)	Operational Efficiency (3)
$253	65%	96.6%	$273	51%	88.7%	$333	54%	97.0%

⁽¹⁾ Average dayrate is defined as contract drilling revenue for all of the specified rigs in our fleet per revenue-earning day. A revenue-earning day is defined as a 24-hour period during which a rig earns a dayrate after commencement of operations and excludes mobilization, demobilization and contract preparation days.

⁽²⁾ Utilization is calculated as the ratio of total revenue-earning days divided by the total calendar days in the period for all specified rigs in our fleet (including cold-stacked rigs). Our current fleet includes two floaters that are cold stacked.

⁽³⁾ Operational efficiency is calculated as the ratio of total revenue-earning days divided by the sum of total revenue-earning days plus the number of days (or portions thereof) associated with unanticipated, non-revenue earning equipment downtime.

Non-GAAP Financial Measures (Unaudited)

To supplement the Company’s unaudited condensed consolidated financial statements presented on a GAAP basis, this press release provides investors with adjusted operating loss, adjusted net loss and adjusted loss per diluted share, which are non-GAAP financial measures. Management believes that these measures provide meaningful information about the Company’s performance by excluding certain items that may not be indicative of the Company’s ongoing operating results. This allows investors and others to better compare the company’s financial results across previous and subsequent accounting periods and to those of peer companies and to better understand the long-term performance of the Company. Non-GAAP financial measures should be considered to be a supplement to, and not as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

In order to fully assess the financial operating results of the Company, management believes that the results of operations adjusted to exclude various items and their related tax effects are appropriate measures of the continuing and normal operations of the Company. The amounts excluded from our adjusted results include i) settlement costs for a legal claim, restructuring and separation costs incurred and a loss on the sale of a rig during the second quarter of 2018, ii) a gain recognized in the second quarter of 2019 from the sale of the Ocean Guardian, iii) the loss on sale of mooring equipment recognized during the second and third quarters of 2019 in relation to a new leasing initiative and iv) other discrete tax items recognized in the second quarter of 2019. However, these measures should be considered in addition to, and not as a substitute for, or superior to, contract drilling revenue, contract drilling expense, operating income or loss, cash flows from operations or other measures of financial performance prepared in accordance with GAAP.

	Three Months Ended
	September 30,			June 30,			September 30,
	2019			2019			2018
Reconciliation of As Reported Operating Loss to Adjusted Operating Loss:
(In thousands)
As reported operating loss	$	(72,834	)	$	(111,500	)	$	(23,043	)
Adjustments:
(Gain) loss on sale of rig		—			(14,300	)		100
Loss on sale of mooring equipment		2,543			5,434			—
Legal settlement		—			—			17,500
Restructuring and separation costs		—			—			649
Adjusted operating loss	$	(70,291	)	$	(120,366	)	$	(4,794	)
Reconciliation of As Reported Net Loss to Adjusted Net Loss:
(In thousands)
As reported net loss	$	(95,128	)	$	(113,988	)	$	(51,112	)
Adjustments:
(Gain) loss on sale of rig		—			(14,300	)		100
Loss on sale of mooring equipment		2,543			5,434			—
Legal settlement		—			—			17,500
Restructuring and separation costs		—			—			649
Tax effect of adjustments:
(Gain) loss on sale of rig		—			1,227			(13	)
Loss on sale of mooring equipment		(218	)		(466	)		—
Legal settlement		—			—			(2,296	)
Restructuring and separation costs		—			—			(85	)
Other discrete items (1)		—			(14,206	)		—
Adjusted net loss	$	(92,803	)	$	(136,299	)	$	(35,257	)

	Three Months Ended
	September 30,			June 30,			September 30,
	2019			2019			2018
Reconciliation of As Reported Loss per Diluted Share to Adjusted Loss per Diluted Share:
As reported loss per diluted share	$	(0.69	)	$	(0.83	)	$	(0.37	)
Adjustments:
(Gain) loss on sale of rig		—			(0.10	)		—
Loss on sale of mooring equipment		0.02			0.04			—
Legal settlement		—			—			0.12
Restructuring and separation costs		—			—			0.01
Tax effect of adjustments:
(Gain) loss on sale of rig		—			0.01			—
Loss on sale of mooring equipment		—			(0.01	)		—
Legal settlement		—			—			(0.02	)
Restructuring and separation costs		—			—			—
Other discrete items (1)		—			(0.10	)		—
Adjusted loss per diluted share	$	(0.67	)	$	(0.99	)	$	(0.26	)

⁽¹⁾ Represents a discrete income tax adjustment recognized during the second quarter of 2019 in relation to final regulations issued by the Internal Revenue Service in June 2019 with respect to the calculation of the toll charge associated with the deemed repatriation of previously deferred earnings of our non-U.S. subsidiaries in response to the Tax Cuts and Jobs Act enacted in 2017, or Transition Tax. Based on the new regulations, we recorded a net tax benefit of $14.2 million in the second quarter of 2019.

EX-99.2

Exhibit 99.2

Diamond Offshore Drilling, Inc. Rig Status Report October 28, 2019 Updated information noted in bold print

RECENT COMMITMENTS (See Body of Report For Contract Details)

Ocean Apex

Ocean Endeavor

Water Depth ¹

Year

Contract Dayrate

Estimated

Estimated

Downtime 4

Rig Name

(feet)

Type 2

Built 3

Location

Operator

(USD)

Start Date

End Date

Status

4Q19 E

Comments

Totals:

15

Gulf of Mexico

Ocean BlackHawk

12,000

DS 15K DP

2014

US GOM

Oxy

495,000

mid Jun 2014

mid Apr 2020

Revenue recognition in the low $400’s from Jun 2018-Apr 2021

Undisclosed

mid Apr 2020

mid Apr 2021

1-year extension + options

Senegal

Woodside

Undisclosed

1Q 2022

1Q 2023

Well based contract + options

Ocean BlackHornet

12,000

DS 15K DP

2014

US GOM

BP

Undisclosed

1Q 2020

1Q 2022

2-year term + 2 x 1 year options

Ocean BlackRhino

12,000

DS 15K DP

2014

US GOM

Hess

400,000

mid Feb 2017

late May 2020

3-year term

14

Special Survey at zero rate

Senegal

Woodside

Undisclosed

1Q 2021

1Q 2024

Well based contract + options

Ocean BlackLion

12,000

DS 15K DP

2015

US GOM

Hess

400,000

mid Feb 2016

late Feb 2020

4-year term

US GOM

BP

Undisclosed

2Q 2020

2Q 2022

2-year term + 2 x 1 year options

North Sea / Mediterranean / W. Africa

Ocean Patriot

3,000

SS 15K

1983

UK

Apache

Undisclosed

early Jun 2018

early Jun 2020

2-year term + options

Ocean Valiant

5,500

SS 15K

1988

UK

Total

Undisclosed

early Nov 2016

late Oct 2019

Well based contract

UK

Shell

Undisclosed

early Nov 2019

late Jan 2021

Well based contract + options

Ocean Endeavor

10,000

SS 15K

2007

UK

Shell

Undisclosed

late May 2019

4Q 2021

Ocean GreatWhite

10,000

SS 15K DP

2016

UK

Undisclosed

Undisclosed

mid Jul 2019

late Oct 2019

Well based contract

Australasia

Ocean Apex

6,000

SS 15K

2014

Australia

Shell

Undisclosed

mid Aug 2019

mid Nov 2019

1 well

1

Australia

Woodside

Undisclosed

early Jan 2020

late Sep 2020

4 wells + options

Australia

BP

Undisclosed

early Oct 2020

late Dec 2020

1 well + options

Australia

Woodside

Undisclosed

early Jan 2021

mid Nov 2021

Ocean Onyx

6,000

SS 15K

2014

Australia

Beach

Undisclosed

1Q 2020

1Q 2021

6 wells + 5 option wells

Currently undergoing upgrades and reactivation in Singapore

Ocean Monarch

10,000

SS 15K

2008

Australia

Exxon / Cooper

Undisclosed

mid Feb 2019

late Dec 2019

Myanmar

Posco Daewoo

Undisclosed

1Q 2020

3Q 2021

7 wells + 5 option wells

South America

Ocean Courage

10,000

SS 15K DP

2009

Brazil

Petrobras

380,000

late Feb 2018

late Jul 2020

Term extension

Ocean Valor

10,000

SS 15K DP

2009

Brazil

Petrobras

289,000

mid Nov 2018

mid Nov 2020

2-year term extension

~$40MM retroactive credit to be amortized over 2-year extension

Stacked

Ocean America

5,500

SS 15K

1988

Malaysia

—

—

—

—

Stacked

Ocean Rover

8,000

SS 15K

2003

Malaysia

—

—

—

—

Stacked

Ocean Confidence

10,000

SS 15K DP

2001

Canary Islands

—

—

—

—

Stacked

Held for Sale

NOTES

(1) Water Depth refers to the rig’s rated operating water depth capability. Often, rigs are capable of drilling or have drilled in greater water depths.

(2) Rig Type and Capabilities: SS=Semisubmersible; DS=Drillship; 15K=15,000 PSI Well-Control System; DP=Dynamically Positioned Rig

(3) Year Built represents when rig was built and originally placed in service or year redelivered with significant enhancements that enabled the rig to be classified within a different floater category than when originally constructed.

(4) Downtime only includes downtime periods that as of this report date are experienced, or have been planned and estimable and/or do not necessarily reflect actual downtime experienced. Additional downtime may be experienced in the form of possible mobes for new jobs not yet contracted, possible acceptance testing at new jobs, and unplanned maintenance and repairs. Survey start times may also be accelerated or delayed for various reasons.

General Notes

Rig Utilization: Can be adversely impacted by additional downtime due to unscheduled repairs and maintenance, and other factors.

Dayrates: exclude amortized revenue related to amounts earned for certain activities, such as mobe, demobe, contract preparation, etc.

Survey Costs: During surveys, normal operating expense will be incurred, plus additional costs.

US GOM: U.S. Gulf of Mexico

Please refer to accompanying disclaimer as well as Diamond Offshore’s 10-K and 10-Q filings with the SEC. Page 1 of 2

Diamond Offshore Drilling, Inc. Rig Status Report

Statements contained in this report that are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company’s overall business and financial performance can be found in the Company’s reports filed with the Securities and Exchange Commission, and readers of this report are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website at www.diamondoffshore.com. These risk factors include, among others, risks associated with worldwide demand for drilling services, level of activity in the oil and gas industry, renewing or replacing expired or terminated contracts, contract cancellations and terminations, maintenance and realization of backlog, competition and industry fleet capacity, impairments and retirements, operating risks, changes in tax laws and rates, regulatory initiatives and compliance with governmental regulations, construction of new builds, casualty losses, and various other factors, many of which are beyond the Company’s control. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of this report. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Page 2 of 2

XML

Document and Entity Information	Oct. 28, 2019
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0000949039
Document Type	8-K
Document Period End Date	Oct. 28, 2019
Entity Registrant Name	Diamond Offshore Drilling, Inc.
Entity Incorporation State Country Code	DE
Entity File Number	1-13926
Entity Tax Identification Number	76-0321760
Entity Address, Address Line One	15415 Katy Freeway
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77094
City Area Code	(281)
Local Phone Number	492-5300
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	DO
Security Exchange Name	NYSE
Entity Emerging Growth Company	false