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In 1992, Diamond M Corporation acquired ODECO from Murphy Oil for $358 million. [4] Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993. [5] In October 1995, the company once again became a public company via an initial public offering, listing on ...
In 1953, the company was founded by Alden J. "Doc" Laborde, who also founded Tidewater, and John Hayward. Hayward was the builder of the Barnsdall rig and holder of the patent on submersible drilling barge methodology. Charles Murphy Jr. of Murphy Oil invested $500,000 in the company and assisted Laborde in finding additional investors. [1]
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In 1990 the oil drilling company proposed selling its entire fleet of offshore drilling rigs to focus solely on fishing. The company had not had a profitable quarter in more than five years. In 1990, Zapata Offshore sold 12 of its drilling rigs to Arethusa Offshore, which a few years later merged with Diamond Offshore. Still struggling with ...
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HARRISBURG, Pa. (AP) — Pennsylvania's highest court has delivered a victory for natural gas exploration firms, ruling that the state attorney general's office doesn't have authority under state ...