type public company traded as nyse do s & p 500 component industry petroleum industry headquarters houston texas key people james s. tisch chairman marc g. edwards president & ceo 1 products offshore drilling revenue us 2.419 billion 2015 1 operating income us 294 million 2015 1 net income us 274 million 2015 1 total assets us 7.165 billion 2015 1 total equity us 4.113 billion 2015 1 number of employees 3 400 2015 1 parent loews corporation 52 % 2 website www.diamondoffshore.com diamond offshore drilling inc. is a deepwater drilling contractor . the company is headquartered in houston texas and has major offices in australia brazil mexico scotland singapore and norway . 3 contents 1 current operations 2 history 2.1 recent financial struggles 3 controversies 3.1 worker asbestos exposure 4 references current operations edit the company operates 33 drilling rigs including 24 semisubmersibles 5 drillships and 6 jackup rigs . 4 the company provides quarterly online updates on the status of each rig in its fleet . 5 in 2015 petrobras accounted for 24 % of the company s revenues . exxonmobil and anadarko petroleum each accounted for 12 % of the company s revenues . 1 operations outside of the united states accounted for 79 % of the company s revenues . 1 history edit diamond offshore s beginnings can be traced back to the earliest days of the offshore drilling industry . its predecessor companies were odeco zapata corporation and diamond m drilling co. diamond offshore s roots date back to may 1953 when alden j. doc laborde founded ocean drilling and exploration co. odeco in new orleans . laborde had designed what was probably the first submersible drilling rig . after finding a financial backer in charlie murphy of murphy oil co. a grateful laborde built the rig in 1954 and named the unit mr. charlie in honor of his benefactor . today the mr. charlie is a museum and training facility in morgan city louisiana . after noticing the stability of submersible rigs when they were only partially submerged for relocation laborde designed and constructed the first purpose built semi submersible rig ocean driller in 1964 . odeco rigs continued to rack up firsts in the industry in the 1970s with ocean viking discovering the giant ekofisk oil field for phillips petroleum company in the north sea and ocean victory discovering the piper oilfield and claymore field also in the north sea for occidental petroleum . in the early 1960s the onshore drilling company brewster bartle went bankrupt . the banks that had become the owners of the company s rigs contacted don mcmahon to take over the failed company . mcmahon accepted the challenge and formed diamond m drilling co. in 1964 . he named the company after diamond m acres his ranch near simonton texas . mcmahon took his company public in 1970 and expanded into offshore waters with the building and purchase of jack up barge and semi submersible rigs . in the early 1970s diamond m was one of the largest owners of barge rigs in the energy industry . the company continued to drill both on land and offshore . in the late 1970s western oceanic tendered an offer to buy diamond m. unwilling to be purchased diamond sought and found a white knight in kaneb services inc. in 1992 diamond m corporation purchased all of the outstanding stock of odeco drilling inc. from odeco oil and gas co. a subsidiary of murphy oil . shortly thereafter diamond m corp. briefly changed its name to diamond m odeco drilling inc. before becoming diamond offshore drilling inc. in 1993 . diamond offshore began trading on the new york stock exchange in october 1995 and acquired arethusa offshore ltd. in april 1996 . 6 recent financial struggles edit since 2012 the company has retired or sold 12 rigs and recorded over 1.0 billion in impairment charges . 1 on february 8 2016 the company discontinued payment of a quarterly cash dividend . 1 controversies edit worker asbestos exposure edit in 1989 diamond s predecessor bought six drilling rigs from the predecessor of kaneb management co. llc . some of kaneb s employees continued to work for diamond after the transaction and then sued diamond for personal injuries they allegedly suffered from asbestos exposure while they worked for kaneb . 7 in a 2013 filing with the sec diamond acknowledged that their equipment had been used for the manufacture and use of asbestos containing drilling mud but sought to be indemnified from liability . 8 references edit a b c d e f g h i j k diamond offshore drilling inc. 2015 form 10 k annual report diamond offshore . loews corporation . diamond offshore locations diamond offshore fleet overview diamond offshore fleet status report diamond offshore our history diamond offshore pulled back into asbestos liability fight . law360 . june 11 2013 . gibb gordon october 1 2013 . offshore drilling giant says not guilty in drilling mud lawsuit . lawyers and settlements . retrieved from https en.wikipedia.org w index.php title diamond offshore drilling & oldid 744047086 categories companies listed on the new york stock exchangecompanies based in houstondrilling rig operatorsjefferson parish louisianapetroleum industry in the united states navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 12 october 2016 at 19 53 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view