HOUSTON, April 27, 2020 /PRNewswire/ -- Diamond
Offshore Drilling, Inc. (NYSE: DO) ("the Company") today announced
that the Company received notification from the staff of NYSE
Regulation, Inc. ("NYSE Regulation") that it has determined to
commence proceedings to delist the Company's shares of common
stock. NYSE Regulation determined that the Company was no longer
suitable for listing pursuant to Listed Company Manual Section
802.01D after the Company's April 27,
2020 disclosure that it and select subsidiaries have filed
voluntary petitions for reorganization under chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of Texas.
The Company does not presently anticipate exercising its right
to appeal NYSE Regulation's delisting determination.
The Company expects that the Company's common stock will be
quoted on the OTC Pink markets.
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.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release are forward-looking
statements within the meaning of and made pursuant to the safe
harbor provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. In addition, Company representatives may from time to time
make oral forward-looking statements. All statements, other than
statements of historical facts, are forward-looking statements.
Forward-looking statements may be identified by the words
"anticipate," believe," "estimate," "expect," "intend," "plan,"
"project," "may," "will," "could," "should," "seek" and similar
expressions. Forward-looking statements reflect the Company's
current expectations and assumptions regarding its business, the
economy and other future events and conditions and are based on
currently available financial, economic and competitive data and
the Company's current business plans. Actual results could vary
materially depending on risks and uncertainties that may affect the
Company's operations, markets, services, prices and other factors
as discussed in the Risk Factors section of the Company's filings
with the Securities and Exchange Commission (the "SEC"). While
management believes the Company's assumptions are reasonable, the
Company cautions against relying on any forward-looking statements
as it is very difficult to predict the impact of known factors, and
it is impossible for management to anticipate all factors that
could affect the Company's actual results. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the
Debtors' ability to obtain the approval of the Bankruptcy Court
with respect to motions filed in the Chapter 11 Cases and the
outcomes of Bankruptcy Court rulings and the Chapter 11 Cases in
general, the effectiveness of the overall restructuring activities
pursuant to the Chapter 11 Cases and any additional strategies that
the Debtors may employ to address their liquidity and capital
resources, the actions and decisions of creditors, regulators and
other third parties that have an interest in the Chapter 11 Cases,
restrictions on the Debtors due to the terms of any
debtor-in-possession credit facility that the Debtors may enter
into in connection with the Chapter 11 Cases and restrictions
imposed by the Bankruptcy Court, increased legal and other
professional costs necessary to execute the Debtors' restructuring,
the trading price and volatility of the Company's common stock and
the effects of the Chapter 11 Cases on the Company's continued
listing on the New York Stock Exchange, the effects and the length
of the 2019 novel coronavirus (COVID-19) pandemic and the other
factors listed in the Company's SEC filings. For a more detailed
discussion of these and other risk factors, see the Risk Factors
section in the Company's most recent Annual Report on Form 10-K and
the Company's other filings made with the SEC. All forward-looking
statements are expressly qualified in their entirety by this
cautionary notice. The forward-looking statements made by the
Company and Company representatives speak only as of the date on
which they are made. Factors or events that could cause actual
results to differ may emerge from time to time. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
Contact:
Samir Ali
Vice President, Investor Relations & Corporate Development
(281) 647-4035
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SOURCE Diamond Offshore Drilling, Inc.