Noble is the second large offshore drill that can go bankrupt this year, after Diamond Offshore Drilling in April. The offshore drill, which is 53% owned by Loews Corp., has a global fleet of 15 drilling rigs, consisting of 11 semi-burners and four dynamically positioned drilling vessels. In the Gulf of Mexico, four people are available to work in ultra-deep waters at depths of more than 7,500 feet. For more information on Chapter 11 cases, see www.diamondoffshore.com/restructuring. Court documents and claims information are available at cases.primeclerk.com/Diamond. Please ask questions of the company`s claims manager, Prime Clerk, by e-mail to [email protected] or by phone at 877-720-6570 (free) or 1-929-955-3417 (toll). The Houston-based contract drill said it was seeking Chapter 11 creditor protection after the slowdown in the offshore drilling industry was “precipitated” by the oil price war between the Organization of Petroleum Exporting Countries and Russia, along with the Covid 19 pandemic, in papers filed in the U.S. Bankruptcy Court in Houston. If you have any questions about this process, please call the free U.S. toll 877-720-6570 or the International Toll 929-955-3417, or email email@example.com Diamond and some of its subsidiaries began on April 26, 2020 with Chapter 11 business. Chapter 11 is the section of the U.S. Bankruptcy Act that covers restructuring of companies under judicial supervision.
This restructuring will help us create a more sustainable financial structure and ensure that we are well positioned for the future. After offshore oil producers blocked wells in the Gulf of Mexico following a drop in crude oil prices due to the coronavirus pandemic, demand for the fleet of offshore drilling diamonds and drilling vessels dried up. When conditions deteriorated in the offshore industry, the company withdrew $400 million for its revolver loan. Certain statements contained in this press release are forward-looking statements within the meaning and in accordance with the provisions of Section 27A of the Securities Act of 1933, amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, company representatives may, from time to time, make forward-looking oral statements. All statements, in the absence of historical facts, are forward-looking statements. Forward-looking statements can be identified by the words “anticipate,” believe, “appreciate,” “wait,” “plan,” “project,” “project,” “may,” “could,” “should,” “seek” and other similar expressions.