Offshore drilling contractor Diamond Offshore has named a former boss of Pacific Drilling and a former executive of Noble Corporation as the company’s President and Chief Executive Officer who will also serve on the board of directors.
Diamond revealed on Monday that Bernie G. Wolford Jr. succeeds Marc Edwards, who retired from the company as Chairman, President, and CEO on 23 April 2021 when the company and its debtor-affiliates emerged from their Chapter 11 financial restructuring.
The restructuring provided substantial liquidity for Diamond, resulting in the equitization of about $2.1 billion in senior unsecured note obligations and providing the company with over $625 million of newly available capital.
According to Diamond, Wolford brings 40 years of industry and related experience to his leadership role at Diamond. He began his career with Transworld Drilling Company in 1981 and has worked in numerous locations across the globe.
Namely, he served as the Chief Executive Officer of Pacific Drilling from November 2018 to April 2021. From 2010 to 2018, Wolford served in senior operational roles at Noble Corporation, including five years as the company’s Senior Vice President – Operations.
It is important to note here that Noble Corporation has recently completed the acquisition of Pacific Drilling and, as a result, now owns and operates a fleet of 24 rigs, with 11 drillships, 12 jack-ups, and 1 semi-submersible.
Both drilling contractors have, prior to the merger, completed financial restructuring.
Wolford stated, “I am honoured to be named Diamond’s CEO, and I’m excited to lead the company in its next phase. Diamond responsibly operates valuable assets, has an excellent operational and safety reputation and maintains a competitive market position. I look forward to meeting with our employees both on the rigs and in offices around the world”.
The company also announced that on 7 May 2021, the board of directors elected Neal P. Goldman as the company’s new Chairman of the board.
Goldman commented, “I am excited to work with Bernie through the company’s next chapter. Throughout his career, Bernie has demonstrated a keen ability to revitalize the organizations he leads, delivering operational and financial excellence.
“These skills will be critical on Diamond’s path to drive operational efficiency and achieve profitable growth, while continuing to deliver best of class value for our customers”.