Diamond Offshore Drilling layoffs, on the record
Every job cut, severance charge and restructuring Diamond Offshore Drilling reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 1,900 to approximately 2,140.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 1,900 | December 31, 2021 |
| 10-K for 2022 | approximately 2,100 | December 31, 2022 |
| 10-K for 2023 | approximately 2,140 | As of December 31, 2023 |
Job cuts, severance and restructuring
Our summaryCompany incurred severance costs for certain executives who left after the Effective Date, included in payroll costs within general and administrative expense.
Word for word“Payroll costs for the Successor period included $8.0 million of severance benefits for certain executives who left the Company on or after the Effective Date.” 10-K for 2021
Our summaryCompany launched a plan to reduce the number of employees worldwide to restructure operations and lower operating costs, mainly cutting personnel in corporate offices, warehouses and international shorebase locations.
Word for word“Also, during the second quarter of 2020, we initiated a plan to reduce the number of employees in our world-wide organization in an effort to restructure our business operations and lower operating costs.” 10-K for 2021
Our summaryCompany recorded restructuring and separation costs in 2020 as reported in the operating results table, including legal and professional fees tied to restructuring alternatives and the Chapter 11 filing.
Word for word“Prior to the Petition Date in 2020, we incurred $7.4 million in legal and other professional advisor fees in connection with the consideration of restructuring alternatives, including the preparation for filing of the Chapter 11 Cases and related matters.” 10-K for 2021
Our summaryCompany recorded restructuring and separation costs for legal and professional advisor fees tied to considering restructuring alternatives and the Chapter 11 filing, reported for the 2020 year.
Word for word“Prior to the Petition Date, we incurred $ 7.4 million in legal and other professional advisor fees in connection with the consideration of restructuring alternatives, including the preparation for filing of the Chapter 11 Cases and related matters.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Restructuring costs incurred |
|---|---|---|
| 2017-12-31 | $14.1 million | — |
| 2018-12-31 | $5 million | — |
| 2020-12-31 | $17.7 million | $7.4 million |
| 2022-12-31 | $0 | — |
Diamond Offshore Drilling has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Diamond Offshore Drilling’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-28. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.