Why Offshore Drilling Stocks Are Sinking Today [The Motley Fool]
Diamond Offshore Drilling, Inc. (DO)
Last diamond offshore drilling, inc. earnings: 2/10 06:00 am
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US:NYSE Investor Relations:
investor.diamondoffshore.com
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Source: The Motley Fool
What happenedShares of companies focused on theoffshore drillingindustry are plunging today. Leading the downdraft wasDiamond Offshore Drilling(NYSE:DOTransoceanNYSE:RIGOceaneering InternationalNYSE:OIISo whatAccording to a filing with the Securities and Exchange Commission, Diamond Offshore Drilling has elected not to make the semiannual interest payment on its .7% senior notes due in 09. While that payment was due Wednesday, it does have a 0-day grace period. If Diamond Offshore doesn't make an interest payment by May , then it will be in default.That would then trigger a cross-default of the company's bank credit facility as well as its other outstanding notes. The company has retained legal and financial advisers, which are evaluating options. Among those they're likely considering is whether to restructure Diamond Offshore's debt in bankruptcy.Image source: Getty Images.One offshore-related company has already filed for bankruptcy due to the steep downturn in oil prices following
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