Diamond Offshore Drilling Inc. tapped Bernie G. Wolford Jr., who formerly led Pacific Drilling SA, as the Houston-based company’s new CEO, the offshore driller said in a May 10 release.
In the appointment, Wolford succeeds Marc Edwards, Diamond Offshore’s former chairman, president and CEO who retired from the company in April following its emergence from Chapter 11 bankruptcy.
On April 26, Diamond Offshore announced it had successfully completed a financial reorganization resulting in the equitization of approximately $2.1 billion in senior unsecured note obligation. The company said the restructuring provided it with over $625 million of new available capital.
In connection with its emergence from Chapter 11, the company also announced Edwards retirement, effective immediately.
Wolford, which Diamond Offshore named as president and CEO on May 10, brings 40 years of industry and related experience to his leadership role at Diamond, according to the company release. The company also said on May 10 that Neal P. Goldman had recently been elected by its board of directors to serve as Diamond Offshore’s new chairman.
Previously, Wolford had served as the CEO of Pacific Drilling since November 2018. The company, which also went through a bankruptcy in the past year, recently announced a merger agreement fellow offshore drilling service company Noble Corp.
Prior to Pacific Drilling, Wolford worked at Noble Corp. from 2010 to 2018, serving in senior operational roles including five years as the company’s senior vice president operations. He began his career with Transworld Drilling Co. in 1981 and has worked in numerous locations across the globe.
In a statement on May 10 commenting on his new role at Diamond Offshore, Wolford said: “I am honored 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.”
Goldman, Diamond Offshore’s new chairman, also added: “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.”
Goldman currently serves as the managing member of consulting firm SAGE Capital Investments LLC. He joined Diamond’s board in April as part of the company’s joint plan of reorganization which established a newly constituted board of directors.
T. Mitch Little previously served as executive vice president of operations for Marathon Oil from August 2016 until his retirement in December 2020
In connection with its emergence from Chapter 11, Diamond Offshore also announced that Marc Edwards has retired as chairman, president and CEO, effective immediately.
Diamond Offshore Drilling recently skipped making an interest payment and retained advisers to help it evaluate various alternatives “with respect to its capital structure,” according to an SEC filing on April 16.