Diamond Offshore Drilling
Encyclopedia
Diamond Offshore Drilling, Inc. is a deepwater drilling
contractor which provides drilling services to the oil and gas
industry. The company's headquarters are located in Houston, Texas
, but they have offices in Metairie, Louisiana
, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, Norway and the Netherlands. Diamond Offshore's beginnings can be traced back to the earliest days of the offshore drilling industry. Its predecessor companies were ODECO
, Zapata Corporation
, and Diamond M Drilling Co.
In 1992, Diamond M Corporation purchased all of the outstanding stock of ODECO Drilling Inc. from ODECO Oil and Gas Co., a subsidiary of Murphy Oil
. Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993. Diamond Offshore began trading on the New York Stock Exchange in October 1995 and acquired Arethusa (Offshore) Ltd. in April 1996. As of 2009, Diamond Offshore Drilling operates around 47 drilling rigs in all areas of the world.
.
McMahon took his company public in 1970 and expanded into offshore waters with the building and purchase of jack-up, barge, and semi-submersible
rigs. In the early 1970s, Diamond M was one of the largest owners of barge rigs in the energy industry
. The company continued to drill both on land and offshore.
In the late 1970s, Western Oceanic tendered an offer to buy Diamond M. Unwilling to be purchased, Diamond sought and found a “white knight” in Kaneb Services, Inc.
in New Orleans. Laborde had designed what was probably the first submersible drilling rig. After finding a financial backer in Charlie Murphy of Murphy Oil Co.
, a grateful Laborde built the rig in 1954 and named the unit Mr. Charlie in honor of his benefactor. Today, the Mr. Charlie is a museum and training facility in Morgan City, Louisiana
.
After noticing the stability of submersible rigs when they were only partially submerged for relocation, Laborde designed and constructed the first purpose-built semi-submersible
rig, Ocean Driller, in 1964. ODECO rigs continued to rack up “firsts” in the industry in the 1970s, with Ocean Viking discovering the giant Ekofisk oil field
for Phillips Petroleum Company in the North Sea
and Ocean Victory discovering the Piper
and Claymore fields, also in the North Sea, for Occidental Petroleum
.
was an oil exploration company formed in West Texas
in the early 1950s by a partnership of young entrepreneurs, including George H.W. Bush (later the 41st U.S. President), John Overbey, J. Hugh Liedtke, and his brother William (Bill) Liedtke
.
The fledgling company formed the offshore exploration company Zapata Off-Shore Co. in 1954 with Bush as its president. The company split in 1959 into Zapata Petroleum headed by the Liedtke brothers and later to become a part of Pennzoil
and Zapata Offshore headed by Bush. The offshore company’s name was changed to Zapata Corp. in 1982, and it was purchased by Arethusa (Offshore) Ltd. in the early 1990s.
Deepwater drilling
Deepwater drilling is the process of oil and gas exploration and production in depths of more than 500 feet. By this definition, there are approximately 600 deepwater wells in the Gulf of Mexico....
contractor which provides drilling services to the oil and gas
Petroleum industry
The petroleum industry includes the global processes of exploration, extraction, refining, transporting , and marketing petroleum products. The largest volume products of the industry are fuel oil and gasoline...
industry. The company's headquarters are located in Houston, Texas
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
, but they have offices in Metairie, Louisiana
Metairie, Louisiana
Metairie is a census-designated place in Jefferson Parish, Louisiana, United States and is a major part of the New Orleans Metropolitan Area. Metairie is the largest community in Jefferson Parish. It is an unincorporated area that would be larger than most of the state's cities if it were...
, Africa, Australia, Brazil, Indonesia, Scotland, Singapore, Norway and the Netherlands. Diamond Offshore's beginnings can be traced back to the earliest days of the offshore drilling industry. Its predecessor companies were ODECO
ODECO
Ocean Drilling & Exploration Company was a pioneering offshore drilling company formed by Alden J. "Doc" LaBorde and John Hayward in May 1953.-Early years:...
, Zapata Corporation
Zapata Corporation
Zapata Corporation is a holding company based in Rochester, New York, and originating from an oil company started by a group including the former United States president George H. W. Bush. Various writers have alleged links between the company and the United States Central Intelligence Agency...
, and Diamond M Drilling Co.
In 1992, Diamond M Corporation purchased all of the outstanding stock of ODECO Drilling Inc. from ODECO Oil and Gas Co., a subsidiary of Murphy Oil
Murphy Oil
Murphy Oil Corporation is an international oil and gas company, founded in 1944 as C.H. Murphy & Co by Charle H Murphy Sr., that conducts business through various operating subsidiaries. Murphy produces oil and/or natural gas in the United States, Canada, Malaysia, the United Kingdom and Republic...
. Shortly thereafter, Diamond M Corp. briefly changed its name to Diamond M-ODECO Drilling Inc. before becoming Diamond Offshore Drilling, Inc. in 1993. Diamond Offshore began trading on the New York Stock Exchange in October 1995 and acquired Arethusa (Offshore) Ltd. in April 1996. As of 2009, Diamond Offshore Drilling operates around 47 drilling rigs in all areas of the world.
Diamond M Drilling Co.
In the early 1960s the onshore drilling company Brewster-Bartle went bankrupt. The banks that had become the owners of the company’s rigs contacted Don McMahon to take over the failed company. McMahon accepted the challenge and formed Diamond M Drilling Co. in 1964. He named the company after Diamond M Acres, his ranch near Simonton, TexasSimonton, Texas
Simonton is a city in Fort Bend County, Texas within the Houston–Sugar Land–Baytown metropolitan area. As of the 2000 U.S. Census, the city population was 718.-Geography:Simonton is located at ....
.
McMahon took his company public in 1970 and expanded into offshore waters with the building and purchase of jack-up, barge, and semi-submersible
Semi-submersible
A semi-submersible is a specialised marine vessel with good stability and seakeeping characteristics. The semi-submersible vessel design is commonly used in a number of specific offshore roles such as for offshore drilling rigs, safety vessels, oil production platforms and heavy lift cranes.The...
rigs. In the early 1970s, Diamond M was one of the largest owners of barge rigs in the energy industry
Energy industry
The energy industry is the totality of all of the industries involved in the production and sale of energy, including fuel extraction, manufacturing, refining and distribution...
. The company continued to drill both on land and offshore.
In the late 1970s, Western Oceanic tendered an offer to buy Diamond M. Unwilling to be purchased, Diamond sought and found a “white knight” in Kaneb Services, Inc.
ODECO
Diamond Offshore’s roots date back to May 1953, when Alden J. (Doc) Laborde founded Ocean Drilling and Exploration Co. (ODECO)ODECO
Ocean Drilling & Exploration Company was a pioneering offshore drilling company formed by Alden J. "Doc" LaBorde and John Hayward in May 1953.-Early years:...
in New Orleans. Laborde had designed what was probably the first submersible drilling rig. After finding a financial backer in Charlie Murphy of Murphy Oil Co.
Murphy Oil
Murphy Oil Corporation is an international oil and gas company, founded in 1944 as C.H. Murphy & Co by Charle H Murphy Sr., that conducts business through various operating subsidiaries. Murphy produces oil and/or natural gas in the United States, Canada, Malaysia, the United Kingdom and Republic...
, a grateful Laborde built the rig in 1954 and named the unit Mr. Charlie in honor of his benefactor. Today, the Mr. Charlie is a museum and training facility in Morgan City, Louisiana
Morgan City, Louisiana
Morgan City is a city in St. Martin and St. Mary parishes in the U.S. state of Louisiana. The population was 12,404 at the 2010 census....
.
After noticing the stability of submersible rigs when they were only partially submerged for relocation, Laborde designed and constructed the first purpose-built semi-submersible
Semi-submersible
A semi-submersible is a specialised marine vessel with good stability and seakeeping characteristics. The semi-submersible vessel design is commonly used in a number of specific offshore roles such as for offshore drilling rigs, safety vessels, oil production platforms and heavy lift cranes.The...
rig, Ocean Driller, in 1964. ODECO rigs continued to rack up “firsts” in the industry in the 1970s, with Ocean Viking discovering the giant Ekofisk oil field
Ekofisk oil field
Ekofisk is an oil field in the Norwegian sector of the North Sea about southwest of Stavanger. Discovered in 1969, it remains one of the most important oil fields in the North Sea. Production began in 1971 after the construction of a series of off-shore platforms by Phillips Petroleum Company...
for Phillips Petroleum Company in the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
and Ocean Victory discovering the Piper
Piper oilfield
The Piper oilfield is a substantial North Sea oilfield. Oil extracted from it is piped to Scotland, where it is refined at a purpose built refinery on the island of Flotta, in the Orkney Islands....
and Claymore fields, also in the North Sea, for Occidental Petroleum
Occidental Petroleum
Occidental Petroleum Corporation is a California-based oil and gas exploration and production company with operations in the United States, the Middle East, North Africa, and South America...
.
Zapata Petroleum Corporation
Zapata Petroleum Corp.Zapata Corporation
Zapata Corporation is a holding company based in Rochester, New York, and originating from an oil company started by a group including the former United States president George H. W. Bush. Various writers have alleged links between the company and the United States Central Intelligence Agency...
was an oil exploration company formed in West Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
in the early 1950s by a partnership of young entrepreneurs, including George H.W. Bush (later the 41st U.S. President), John Overbey, J. Hugh Liedtke, and his brother William (Bill) Liedtke
Bill Liedtke
Bill Liedtke, Jr. was the co-founder of Zapata Corporation in 1952, along with his brother, Hugh, and former U.S. President George H.W. Bush. Zapata merged with Pennzoil, and the Liedtkes took over United Gas Pipeline in 1956....
.
The fledgling company formed the offshore exploration company Zapata Off-Shore Co. in 1954 with Bush as its president. The company split in 1959 into Zapata Petroleum headed by the Liedtke brothers and later to become a part of Pennzoil
Pennzoil
Pennzoil is an American oil company founded in Los Angeles, California in 1913. In 1955, it was acquired by Oil City, Pennsylvania company South Penn Oil, a former branch of Standard Oil. In 1963, South Penn Oil merged with Zapata Petroleum; the merged company took the Pennzoil name. During the...
and Zapata Offshore headed by Bush. The offshore company’s name was changed to Zapata Corp. in 1982, and it was purchased by Arethusa (Offshore) Ltd. in the early 1990s.