Diamond Offshore CEO to Step Down

Longtime president and CEO Lawrence Dickerson has decided to retire from contract deepwater driller Diamond Offshore Drilling (NYSE: DO  ) by early next year, the company announced today. A successor to Dickerson is expected to be named by March 31, 2014.

Commenting on his decision to retire after more than three decades with the company, Dickerson said in a statement, "Our achievements reflect the contributions of a great many men and women, and I believe that after 34 years at Diamond and 15 as President, it is time to pass the reins to a new generation."

Dickerson will remain in his post as president and CEO until a successor is found, Diamond Offshore said, to assist with the transition. The company has secured the services of an executive recruiting firm to help in its search for a new leader.

Diamond Offshore services the energy industry, utilizing its fleet of 30 semisubmersible rigs, seven jack-ups, and one drillship. Additionally, Diamond Offshore is currently constructing four ultra-deep drillships and two deepwater submersibles.


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9/27/2016 4:02 PM
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Diamond Offshore D… CAPS Rating: ***