Diamond Offshore CEO To Retire After More Than 30 Years Of Service
HOUSTON, Sept. 24, 2013
HOUSTON, Sept. 24, 2013 /PRNewswire/ --Diamond Offshore Drilling, Inc.
(NYSE: DO) announced today that Lawrence R. Dickerson, President and Chief
Executive Officer, has decided to retire after more than 30 years of service.
"I have had the pleasure of knowing and working with Larry for the past 25
years," said James Tisch, Chairman of the Board of Diamond Offshore. "Diamond
Offshore has achieved operational excellence and substantially modernized its
fleet with Larry at the helm. Under his leadership, Diamond has created
tremendous value for shareholders, including paying total dividends of more
than $5 billion—over $36 per share—to shareholders since 2006. The Board is
grateful for Larry's many contributions and his distinguished tenure as both
President and CEO."
"I have been privileged to lead this great company," Mr. Dickerson said. "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. I am especially proud of our safety
achievements in recent years. I look forward to working with my colleagues,
the board, and our customers during this transition."
Mr. Dickerson will remain CEO until his successor joins the company, which is
expected to take place by March 31, 2014.
Russell Reynolds Associates has been retained by the Board of Directors of
Diamond to assist in a search for a new CEO.
ABOUT DIAMOND OFFSHORE
Diamond Offshore provides contract drilling services to the energy industry
and is a leader in deepwater drilling. Diamond Offshore's fleet of offshore
drilling rigs consists of 30 semisubmersibles, seven jack-ups, and one
drillship. In addition, the company has four ultra-deepwater drillships and
three deepwater semisubmersibles under construction. Additional information
about the Company and access to the Company's SEC filings is available on the
Internet at www.diamondoffshore.com. Diamond Offshore is owned 50.4% by Loews
Corporation (NYSE: L).
Statements contained in this press release that are not historical facts are
"forward-looking statements" within the meaning of the federal securities
laws. Such statements include, but are not limited to, statements concerning
Mr. Dickerson's transition period, the executive search and a new CEO.
Forward-looking statements are inherently uncertain and subject to a variety
of assumptions, risks and uncertainties that could cause actual results to
differ materially from those anticipated or expected by management of the
Company. A discussion of the important risk factors and other considerations
that could materially impact these matters as well as the Company's overall
business and financial performance can be found in the Company's reports filed
with the Securities and Exchange Commission, and readers of this press release
are urged to review those reports carefully when considering these
forward-looking statements. Copies of these reports are available through the
Company's website at www.diamondoffshore.com. These factors include, among
others, general economic and business conditions, contract cancellations,
customer bankruptcy, operating risks, casualty losses, industry fleet
capacity, changes in foreign and domestic oil and gas exploration and
production activity, competition, changes in foreign, political, social and
economic conditions, regulatory initiatives and compliance with governmental
regulations, customer preferences and various other matters, many of which are
beyond the Company's control. Given these risk factors, investors and
analysts should not place undue reliance on forward-looking statements. Each
forward-looking statement speaks only as of the date of this press release.
The Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statement to reflect
any change in the Company's expectations with regard thereto or any change in
events, conditions or circumstances on which any forward-looking statement is
Director, Investor Relations
SOURCE Diamond Offshore Drilling, Inc.
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