Diamond Offshore files for bankruptcy amid historic crude crash

Drilling company Diamond Offshore deems it necessary to file for bankruptcy as a consequence of plunging oil prices destroying demand.

Photo shows Diamond Offshore's drilling rig Ocean Guardian in February 2010. | Photo: Reuters/Ritzau Scanpix

By David Wethe and Jeremy Hill, Bloomberg

Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea.

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