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Drilling Co. Merger Rumor Prompts Investor Suit In Del.
Law360 (July 27, 2021, 7:29 PM EDT) Diamond Offshore Drilling Inc. s largest stockholder sued the company in Delaware s Chancery Court late Monday to force an annual meeting and board vote, saying the meeting is overdue and citing reports that the company is mulling a potentially conflicted sale to another driller.
Avenue Capital Management LP alleged that Diamond has not held an annual meeting since May 2020 and that it emerged from Chapter 11 in Texas in April with a board now potentially tilted toward the interests of Pacific Investment Management Company, or PIMCO, Diamond s second-largest shareholder after Avenue s 17.2% stake and a substantial investor in merger candidate Noble Corp..
Mobile Offshore Drilling Unit Market to rise at a CAGR of 4 1% through 2027 - Report by Market Research Future (MRFR)
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Mobile Offshore Drilling Unit Market to rise at a CAGR of
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Mechanic Defends $2.2M Award In Offshore Rig Burn Suit
Law360 (July 16, 2021, 5:35 PM EDT) A mechanic who suffered chemical burns while working to repair an offshore drilling vessel told a Texas appellate court it should uphold the $2.2 million judgment he won after a jury said the shipowner s parent company bore the majority of the blame for his injuries.
William Black told the Fourteenth Court of Appeals Thursday that Diamond Offshore Drilling Inc. and the Diamond subsidiary that owns the vessel he worked on can t escape liability for his life-altering injury. The mechanic said the energy companies incorrectly asserted on appeal that his claim for recovery submitted to the jury was a federal maritime law.