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After it missed a mid-April interest payment (and has further coupon payments due in May), Diamond Offshore filed for Chapter 11. We expected a wave of financial restructuring and Chapter 11 filings across the offshore drillers. Still, as others have more pressing situations than Diamond Offshore, we had expected other contractors to be first. We believe being first is a good move, providing the operational business with competitive advantages and positioning it for upcoming industry consolidation. As the market cap is now a tiny part of the EV and equity recovery is probably very limited in Chapter 11, we have moved to NO REC (HOLD) and withdrawn our target price (USD2.00)