Diamond Offshore Enhances Severance Plan for Key Executives

Diamond Offshore Drilling Inc (DO) has issued an update.

Diamond Offshore Drilling, Inc. has updated its severance plan to offer enhanced financial security to seven key employees, including executive officers, in the event of involuntary termination. This amended plan, effective from August 6, 2024, ensures that eligible employees receive a lump-sum payment equivalent to their annual salary and target bonus, along with up to 24 months of paid healthcare premiums if termination occurs around a company change in control. These measures strengthen the company’s ability to maintain a stable senior management team amidst the unpredictable nature of the financial markets.

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