Diamond M Drilling Co.
In the early 1960s the onshore drilling company Brewster-Bartle went bankrupt. The banks that had become the owners of the company’s rigs contacted Don McMahon to take over the failed company. McMahon accepted the challenge and formed Diamond M Drilling Co. in 1964. He named the company after Diamond M Acres, his ranch near Simonton, Texas.
McMahon took his company public in 1970 and expanded into offshore waters with the building and purchase of jack-up, barge, and semi-submersible rigs. In the early 1970s, Diamond M was one of the largest owners of barge rigs in the energy industry. The company continued to drill both on land and offshore.
In the late 1970s, Western Oceanic tendered an offer to buy Diamond M. Unwilling to be purchased, Diamond sought and found a “white knight” in Kaneb Services, Inc.
Read more about this topic: Diamond Offshore Drilling
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