While the company still has the usual 30-day grace period to make the payment, investors should not expect this to happen as the recent double whammy of new oil price war and COVID-19-related demand destruction has caused key customers to reduce capex across the board as already evidenced by the most recent updates from peers Noble Corporation ( NE ) and Borr Drilling ( BORR ), leaving basically the entire industry with unsustainably high debtloads relative to the anticipated levels of business activity going forward. Photo: Semi-Submersible Rig "Ocean GreatWhite" - Source: West Highland Free Press Despite Diamond Offshore's debt repayment schedule appearing rather light with only $250 million of unsecured notes due in 2023, the bond market has already reflected market participants' expectations for a potential debt restructuring in recent months. Even before yesterday's carnage, the company's notes were trading at massive discounts to face value, clearly signaling expectations for a massive haircut.