On January 22, 2021, Diamond Offshore Drilling, Inc. announced that the Debtors entered into a Plan Support Agreement (the “Plan Support Agreement”) among the Debtors, certain holders of the Company’s 5.70% Senior Notes due 2039, 3.45% Senior Notes due 2023, 4.875% Senior Notes due 2043 and 7.875% Senior Notes due 2025 (collectively, the “Senior Notes”) party thereto (collectively, the “Consenting Noteholders”) and certain holders of claims (collectively, the “RCF Claims”) under the Company’s Revolving Credit Agreement (collectively, the “Consenting RCF Lenders” and, together with the Consenting Noteholders, the “Consenting Stakeholders”). Concurrently therewith, the Debtors entered into the Backstop Agreement (as defined in the Plan Support Agreement) with certain holders of Senior Notes and also entered into the Commitment Letter with certain holders of RCF Claims. The Plan Support Agreement requires the Consenting Stakeholders to support the proposed financial restructuring (the “Restructuring”) of the Debtors consistent with the terms and conditions set forth in the chapter 11 plan of reorganization (the “Plan”) attached as an exhibit to the Plan Support Agreement, the Backstop Agreement attached as an exhibit to the Plan Support Agreement, and the commitment letter for the Exit Revolving Credit Facility (as defined below) (the “Commitment Letter”) attached as an exhibit to the Plan Support Agreement, in each case, subject to and on the terms and conditions set forth in the Plan Support Agreement and the exhibits attached thereto. The Debtors have agreed to seek approval of the Plan and complete their restructuring efforts subject to the terms, conditions, and milestones contained in the Plan Support Agreement and otherwise comply with the terms and requirements set forth in the Plan Support Agreement. The Plan Support Agreement also provides for termination by the parties upon the occurrence of certain events.