Diamond Offshore Drilling
Diamond Offshore Drilling, Inc (“DODI”) is a leader in offshore drilling, providing contract drilling services to the energy industry around the globe with a total fleet of 15 offshore drilling rigs, consisting of 11 semisubmersibles and four dynamically positioned drill ships.
How Diamond Offshore Drilling Transformed Financial Clarity and Cut Costs with OneStream
Diamond Offshore Drilling, a global leader in offshore drilling services, faced a familiar challenge: outdated systems, manual processes, and limited visibility were slowing them down. Their legacy Oracle EBS platform couldn’t keep up with evolving business demands—leading to inefficiencies, disconnected strategy execution, and missed opportunities for insight.
- Faster, standardized close and consolidation processes
- Real-time access to centralized, uniform financial data
- Automated reporting with robust accuracy controls
- Clear audit trails for compliance and confidence
- Improved alignment between strategy and performance
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The Problem
Why Diamond Offshore Drilling Approached HollandParker?
Diamond Offshore was seeking a modern CPM solution to replace their legacy Oracle EBS technology that plagued them with manual processes for a streamlined business planning platform. Through an extensive search, they selected OneStream XF to improve their close and reporting processes with the overall goal to reduce manual effort and increase overall insight and accuracy of their financial data. Further, they sought a robust solution to address the following challenges:
- Spending an unreasonable amount of time in data administration rather than analysis and execution.
- A disconnect between strategy and performance at both the micro and macro level
- Rigidity: Inability for management to quickly adapt to business restructuring.
- Inefficient processes due to necessity of having to work manually outside of Oracle EBS because the technology could not support their process from a single source.
The Solution
How We Approached the Problem
As DODI’s trusted OneStream Partner, HollandParker supported their migration from Oracle EBS to OneStream and addressed their identified needs by building a repeatable solution that streamlined their financial close and took away the manual workload by delivering:
- Multiple views of data from a single source with enhanced dimensionality
- Integrating their financial close calendar into Task Manager solution to provide managers increased and real time visibility into the status of key tasks and dependencies.
- Automating financial reporting to ensure accuracy and controls in financial reporting.
- Building key reports to improve efficiency and accuracy when developing financial statements.
Here Are the Key Achievements for This Client
Achieved a faster and standardized close and consolidation process.
Real time access to centralized financial data in a consistent and uniform format.
Created concrete audit trail to ensure the accuracy of data.
Improved linkage of strategy and performance at both the micro and macro level.
Reduced effort through gained efficiencies: simplification, streamlined processes, and automation to allow DODI to reduce costs.
Scalable solution: Sustainable and scalable business process and technology that enables future growth.
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The Pre-Transformation Checklist for Finance
An 11-Step Risk Reduction Tool for CFOs and CAOs Who Aren’t Sure Where to Start
Leverage wisdom from 500+ enterprise finance transformations to ensure yours is smooth and successful.