Diamond Offshore Drilling Inc said Chief Executive Lawrence Dickerson would retire once a successor is found, expected by March 31.
Dickerson, 60, has been with the company for 34 years, becoming chief executive in May 2008.
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He has been a director since March 1998, before which he was the chief operating officer.
Diamond Offshore, which has a market value of $8.75 billion, is majority owned by conglomerate Loews Corp , which has presence in hotel, energy and financial services.
Diamond Offshore had reported a higher-than-expected profit for the second quarter in July.
The company has hired Russell Reynolds Associates to search for a new CEO.
Diamond Offshore shares closed at $62.95 on the New York Stock Exchange on Monday.
(Reporting by Aby Jose Koilparambil in Bangalore; Editing by Kirti Pandey)