Search results for: Ocean Rig

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  • 15 April 2016

    Offshore driller Ocean Rig will move its corporate domicile from one offshore financial center to another – from the Marshal Islands to the Cayman Islands. The driller, run by the Greek shipping magnate George Economou, said that starting April 15, Ocean Rig’s common shares will start trading under new CUSIP number G66964100. “All shares of Ocean […]

  • 9 August 2018
    Exploration & Production

    Ocean Rig has said that inquiries for offshore rigs have risen to the levels of 2012, which the driller will hope to turn into firm contracts.

  • 5 September 2016

    Struggling offshore driller Ocean Rig UDW has amended its credit facility signed with DNB Bank in February 2015 for up to $475 million. To remind, the original loan deal was signed by Ocean Rig’s subsidiary Drillship Alonissos Shareholders, and the owner of the Ocean Rig Apollo drillship, with the cash intended to be used to […]

  • 5 April 2017
    Business & Finance

    Offshore driller Ocean Rig has gained an approval from 75 percent of its creditors for its financial restructuring plan.  Following its end of March filing for Chapter 15 bankruptcy protection, which deals with insolvency cases where parties of interest involve more than one country, Ocean Rig said on Wednesday that 75% of its financial creditors signed or acceded […]

  • 8 December 2015
    Exploration & Production

    George Economou, CEO of Ocean Rig UDW, a provider of ultra-deepwater drilling services, expects 2016 will be challenging, and it will be tough obtaining new contracts for drilling rigs. The driller has posted a net income of $138.4 million for the third quarter of 2015. This is a rise compared to the third quarter of 2014, […]

  • 1 February 2016
    Exploration & Production

    Less than a fortnight has passed since Ocean Rig UDW Inc. an offshore driller run by the shipping magnate George Economou, lost a drillship contract with Eni, and now the company is facing another challenge. Ocean Rig on Monday said that it has received a notice of breach of material obligations from Premier Oil under the drilling contract […]

  • 2 January 2018
    Business & Finance

    Offshore driller Ocean rig has made several major management changes, following completion of financial restructuring.

  • 20 September 2017

    Offshore drilling company Ocean Rig on Wednesday announced a reverse stock split of 1-for-9200 common shares. This means that shareholders will own one Ocean Rig share for every 9200 shares they currently own. Ocean Rig said the the reverse stock split will take effect as of 5:00 P.M., New York City time, on September 21, […]

  • 5 April 2016

    DryShips, a shipping company, and the largest shareholder in the offshore driller Ocean Rig, is selling its shares in the drilling company. In a statement issued on Tuesday, Dryship said it agreed to sell all of its shares in Ocean Rig UDW Inc. to „unrestricted subsidiary“ of Ocean Rig for total cash consideration of approximately $49.9 […]

  • 8 October 2015
    Exploration & Production

    Ocean Rig UDW, an ultra-deepwater drilling contractor, might soon be regarded solely as a drillship provider, as the company is considering scrapping its semi-submersible drilling rigs. Namely, in its fleet status report issued on Wednesday, the company said that the outlook for further employment of its Eirik Raude and Leiv Eiriksson semi-submersible rigs was bleak. […]

  • 22 September 2017

    Ultra-deepwater drilling company Ocean Rig has informed that it has completed its debt restructuring. In a statement on Thursday, the company providing offshore drilling rigs to the international oil and gas industry, said that all the scheme conditions previously agreed with creditors and its rig-owning subsidiaries were satisfied, meaning that the company has now completed […]

  • 21 February 2018
    Exploration & Production

    The bottom of the market appears to have passed but 2018 will still be a tough year

  • 7 August 2015
    Exploration & Production

    Ocean Rig UDW, an offshore drilling contractor, has reported a rise in quarterly profit, and revealed it may be entering the distressed M&A game. The company Thursday reported net income of $74.9 million for the second quarter of 2015, as compared to a net income of $69.6 million, for the same period a year ago. Revenues from drilling contracts fell […]

  • 11 March 2019
    Exploration & Production

    Offshore drilling giant Transocean has secured contracts for ultra-deepwater drillships, the Ocean Rig Corcovado and Ocean Rig Mykonos with Brazil’s Petrobras.

  • 15 January 2015
    Exploration & Production

    Ocean Rig UDW Inc., a provider of offshore deepwater drilling services, has received firm commitments from lenders for up to a $475 million syndicated secured term loan to partially finance the construction costs of the Ocean Rig Apollo. The company says that the facility amount is for the lesser of $475 million and 70% of […]

  • 9 October 2018
    Exploration & Production

    Offshore driller Ocean Rig has set a date for its shareholders to vote on a proposal to merge with Transocean.

  • 14 November 2018
    Business & Finance, Exploration & Production

    Offshore driller Ocean Rig has informed that its drillship Ocean Rig Poseidon has been hired by Eni, and has started drilling programme in Angola.

  • 4 September 2018
    Business & Finance, Exploration & Production

    Transocean and Ocean Rig have entered into a definitive merger agreement under which Transocean will acquire Ocean Rig.

  • 28 August 2017
    Business & Finance

    The U.S. Bankruptcy Court has granted recognition of Cayman proceedings as foreign main proceedings to the indebted offshore dilling company, Ocean Rig.  According to the driller’s statement from Friday, the U.S. Bankruptcy Court has issued a memorandum opinion and an order granting recognition of the provisional liquidation and scheme of arrangement proceedings of the company […]

  • 26 April 2016
    Business & Finance

    Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has acquired the drillship Cerrado for $65 million.  Ocean Rig’s subsidiary bought the 6th generation ultra-deepwater drillship Cerrado through an auction for a purchase price of $65 million. Ocean Rig said on Monday the purchase would be funded with available cash on hand. […]

  • 5 December 2018
    Exploration & Production

    Offshore drilling giant Transocean has become even bigger as it on Wednesday evening announced the completion of the acquisition of Ocean Rig UDW, an ultra-deepwater drilling specialist.

  • 13 June 2017
    Business & Finance

    Embattled Greek offshore deepwater driller, Ocean Rig, will continue trading shares on the American stock exchange Nasdaq despite prior delisting warning.  The driller informed on Monday it had received a decision letter from the Nasdaq Hearings Panel granting a conditional exception from the decision of the staff of the Nasdaq Stock Market LLC to delist the […]