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Tuesday, April 23, 2019

Ocean Rig Udw Inc News

Image: Ocean Rig

Ocean Rig Postpones SHI Drillship Delivery Till 2020

International offshore drilling contractor Ocean Rig UDW Inc. and South Korean yard Samsung Heavy Industries (SHI) have agreed to postpone the delivery of the newbuild drillship Ocean Rig Crete to September 2020. "Our subsidiary, that is party to the shipbuilding contract for the construction of its 8th generation enhanced integrated design newbuilding drillship, the Ocean Rig Crete, reached an agreement with SHI to postpone the delivery of the Ocean Rig Crete to September 2020," said a press release from the company.

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Pankaj Khanna Appointed As CEO of Ocean Rig

Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services,  effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief Operating Officer of DryShips, Inc.

Pic: Ocean Rig UDW Inc

Ocean Rig Loses Two Drilling Contracts

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced  that two of its drilling contracts have been terminated. The Nasdaq-listed drilling affiliate of DryShips said that Total E&P Congo has terminated its long-term charter of the ultra-deepwater drillship Ocean Rig Apollo, which is currently deployed in Congo and will be demobilised “in due course”. As per the contract Ocean Rig is entitled to a termination fee that varies from 50% to 95% of the operating daily rate that will be payable over the balance of the contract.

Photo by DryShips Inc

DryShips Buys Nautilus Stake, Adds Six OSVs

Greek ship owner DryShips plans to add six support vessels to its fleet by acquiring a large stake in Nautilus Offshore Services. Dry bulk shipowner DryShips has entered into an agreement to acquire approximately 98% of Nautilus OffShore Services Inc. for a purchase price of $87 million plus the assumption of approximately $33 million of net debt. Nautilus indirectly through its subsidiaries owns six Offshore Supply Vessels of which four are Oil Spill Recovery Vessels (OSRVs) and two are Platform Supply Vessels (PSVs)…

Photo DryShips Inc

DryShips to Sell 17 Vessels for a Huge Loss

DryShips Inc. a global provider of marine transportation services for drybulk cargoes, and through its affiliate, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it has entered into firm sales agreements with entities controlled by the Company’s Chairman and Chief Executive Officer, George Economou, to sell 17 vessels. The 17 vessels, comprised of 13 Capesize and 4 Panamax bulk carriers, are being sold for an aggregate price of $377.0 million…

DryShips Inc. is a a Marshall Islands registered company

Ocean Rig UDW Announces Closing

DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that  Ocean Rig closed the previously announced offering of 28,571,428 shares of its common stock par value $0.01 per share, at a price of $7.00 per share. As part of the offering, George Economou, Ocean Rig’s Chairman, President and Chief Executive Officer, purchased $10 million…

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Ocean Rig to Float Common Stock

Ocean Rig UDW Inc has launched an offering of its common stock, par value $0.01 per share. As part of this offering, George Economou, our Chairman, President and Chief Executive Officer, has indicated his intention to purchase, at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, representing approximately five percent of its common stock. The NASDAQ-traded currently has 132.32m shares of common stock outstanding, which are currently trading at $8.09 per share.

DryShips Inc

Dryships in the Red

DryShips Inc. and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2014. For the fourth quarter of 2014, the Company reported a net loss of $24.0 million, or $0.04 basic and diluted loss per share. Included in the fourth quarter 2014 results is an impairment charge on one drybulk vessel, of $38.1 million, or $0.06 per share.

Ocean Rig UDW

Ocean Rig's $120m Loan Agreement with DryShips

Ocean Rig UDW Inc. On November 18, 2014, Ocean Rig’s $120 million loan to its majority shareholder, DryShips Inc. (―DryShips‖), was approved by a special committee of Ocean Rig’s Board of Directors which received a fairness opinion from Global Hunter Securities, a division of Seaport Global Securities LLC, and the loan agreement was executed by both companies. This loan is for a period of 18 months, is unsecured and bears interest at LIBOR plus an average of approximately 10% for the first year and 12% for the following six months.

Photo by DryShips

Dryships Achieves Refinance of 5% Convertible Notes

DryShips Inc. * The Company has repurchased on the open market and cancelled $191,090,000 principal amount of its 5% convertible notes. No other repurchases are planned and therefore the outstanding principal balance of the 5% convertible notes due on December 1 is $508,910,000. *  On October 29, 2014, the Company signed definitive documentation for the Nordea $170 million senior secured credit facility. We expect to draw down under this facility during the week commencing Monday, November 24, 2014.

Photo by DryShip

DryShips Reports 3Q 2014 Results

DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the third quarter ended September 30, 2014.  For the third quarter of 2014, the Company reported net income of $16.7 million, or $0.04 basic and diluted earnings per share. - Non-cash write…

DryShips: Public Offering of Its Senior Secured Notes

DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company expects to use the net proceeds of the offering to refinance, in part, the Company’s outstanding $700 million aggregate principal amount of 5% Convertible Senior Notes due December 1, 2014. The Notes will be secured by first priority liens on certain shares of common stock of the Company’s subsidiary, Ocean Rig UDW Inc., owned by DryShips, plus certain additional or replacement collateral.

Ocean Rig Commences Tender Offer

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it has commenced a cash tender offer for any and all of its currently outstanding 9.5% Senior Unsecured Callable Notes due 2016 on the terms and subject to the conditions set forth in the company's offer to purchase dated March 10, 2014. The tender offer will expire at 12:01 a.m., New York City time, on April 7, 2014, unless extended or earlier terminated by the company. The company reserves the right to terminate, withdraw or amend the tender offer at any time subject to applicable law.

Dryships Announces $1.8B Term Loan Facility

DryShips Inc. (NASDAQ: DRYS) through its majority owned subsidiary, Ocean Rig UDW Inc., announced that Ocean Rig, through its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Dr illships Projects Inc., entered into a $1.8 billion senior secured term loan facility, comprised of tranche B-1 term loans in an aggregate principal amount equal to $975.0 million (“Tranche B-1 Term Loans”) and tranche B-2 term loans in an aggregate principal amount equal to $825.0 million (“Tranche B-2 Term Loans” and…

Deepwater Driller Ocean Rig 2012 Financial Reports

Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share. ◦    Costs associated with the 10-year class survey for the Eirik Raude of $65.5 million, or $0.50 per share. Excluding the above items, the Company's net results would have amounted to a net loss of $66.8 million, or $0.50 per share.

DryShips Inc. Announces Public Offering of Ocean Rig Shares

DryShips Inc. (NASDAQ: DRYS), or the Company, an international provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, has announced it is offering 5,000,000 common shares of Ocean Rig that it owns in an underwritten public offering pursuant to Ocean Rig's effective shelf registration statement on Form F-3ASR filed with the Securities and Exchange Commission.

Dryships to Raise Stockmarket Cash

Greece's DryShips Inc. is to offer the public 5-million of the common shares it holds in Ocean Rig UDW. Following the completion of the offering, DryShips is expected to own approximately 61.3% of Ocean Rig’s outstanding shares (Ocean Rig is a provider of offshore deepwater drilling services). Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering. DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary…

Rig 'Erik Raude': Photo credit Ocean Rig

Ocean Rig Charter Out 'Erik Raude'

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, signs contract with an oil major for the semi-submersible drilling rig 'Erik Raude'. The drilling contract is for a one-well program, with an estimated duration of up to 6 months, for drilling offshore Ireland, with an estimated backlog of approximately US$112 million, including mobilization and demobilization. The rig is scheduled to commence this contract in the second quarter of 2013, in direct continuation from its previous contract in West Africa.

Samsung Heavy to Build Ocean Rig UDW Drillship

Ocean Rig UDW Inc. sign contract for Samsung Heavy Industries to construct a 7th Generation Ultra Deepwater (UDW) Drillship. This 7th Generation drillship is a sister ship to the three currently under construction at Samsung, and is scheduled to be delivered to the company in January 2015. Ocean Rig Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.

Dryships Inc. Announces Management Change

DryShips Inc. (NASDAQ: DRYS) a provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., or Ocean Rig, of off-shore deepwater drilling services, today announced that Pankaj Khanna, Chief Operating Officer, will be stepping down from his position, effective October 2, 2012, to pursue other interests. His duties will be absorbed by the existing management team.

Ocean Rig UDW Inc. Announce Management Change

Ocean Rig UDW Inc. provider of offshore deepwater drilling services announce that Pankaj Khanna, Chief Marketing Officer, has left the company. Mr. Khanna departed on 2, October 2012 to pursue other interests and his duties will be absorbed by the existing management team. Ocean Rig, headquartered in Cyprus, owns and operates 6 Drilling Units, the 2 drilling rigs Leiv Eiriksson and Eirik Raude and the 4 drill ships Ocean Rig Corcovado, Ocean Rig Olympia, Ocean Rig Poseidon and Ocean Rig Mykonos. All 6 units are constructed for Ultra Deep Waters and Harsh Environment.

Semi-submersible Rig 'Erik Raude' Contracted

Ocean Rig UDW Inc. has received a Letter of Intent to contract one of its semi-submersible drilling rigs, “Eirik Raude”, from an oil major. The Letter of Intent is for a one-well program, with an estimated duration of up to 6 months, for drilling offshore Ireland, with an estimated backlog of approximately $112 million, including mobilization and demobilization. The rig is scheduled to commence this contract in the first quarter of 2013, in direct continuation from its previous contract in West Africa.

Ocean Rig Signs SemiSub Rig Deal

Ocean Rig UDW Inc. (NASDAQ:ORIG) signed a new drilling contract for its semisubmersible drilling rig “Eirik Raude” with an independent operator, for work offshore West Africa. The maximum total revenue backlog, to complete the 3 well  program is estimated at $52 million for a period of 60 days. The new contract will commence in direct continuation after the completion of the existing Eirik Raude contract. The operator has an option to drill one additional well for an estimated duration of 20 days.

DryShips to Announce 3Q 2011 Results

Announcement to include Third Quarter 2011 Results Release, Conference Call and Webcast. DryShips Inc. (NASDAQ: DRYS) (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it will release its results for the third quarter 2011 after the market closes in New York on Monday, November 7, 2011. DryShips' management team will host a conference call the following day on Tuesday, November 8, 2011, at 9:00 a.m.

DryShips: Details of Partial Spin Off of Ocean Rig UDW

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, today announced the details of the partial spin off of Ocean Rig UDW Inc. Based on 408,394,836 common shares outstanding as of the record date of September 21, 2011, DryShips will distribute 2,967,359 common shares of Ocean Rig UDW on a pro rata basis, or 0.007266 common shares of Ocean Rig UDW for every one share of common stock of DryShips. The distribution date for the partial spin off is October 5, 2011.

Ocean Rig UDW Commences Trading on NASDAQ

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that its common shares are expected to commence “when issued” trading today on the Nasdaq Global Select Market under the ticker symbol “ORIGV”. The Company’s common shares are expected to commence “regular way” trading on the Nasdaq Global Select Market under the ticker symbol “ORIG” on October 6, 2011, the next trading day after the distribution date for the partial spin off of October 5, 2011.