Transocean to Buy Ocean Rig in $2.7 Bln Deal
Offshore oil driller Transocean Ltd said on Tuesday it would buy peer Ocean Rig UDW Inc in a $2.7 billion cash-and-stock deal, its second major acquisition this year as the company bets on a recovery in the offshore sector.The acquisition signals new optimism for offshore drillers, which were hit hard by the steep plunge in oil prices from 2014. Offshore projects, which are more costly than onshore work and take years to develop, became less attractive after oil prices fell to below $30 a barrel in 2016.Global crude prices have since recovered to above $70, renewing producer interest in offshore
$475 mi Committed Financing for Ocean Rig Apollo
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, today announced that Ocean Rig 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 facility amount is for the lesser of $475 million and 70% of the fair market value of the drillship. This facility has a 5 year term, and approximate 12 year repayment profile, and
Dryships Inks Deal with ENI
DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. (“Ocean Rig”), of offshore deepwater drilling services, today announced that certain of Ocean Rig’s subsidiaries have entered into an Omnibus Agreement with ENI Angola S.p.pursuant to which ENI has exercised its option to extend the contract for the drillship Ocean Rig Poseidon for a further one year until the second quarter of 2017. As part of the contract extension for the Ocean Rig Poseidon, Ocean Rig has
Ocean Rig's $120m Loan Agreement with DryShips
Ocean Rig UDW Inc. a global provider of off-shore contract drilling oil services, today announced the following: 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
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. Third Quarter 2014 Financial Highlights For the third quarter of 2014, the Company reported net income of $16.7 million, or $0.04 basic and diluted earnings per share. Included in the third quarter 2014 results are: - Non-cash write offs and
Ocean Rig Orders Turnkey Kongsberg Simulator
Kongsberg Maritime says that Ocean Rig UDW Inc., a major international offshore drilling contractor, has chosen it to supply an extensive offshore and navigation simulator package for a brand new training centre. Kongsberg explains that Ocean Rig owns and operates two ultra-deepwater semi-submersible drilling rigs and nine ultra-deepwater drill-ships (including three newbuilds for delivery 2014-2016). All of these vessels operate with key technology from KONGSBERG, including Dynamic Positioning, Thruster Control, Integrated Control and Automation, Safety/Fire & Gas and Riser Management systems.
Ocean Rig Takes Delivery of Newbuild Drillship
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it took delivery of its 228- x 42-meter newbuilding drillship, the Ocean Rig Skyros, on Friday, December 20, 2013. The seventh-generation deepwater drillship, built at Samsung Heavy Industries Shipyard in South Korea, is currently mobilizing to offshore Angola to commence drilling operations with Total. The rig features a helicopter deck, is Dynamic Positioned (DP Class 3) and has dual activity capabilities and design for drilling operations in water depths from 500-3,650 meters. ocean-rig
Greece's Dryships AGM Appoints Directors, Auditors
DryShips Inc. (NASDAQ:DRYS) provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore deepwater drilling services, announce the results of its 2013 Annual General Meeting of Shareholders. The following proposals were approved and adopted at the AGM: 1. The election of Ms. Chryssoula Kandylidis and Mr. George Demathas as Class C Directors to serve until the 2016 Annual General Meeting of Shareholders; and 2. the ratification of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants
Ocean Rig Updates on Financing, Newbuildings & Contracts
Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced the following: $1.35 billion Bank Facility The Company announced that it has signed a supplemental agreement to amend certain provisions in its $1.35b Senior Secured Facility dated February 28, 2013. George Economou, Chairman and Chief Executive Officer of the Company commented: “We are pleased that our syndicate of commercial banks and export credit agencies agreed to our request to amend certain provisions in their facility. These amendments will harmonize our restricted payment provisions and
February 2024
