New Wave Media

November 4, 2013

Ocean Rig in the Red Q3 2013 But Increase Drilling Revenues

International contractor of offshore deepwater drilling services, Ocean Rig, announce its unaudited financial and operating results for the third quarter ended September 30, 2013, reporting a net loss of $21.5 million, or $0.16 basic and diluted loss per share. However, Revenues from drilling contracts increased by $42.8 million to $328.5 million for the three-month period ended September 30, 2013, as compared to $285.7 million for the same period in 2012.

Recent highlights reported by Ocean Rig

  • Achieved 98.4% average fleet wide operating performance for the third quarter of 2013.
  • On November 4, 2013, the Ocean Rig Mylos commenced drilling operations under the three year contract with Repsol Sinopec Brazil S.A.
  • The deliveries of the newbuildings Ocean Rig Skyros and Ocean Rig Athena are rescheduled for January 2014 and February 2014 respectively, due to the late delivery of third party and sub- supplier equipment.
  • On October 29, 2013, we agreed with a major oil company to extend for 60 days the expiration of the previously announced Letter of Award for our ultra deepwater drillship Ocean Rig Skyros.

George Economou, Chairman and Chief Executive Officer of the Company commented:
“We are very pleased with the 98.4% average operating efficiency of our fleet in the third quarter. Although unscheduled rig downtime is an unavoidable industry fact, our consistent efforts over the past year and our ongoing focus on operational excellence have resulted in three consecutive quarters of strong performance. We remain dedicated to our plan of becoming the preferred drilling contractor for our clients.

Ocean Rig SkyrosGeorge Economou
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