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Ocean Rig

FGH, Ocean Rig End Dispute Over Drilling Rigs

Norway’s Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month. “Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning,” it said in a statement to the Oslo Stock Exchange. “Both companies believe that this latest agreement ... reflects the strong interest of both companies in allocating resources as effectively as possible to complete the remaining work on the rigs,” it said. Friede Goldman, based in Gulfport, Miss., halted work on the outfitting of two semi-submersible drilling rigs for Ocean Rig, saying it had previously warned that it did not intend to complete the rigs without a new agreement between the parties. Ocean Rig subsequently began arbitration proceedings against it in London for the two Bingo 9000 rigs at Goldman’s Pascagoula yard in Mississippi. Under the agreement Ocean Rig will pay Goldman a contractually established rate for equipment, personnel and labor provided by Friede Goldman to cover the costs of completing the project, rather than a predetermined lump sum, it said.


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


DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below


Dryships Achieves Refinance of 5% Convertible Notes

Photo by DryShips

  DryShips Inc. global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., off-shore contract drilling oil services, today announced the following:  * 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


Ocean Rig's $120m Loan Agreement with DryShips

Ocean Rig UDW

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


Ocean Rig UDW Announces Closing

DryShips Inc. is a a Marshall Islands registered company

  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


BP Exercises Option for Leiv Eiriksson

Ocean Rig announces that BP Exploration (Angola) Limited has exercised the 4th option well under the present contract in Angola for Leiv Eiriksson. This well, which will last for an estimated 50 days, will be drilled in a sequence with the previously announced third option under the contract, together estimated to employ the rig until early December 2003. Ocean Rig owns and operates two of the worlds largest and most modern drilling-rigs


Dryships Increased Backlog for Ocean Rig UDW

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DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced today that Ocean Rig UDW Inc., its majority owned subsidiary, has secured further backlog, as Borders & Southern plc have declared two optional wells under the existing drilling contract for the harsh environment drilling rig Leiv Eiriksson. The two optional wells have been assigned to Falkland Oil and Gas (FOGL) and


Ocean Rig Charter Out 'Erik Raude'

Rig Erik Raude: Photo credit Ocean Rig

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


Premier Oil and Rockhopper Abandon Ocean Rig Contract

Photo: Premier Oil

 Two of the major British players in Falkland Islands offshore oil development, Premier Oil and Rockhopper Exploration, cancelled a joint venture contract with Ocean Rig UDW.   In June 2014, the companies entered into a contract with Ocean Rig for the provision of the Eirik Raude for an exploration drilling campaign in the Falkland Islands.   However, following a number of material "operational issues" with the rig


Ocean Rig Loses Two Drilling Contracts

Pic: Ocean Rig UDW Inc

 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


Ocean Rig buys Cerrado drillship

Photo: Ocean Rig

 Cyprus-based Ocean Rig has stepped in to buy the sixth generation ultra-deepwater (UDW) drillship Cerrado, which once drilled the giant Libra prospect offshore Brazil, following its owner Brazil-based Schahin Group bankruptcy declaration last April.  


DryShips Posts Profit for 1Q

Photo: DryShips Inc

 Greece-based DryShips Inc. (DRYS) reported first-quarter of 2016 net income of $55.4 million, after reporting a loss in the same period a year earlier.    The company said it had profit of $2.05 per share. Losses, adjusted for non-recurring gains, came to 78 cents per share.


Ocean Rig UDW Beats on Revenue

Photo:  Ocean Rig

 Ocean Rig UDW Inc, the offshore drilling contractor, posted revenue of $452.6 million in the second-quarter, beating Wall Street forecasts. Three analysts surveyed by Zacks expected $385.7 million.   The company has reported second-quarter profit of $155.6 million


DryShips Reports 3Q 2014 Results

Photo by DryShip

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


ENI Extends Contract with Ocean Rig

Photo: Ocean Rig

Several of Ocean Rig UDW Inc. subsidiaries have entered into an omnibus agreement with ENI Angola S.p.A 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.  


Dryships in the Red

DryShips Inc

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. Fourth Quarter 2014 Financial Highlights


Falklands' Oil Drilling at Isobel Deep Suspended

 Oil explorers drilling in the waters north of the Falkland Islands have suspended work on the second well of their 2015 current six-well drilling campaign after a technical problem.   Operator Premier Oil has suspended operations on the 4/20-1 (Isobel Deep) well


Ocean Rig to Float Common Stock

Image: Ocean Rig

 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


DryShips Sells Six Aframax Tankers

Dry bulk and petroleum cargo shipper DryShips Inc., through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore contract drilling oil services, announced today that entities controlled by the company’s chairman and chief executive officer, George Economou


DryShips Announces Write-Off of Receivables

DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, has announced  the agreement with one of its charterers to write-off about $16


DryShips Reaches Agreement with Ocean Rig

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DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced the following: It has reached an agreement with Ocean Rig UDW Inc


DryShips Misses on Revenue

Ocean Rig Corcovado and Ocean Rig Olympia naming ceremony at Samsung Heavy Industries. Photo by DryShips Inc

 The Athens, Greece-based DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations.   DryShips is an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate


Dryships Post 2Q Loss

George Economou, Chairman and Chief Executive Officer

  DryShips Inc. an international provider of marine transportation services for drybulk and petroleum cargoes, and through its affiliate, Ocean Rig UDW Inc., or Ocean Rig, of offshore deepwater drilling services, today announced its unaudited financial and operating results for the second


DryShips Nets $ 820 Mln 3Q Loss

Photo Dryships

DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the third quarter ended September 30, 2015. Third Quarter 2015 Financial Highlights






 
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