Ocean Rig Poseidon News

The international contractor of offshore deepwater drilling services Ocean Rig UDW  has entered into a new drilling contract with Chariot Oil & Gas Limited for a one-well drilling program, for drilling offshore Namibia.The contract is expected to commence in direct continuation of the previously announced program with Tullow Namibia Limited in the third quarter of 2018 and will be performed by the Ocean Rig Poseidon.Ocean Rig has entered into a Letter of Intent (LOI) with a European Major Oil Company for a firm two-wells program plus two optional wells, for drilling offshore West Africa.The contract is expected to commence in direct continuation of the program with Chariot Oil & Gas Limited in the fourth quarter of 2018 and will be performed by the Ocean Rig Poseidon…

Ocean Rig UDW, an international contractor of offshore deepwater drilling services, today announced that it has signed a new drilling contract with Tullow Namibia, for a one-well drilling program plus options for drilling offshore West Africa. The contract is expected to commence in the third quarter of 2018 and to be performed by the Ocean Rig Poseidon. Pankaj Khanna, President and Chief Executive Officer of the Company, said: "We are pleased to announce additional work for the Ocean Rig Poseidon. 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.

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. The company said it had profit of $1.83 per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share. "Despite the continued positive operational performance of the Company (fleet utilization for the second quarter of 96.3%) the market conditions remain extremely negative. Oil companies continue to reduce their offshore budgets and as more floaters come off contract in the next six months…

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. As part of the contract extension for the Ocean Rig Poseidon, Ocean Rig has agreed to adjust the existing dayrate of the Ocean Rig Poseidon contract in exchange for ENI agreeing to enter into two contracts for the…

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. In addition it has 3 Ultra Deep Water Drillships under construction, capable to work in 12, 000 feet water depth.

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. Excluding infrequently occurring and non-cash items, the Company’s net results would have amounted to a net income of $17.4 million or $0.04 per share. - Impairment losses from the sale of vessels La Jolla, Conquistador, Samsara, Brisbane and Toro, net of gain from the total loss of the Oliva, amounting to $87.0 million, or $0.25 per share.

DryShips Inc., a provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced that it has obtained unanimous consent from its existing syndicate members to amend the $495 million secured term loan facility to allow for full draw downs to finance the remaining costs of the Ocean Rig Mykonos based upon the employment of this drillship with Petrobras for 3 years for drilling offshore Brazil. Furthermore, cash collateral deposited for this drillship will be released. The above is subject to completion of definitive documentation. George Economou, Chairman and CEO commented: “We are pleased to announce the final financing package for Ocean Rig’s original newbuilding program.

ATHENS, GREECE – April 29, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the previously announced restructuring of its $1.1 billion Secured Term Loan Facility led by Deutsche Bank. Ocean Rig exercised two newbuilding options to construct Ultra Deepwater Drillships at Samsung Heavy Industries.

ATHENS, GREECE – April 18, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced the signing, by its majority-owned subsidiary Ocean Rig UDW Inc. (“Ocean Rig”), of the $800 million syndicated secured term loan facility to partially finance the construction costs of the Ocean Rig Corcovado and Olympia. This facility has a 5 year term and 12 year repayment profile, and bears interest at LIBOR plus a margin.

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that its subsidiary Ocean Rig UDW Inc. has entered into a drilling contract for its 3rd drillship newbuilding Ocean Rig Poseidon. As part of this agreement, the Leiv Eiriksson will be released early from the existing contract and will be made available in Q2 2011. The firm contract period is for about 600 days plus a mobilization period. The total contract value including mobilization is $353m.