Rig Udw Inc News

Switzerland-based offshore driller Transocean Ltd. announced Wednesday that it has completed the acquisition of Greek peer Ocean Rig UDW Inc.The $2.7 billion cash-and-stock deal adds nine high-specification ultra-deepwater drillships, two harsh environment semisubmersibles, and two high-specification ultra-deepwater drillships currently under construction to Transocean's existing fleet."We are excited to begin actively marketing these assets into the growing list of opportunities we continue to see emerging across our global customer base…

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 basins around the world, including Brazil and the U.S.

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. Under the agreement reached with SHI the expected delivery date will be September 30, 2020 but may be brought forward at the option of the Company.

A U.S. judge said on Tuesday he would approve Seadrill Ltd's plan to exit its Chapter 11 bankruptcy, in which the global offshore oil and gas drilling company would shed billions of dollars of debt and raise $1 billion in new investment. U.S. Bankruptcy Judge David Jones in Houston overruled two minor objections to the reorganization plan during a 90-minute hearing. The plan extends maturities on more than $5 billion of bank loans and converts about $2.3 billion in bond debt into equity in a reorganized Seadrill.

Louisiana-based Harvey Gulf International Marine LLC, which has more than 50 vessels in its fleet and supplies offshore oil rigs among other services, filed for Chapter 11 bankruptcy in Houston. Harvey Gulf did not immediately respond to requests for comment. The company said in court papers it had more than $1 billion in debt and has an agreement with lenders to reduce what the company owes. In return lenders would receive the equity in the company when it exits bankruptcy. Other creditors such as suppliers will be paid in full. A sharp drop in oil prices in 2014 cut demand for rigs, and over the past year many offshore drilling and service companies such as Seadrill Ltd and Ocean Rig UDW Inc have filed for bankruptcy.

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. from March 2009 to October 2, 2012. Prior to joining DryShips, he served in C-Suite roles at Excel Maritime Carriers Ltd and Alba Maritime Services S.A.

Offshore oil drilling and service companies, hurt by the energy industry's shift to lower-cost shale and away from deepwater projects, are dominating the year's energy bankruptcies in North America, according to law firm Haynes and Boone. There were fewer oilfield service companies seeking protection this year than last but those that did have had larger debts. Through October, 44 oilfield services companies filed for bankruptcy in the United States and Canada owing creditors $24.8 billion, compared with 72 companies and $13.48 billion for all of 2016.

Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, has announced that pursuant to an order of the Grand Court of the Cayman Islands Simon Appell of AlixPartners Services UK LLP and Eleanor Fisher of Kalo (Cayman) (formerly AlixPartners) have been discharged as joint provisional liquidators of the Company and its subsidiaries. The subsidiariesare Drill Rigs Holdings Inc. (DRH), Drillships Financing Holding Inc. (DFH), and Drillships Ocean Ventures Inc., (DOV) and together with UDW, DRH and DFH, the Scheme Companies. Accordingly, the petitions to wind up the Scheme Companies have been withdrawn. As previously announced by the Company, the schemes of arrangement proposed by the Scheme Companies became fully effective on September 22, 2017.

Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.

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…

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. The Ocean Rig Apollo will demobilize from Congo in due course and is available for alternative employment.

and operating results for the third quarter ended September 30, 2015.  For the third quarter of 2015, the Company reported a net loss of $820.0 million, or $1.23 basic and diluted loss per share. Included in the third quarter 2015 results are impairment charges and loss on sales on the entire drybulk fleet, of $797.5 million, or $1.20 per share. Excluding these impairment charges and losses, the Company’s net results would have amounted to a net loss of $22.5 million, or $0.03 per share.  The Company reported Adjusted EBITDA of $30.1 million for the third quarter of 2015. - As of December 7, 2015, the Company has delivered all of its tanker vessels and 13 drybulk vessels to their new owners under the previously disclosed sales agreements for 10 tanker vessels and 17 drybulk vessels.

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), all of which are on time charter to Petrobras until certain dates through 2017. The vessels are managed by TMS OffShore Services Inc., an entity controlled by the Company's Chief Executive Officer, George Economou.

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, including their existing employment agreements and the assumption of $236.7 million of debt as of September 10, 2015, associated with some of the vessels.

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 quarter ended June 30, 2015. For the second quarter of 2015, the Company reported a net loss of $1.44 billion, or $2.17 basic and diluted loss per share. - A one-time non-cash loss of $1.35 billion, or $2.03 per share, as a result of the deconsolidation of Ocean Rig. - Impairment charge on one drybulk vessel, of $83.9 million, or $0.13 per share. - Other non-cash losses related to the previously announced settlement of receivables and new employment entered into with one of our charterers…

DryShips Inc. It has reached an agreement with Ocean Rig UDW Inc. ("Ocean Rig") to exchange the remaining outstanding balance of $80 million owed to Ocean Rig under the $120 million Exchangeable Promissory Note, for 17,777,778 shares of Ocean Rig owned by the Company. The agreement was approved by a committee of independent directors. Ocean Rig's Board of Directors has decided to suspend its quarterly dividend until the offshore drilling market conditions improve.

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. Excluding this item, the Company’s net results would have amounted to a net income of $14.1 million, or $0.02 per share. The Company reported Adjusted EBITDA of $298.7 million for the fourth quarter of 2014, as compared to $179.8 million for the fourth quarter of 2013.

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. Economou will buy his shares at the public offering price in order to maintain his direct ownership in Ocean Rig. Clarksons Platou Securities, Inc., Pareto Securities Inc.

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, or 1,428,571 shares, of common stock in the offering 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. Clarksons Platou Securities, Inc., Pareto Securities Inc.

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, have exercised their unconditional acceptance to acquire the company’s six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona.   DryShips announced at the end of March 2015 that the six tankers would potentially be sold pending confirmation of the purchaser's unconditional acceptance by June 30, 2015.   As per the company’s March 30 announcement, the purchasers will acquire the tankers for an en-bloc sales price of $291 million, with a 20 percent upfront payment to DryShips.

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 $16.5 million in overdue receivables related to charter hire payments due on 11 vessels on time charter. As part of the transaction, the charterer has agreed to forgo the exercise of certain "in-the-money" purchase options related to seven vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1, 2015 and for an average period of about 4.5 years. Mr.

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. Ocean Rig has the option to exchange the loan for Ocean Rig common shares owned by DryShips at a fixed price of $13.50 per share, provided the DryShips ABN AMRO $200 million secured bridge loan facility has been repaid in full.

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…