Ocean Rig Group News

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 Accordingly, the petitions to wind up the Scheme Companies have been withdrawn.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.

Petrobas decides not to proceed with 5 ultra-deepwater Ocean Rig leasing contracts. Petrobras has cancelled the process of contracting five drilling rigs, capable of drilling in up to 3,000 meters of water, from the Ocean Rig Group. The company say the decision is based on the reduction of future needs for drilling, due to a fewer number of wells expected to be drilled in the pre-salt Santos Basin, relating to a higher productivity gained through the project wells in that area.