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Ocean Rig Apollo News

16 Feb 2016

Ocean Rig Loses Two Drilling Contracts

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.

04 Sep 2013

Ocean Rig Updates on Financing, Newbuildings & Contracts

The Company announced that it has signed a supplemental agreement to amend certain provisions in its $1.35b Senior Secured Facility dated February 28, 2013. “We are pleased that our syndicate of commercial banks and export credit agencies agreed to our request to amend certain provisions in their facility. The Company announced that on August 20, 2013, it successfully took delivery of its newbuilding drillship the Ocean Rig Mylos. The Ocean Rig Mylos is the first in the series of three 7th Generation Ultra Deepwater Drillships the Company expects to take delivery in 2013. The drillship is currently mobilizing to offshore Brazil and is expected to commence drilling operations under the 3-year drilling contract with Repsol Sinopec Brasil S.A. by November 2013.

03 Sep 2013

DryShips: Ocean Rig Financing, Fleet and Contract Developments

DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargos, through its majority owned subsidiary, Ocean Rig UDW Inc., an offshore deepwater drilling service company, made several company announcements. Ocean Rig announced that it has signed a supplemental agreement to amend certain provisions in its $1.35 billion Senior Secured Facility dated February 28, 2013. Under the terms of the agreement, the existing dividend restriction of up to 50% of preceding fiscal year net income will be amended to apply on a cumulative basis from July 1, 2013 onwards (50% of cumulative net income and 100% of cumulative losses) and include a carve-out to pay additional dividends up to the higher of $150m and 5% of the Ocean Rig's net tangible assets.

07 Mar 2013

Deepwater Driller Ocean Rig 2012 Financial Reports

Ocean Rig UDW Inc international contractor of offshore deepwater drilling services reports unaudited losses in Q4 & year-end 2912 financial results. For the year ended 2012, the Company reported a net loss of $132.3 million, or $1.00 basic and diluted loss per share. â—¦    Costs associated with the 10-year class survey for the Eirik Raude of $65.5 million, or $0.50 per share. Excluding the above items, the Company's net results would have amounted to a net loss of $66.8 million, or $0.50 per share. •    The Company reported Adjusted EBITDA of $354.4 million for the year ended 2012, as compared to $387.9 million for the year ended 2011.