Marine Link
Friday, May 25, 2018

Offshore Deepwater Drilling Services News

Dryships to Raise Stockmarket Cash

Greece's DryShips Inc. is to offer the public 5-million of the common shares it holds in Ocean Rig UDW. Following the completion of the offering, DryShips is expected to own approximately 61.3% of Ocean Rig’s outstanding shares (Ocean Rig is a provider of offshore deepwater drilling services). Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering. DryShips Inc. is an owner of drybulk carriers and tankers that operate worldwide. Through its majority owned subsidiary, Ocean Rig UDW Inc., DryShips owns and operates 10 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 8 ultra deepwater drillships…

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 Commission. Following the completion of the offering, DryShips is expected to own approximately 61.3% of Ocean Rig's outstanding shares. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering.

Ocean Rig Awarded Well Drilling Contract

Ocean Rig UDW Inc, a global provider of offshore deepwater drilling services, announced that it has received a Letter of Award for its ultra deepwater drillship “Ocean Rig Skyros,” from a major oil company. The Letter of Award is for five wells or a minimum of 275 days contract for drilling offshore West Africa, with an estimated backlog of approximately 190 million. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence upon delivery of the drillship from the shipyard, in October 2013. As a result of this LOA, as of today, our total contracted backlog (including LOAs) stands at about $5 billion. www.ocean-rig.com  

DryShips Ocean Rig Employment Updates

The contract is for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013. The company said it has also received a Letter of Award for its ultra deepwater drillship "Ocean Rig Skyros," from a major oil company for a six-year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3 billion. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the previous contract before the first quarter of 2015.

Ocean Rig UDW Commences Trading on NASDAQ

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that its common shares are expected to commence “when issued” trading today on the Nasdaq Global Select Market under the ticker symbol “ORIGV”. The Company’s common shares are expected to commence “regular way” trading on the Nasdaq Global Select Market under the ticker symbol “ORIG” on October 6, 2011, the next trading day after the distribution date for the partial spin off of October 5, 2011. 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 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.

DryShips Cancels Newbuild Contracts

DryShips Inc. reports cancellation of four newbuilding contracts with Jiangsu Rongsheng Heavy Industries DryShips Inc., an international provider of marine transportation services for drybulk and petroleum cargos, and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, today announced that it has reached an agreement with Jiangsu Rongsheng Heavy Industries (RSHI), to cancel the newbuilding contracts for four ice-class panamax bulker vessels, in exchange for the refund of all installments paid to RSHI plus interest. All amounts due under this agreement have been received in full by the Dryships, the company said. dryships.com  

Lundin Extends Contract for Ocean Rig

Image: Ocean Rig

Ocean Rig UDW, contractor of offshore deepwater drilling services, has announced that Lundin Norway AS, has declared their third option to extend the existing contract of the Leiv Eiriksson. In addition, Ocean Rig has granted Lundin 2 additional options to drill further wells in the future. As a result of these developments, the rig now has firm employment until at least the end of September of 2017 and should Lundin exercise its additional seven one-well options, currently un-declared, the rig could be employed until the first quarter of 2019.

Ocean Rig UDW Inc. Announces Drilling Contract

Nicosia, Cyprus – Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it has signed a new drilling contract for its semisubmersible drilling rig Eirik Raude with an independent operator, for work offshore West Africa. The expected total backlog to complete the two-well program is estimated at $ 67.5 million for a period of 84 days. The new contract is expected to commence after the rig completes its scheduled 10-year special survey. The customer has the option to extend the contract for one additional well for an estimated duration of approximately 40 days. Ocean Rig owns and operates nine offshore ultra deepwater drilling units…

Ocean Rig Announces 2013 Shareholders Meeting Results

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced  the results of its 2013 Annual General Meeting of Shareholders. The following proposals were approved and adopted at the meeting:    The election of Messrs. Savvas D. Georghiades and Kyros Melas as Class C Directors to serve until the 2016 Annual General Meeting of Shareholders; and  the ratification of the appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A., as the Company’s independent auditors for the fiscal year ending December 31, 2013.

Ocean Rig UDW Announces Pricing of Public Offering of Shares

Nicosia, Cyprus – Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, today announced that DryShips Inc.’s previously announced public offering of Ocean Rig common shares has been upsized to 10,000,000 common shares and priced at a price to the public of $16.25 per share. All net proceeds from the sale of the common shares will be received by DryShips as the selling shareholder. The offering is expected to close on April 17, 2012. DryShips has also granted the underwriters a 30-day option to purchase up to 1,500,000 additional common shares. Deutsche Bank Securities and Credit Suisse are acting as joint book-running managers for the offering…

Ocean Rig Partners Files for IPO

DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, today announced that Ocean Rig’s wholly-owned subsidiary, Ocean Rig Partners LP  filed a Registration Statement on Form F-1 with the Securities and Exchange Commission (the “SEC”) for the initial public offering of its common units representing limited partner interests. A registration statement relating to the MLP’s common units has been filed with the SEC but has not yet been declared effective. The common units may not be sold nor may offers to buy them be accepted prior to the time the registration statement is declared effective.

Ocean Rig Corcovado Accepted by Petrobras

Ocean Rig UDW Inc. (NASDAQ: ORIG) a global provider of offshore deepwater drilling services, announced that on May 15, 2012, the Ocean Rig Corcovado completed the general testing of equipment as required by Petroleo Brazilieiro S.A., and has commenced revenue-generating drilling operations in Brazil.  

DryShips Suspends Market Equity Offering

Photo: DryShips

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 that it has suspended purchases under its previously announced program of at the market issuances of its common shares through Evercore Group L.L.C. as its sales agent. DryShips said it reserves the right to continue the suspension of the program, reactivate or terminate the program at any time. dryships.com  

Ocean Rig Takes Delivery of Newbuild Drillship

Photo: Ocean Rig

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it took delivery of its 228- x 42-meter newbuilding drillship, the Ocean Rig Skyros, on Friday, December 20, 2013. The seventh-generation deepwater drillship, built at Samsung Heavy Industries Shipyard in South Korea, is currently mobilizing to offshore Angola to commence drilling operations with Total. The rig features a helicopter deck, is Dynamic Positioned (DP Class 3) and has dual activity capabilities and design for drilling operations in water depths from 500-3,650 meters.

Dryships Takes Delivery of Sixth New Build Drillship

Dryships Announces Delivery of Ocean Rig's Sixth Newbuilding Drillship, the Ocean Rig Skyros. DryShips Inc., a global provider of marine transportation services for drybulk and petroleum cargoes and through its majority owned subsidiary, Ocean Rig UDW Inc. ("Ocean Rig"), of offshore deepwater drilling services, today announced that Ocean Rig successfully took delivery of its newbuilding drillship, the Ocean Rig Skyros, on Friday, December 20, 2013. The drillship is currently mobilizing to offshore Angola to commence drilling operations with Total.  

Ocean Rig Commences Tender Offer

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced that it has commenced a cash tender offer for any and all of its currently outstanding 9.5% Senior Unsecured Callable Notes due 2016 on the terms and subject to the conditions set forth in the company's offer to purchase dated March 10, 2014. The tender offer will expire at 12:01 a.m., New York City time, on April 7, 2014, unless extended or earlier terminated by the company. The company reserves the right to terminate, withdraw or amend the tender offer at any time subject to applicable law.  

Ocean Rig UDW Inc. Announce Management Change

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.

Ocean Rig Signs New Drilling Contract with Tullow Namibia

Ocean Rig Poseidon. Photo:  Ocean Rig

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 Prices Its US$500-Million Note Offering

Calculator credit Dominic Alves CCL

Offshore deepwater drilling services provider Ocean Rig informs that the pricing of its previously announced offering has been priced at 100% of par, with a stated interest rate of 7.250%. The Notes are being sold in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.

Dryships Reports Sale

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, has  announced the sale, via novation, of two of its tankers under construction at Samsung Heavy Industries, Esperona and Blanca, to a third‐party buyer. Under the terms of the two novation agreements dated December 27, 2012, the buyer assumes all rights, benefits, liabilities and obligations under both shipbuilding contracts, in exchange for cash consideration of $21.4 million (that is, $10.7 million for each vessel) paid by the Company to the Buyer.

Ocean Rig Announces Contract Signing

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced  that it has signed definitive documentation, following the previously announced Letter of Intent, for one of its semi-submersible drilling rigs, the Eirik Raude, with an oil major.   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 $112 million, including mobilization and demobilization.   The rig is scheduled to commence this contract in the second quarter of 2013, in direct continuation from its previous contract in West Africa.

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, in direct continuation from its previous contract in West Africa.

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