Transocean to Acquire Ocean Rig in $2.9 Billion Deal

By Will Wade and Simon Casey (Bloomberg) -- Transocean Ltd., the world’s largest offshore drilling company, agreed to buy a smaller rival in a $2.9 billion deal, with rates for deepwater rigs forecast to double in two years. The cash-and-stock acquisition of Ocean Rig UDW Inc. will give Transocean a fleet of nine ultra-deepwater drillships and two harsh environment … [Read more...]

Ocean Rig Postpones Delivery of Newbuild Drillship Ocean Rig Santorini at Samsung Heavy

Offshore driller Ocean Rig has announced it has reached a deal with South Korean shipbuilder Samsung Heavy Industries to postpone the delivery of the newbuild drillship Ocean Rig Santorini by a little over two years. Under the agreement with SHI, Ocean Rig said the drillship will now be delivered on September 30, 2019, but delivery may be pushed forward at the option of … [Read more...]

Highland’s Ocean Rig Bet: Fail in Caymans? Try Marshall Islands

By Tiffany Kary (Bloomberg) -- A battle of so-called bankruptcy tourists is erupting in New York court. On Thursday, New York bankruptcy Judge Martin Glenn holds a hearing in the long fight over Ocean Rig UDW Inc.’s $3.7 billion restructuring, which has blown around like the trade winds from the Pacific to the Caribbean. In September, about six months into a legal battle … [Read more...]

Deepwater Driller Ocean Rig Files for U.S. Bankruptcy Protection

March 28 (Reuters) - Ocean RIG UDW Inc, a Cyprus-based rig contractor, filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of Ocean Rig plunged 61 percent to 27 cents in morning trading on Tuesday. The company had $3.25 billion in debt as of Dec. 31, according to its latest annual filing. Ocean Rig said … [Read more...]

Ocean Rig Sounds Bankruptcy Alarm, Causing Stock to Tank

Ocean Rig shares crashed nearly 60% Friday after the deepwater drilling contractor announced that it could wind up filing for bankruptcy amid 'extremely negative' market conditions that are only expected to worsen. By mid-afternoon trading shares of Ocean Rig (NASDAQ:ORIG) had fallen 58.12% to 90 cents. The comments from the company come as it released its unaudited … [Read more...]