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...

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...

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...

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...

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...

In what could be considered the deal of the century, international offshore drilling contractor Ocean Rig has purchased an advanced ultra deepwater drillship at auction for just $65 million in...

Deepwater drilling contractor Ocean Rig UDW has announced two drilling contracts held with two separate clients have been terminated, with CEO George Economou calling the early terminations ‘regrettable’ and describing industry...

Italian oil company Eni has terminated its contract for the ultra deepwater drillship Ocean Rig Olympia due to collapsing oil prices.  The early termination was announced Thursday by offshore drilling...

  By Sabrina Valle and Peter Millard (Bloomberg) — Oil majors had big plans for Brazil, but you can’t tell by looking at the country’s offshore drilling these days. After...

  Athens-based dry bulk shipping company DryShips, Inc. announced Monday agreements to sell 17 vessels and says its remaining fleet is now held for sale, which will lead to impairment...

NASDAQ-listed deepwater driller Ocean Rig says it has secured contracts with ENI for two of its ultra-deepwater drillships for work offshore Angola.

Ocean Rig, the deep water drilling specialist reports today they have reached an agreement with ENI Angola S.p.A to extend the contract of the Ocean Rig Poseidon for a further...

Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships.

Ocean Rig, the NASDAQ-listed deepwater driller announced today the winning of a 6-well (minimum), $165 million drilling contract offshore the Falkland Islands with an undisclosed client. The rig is currently in...

International deepwater drilling contractor Ocean Rig UDW (NASDAQ: ORIG) on Tuesday announced that it has signed a contract to construct a ninth ultra deepwater drillship at Samsung Heavy Industries for approximately $600 million.

Deepwater driller Ocean Rig UDW Inc. (NASDAQ: ORIG) has announced the signing of a Letter of Award for its ultra deepwater newbuild drillship Ocean Rig Skyros for a six year...

Deepwater drilling contractor Ocean Rig UDW Inc. (NASDAQ: ORIG) announced today that it has received a 5-well contract for its ultra deepwater drillship Ocean Rig Skyros currently under construction at...

Ocean Rig CEO George Economou commented in his Q1 2013 earnings report yesterday that the “outlook for the UDW (Ultra-Deepwater) drilling industry is very positive given the high level of...

Deepwater drilling contractor Ocean Rig UDW Inc. (NASDAQ: ORIG) has announced that its semi-submersible rig, the Eirik Raude, was chosen by an undisclosed oil major for a one-well drilling campaign off...

SAO PAULO–Brazilian government-run oil company Petroleo Brasileiro SA (PBR, PETR4.BR) on Thursday said it has canceled plans to hire five drilling rigs from Norway’s Ocean Rig UDW Inc. (ORIG, OCRG.NO). Petrobras said it won’t...