Key Developments: Ocean Rig UDW Inc (ORIG.OQ)

ORIG.OQ on NASDAQ Stock Exchange Global Select Market

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Latest Key Developments (Source: Significant Developments)

Ocean Rig UDW Inc announces $500 mln senior secured notes due 2022 proposed offering by subsidiaries
Tuesday, 8 Jul 2014 08:01am EDT 

Ocean Rig UDW Inc:Says its wholly owned subsidiaries, Drillships Ocean Ventures Inc and Drillships Ventures Projects Inc, intend to offer, subject to market and other conditions, $500.0 million in aggregate principal amount of senior secured notes due 2022.The offer would be a private offering within the United States to qualified institutional buyers, and to certain other persons outside of the United States in reliance on Regulation S under the Securities Act.  Full Article

Ocean Rig UDW Inc announces signing of contract for the ocean rig skyros
Thursday, 5 Jun 2014 04:02pm EDT 

Ocean Rig UDW Inc:Signs definitive documentation, following the previously announced contract award, for the 6 year contract for drilling operations offshore Angola for its ultra deepwater drillship the Ocean Rig Skyros, with Total E&P Angola Block 32.  Full Article

Ocean Rig UDW Inc announces drilling contract for Eirik Raude
Wednesday, 4 Jun 2014 08:30am EDT 

Ocean Rig UDW Inc:Signs drilling contract for one of its semi-submersible drilling rigs, Eirik Raude.The contract is for a minimum six-well program, with an estimated duration of about 260 days, for drilling offshore the Falkland Islands.Estimated backlog about $165 million.The rig is scheduled to commence this contract in Q1 2015.  Full Article

Ocean Rig UDW Inc announces first common stock dividend
Thursday, 8 May 2014 04:02pm EDT 

Ocean Rig UDW Inc:Declared a quarterly cash of $0.19 per common share, to shareholders on record as of May 20 and payable on or about May 30.  Full Article

Ocean Rig UDW closes offering of $500 mln of 7.25 pct senior notes due 2019
Wednesday, 26 Mar 2014 10:20am EDT 

Ocean Rig UDW Inc:Closes $500.0 mln in aggregate principal amount of 7.25 pct senior notes due 2019.Net proceeds from the offering of the notes together with other available funds to fund the repurchase or redemption of its 9.5 pct Senior Unsecured Notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses.  Full Article

Ocean Rig UDW announces pricing of $500 million senior notes due 2019
Thursday, 20 Mar 2014 05:25pm EDT 

Ocean Rig UDW Inc:Prices offering of $500 million in aggregate principal amount of Senior Notes due 2019 at 100 percent of par, stated interest rate 7.250 percent.The offering is directed towards qualified institutional buyers in the United States and to certain other persons outside of the United States.The sale of the Notes is expected to be consummated on March 26, subject to customary closing conditions.  Full Article

Ocean Rig UDW Inc announces proposed offering of $500 mln senior notes due 2019
Friday, 14 Mar 2014 04:06pm EDT 

Ocean Rig UDW Inc:Intends to offer $500 mln in aggregate principal amount of senior notes due 2019 in a private offering within the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.Intends to use the net proceeds from the offering of the notes, together with other available funds, to fund the repurchase or redemption of its 9.5 pct senior unsecured notes due 2016, for which it is conducting a concurrent tender offer, and to pay related fees and expenses.  Full Article

Ocean Rig UDW Inc to Initiate Quarterly Dividend
Monday, 4 Nov 2013 04:10pm EST 

Ocean Rig UDW Inc announced that the Company plans to initiate a quarterly dividend of USD 25 million starting with cashflow from the Company's first quarter 2014 operations and payable in mid May 2014.  Full Article

Ocean Rig UDW Inc Announces Delivery of Rig Mylos and Order of Additional Seventh Generation Ultra Deepwater Drillship; Updates on New Contracts
Tuesday, 3 Sep 2013 01:11pm EDT 

Ocean Rig UDW Inc announced that on August 20, 2013, the Company took delivery of its newbuilding drillship the Ocean Rig Mylos. The Ocean Rig Mylos is the first in the series of three Seventh Generation Ultra Deepwater Drillships the Company expects to take delivery in 2013. The drillship is mobilizing to offshore Brazil and is expected to commence drilling operations under a three-year drilling contract with Repsol Sinopec Brasil S.A. by November 2013. The Company also communicated that it has signed a contract to construct a seventh generation ultra deepwater drillship at Samsung Heavy Industries. This Seventh Generation drillship is a sister ship to the three (Ocean Rig Skyros, Ocean Rig Athena, Ocean Rig Apollo) drillships that are being under construction at Samsung, and is scheduled to be delivered to the Company in December 2015. The project value price is estimated to be approximately USD 600 million. Additionally, the Company announced that Lukoil exercised its options for an additional two-well program under the previously announced Contract Award for the Company's semi-submersible drilling rig Eirik Raude. The revised drilling contract is for a firm six-well program and the rig is expected to be available for employment the earliest by December 2014.  Full Article

Ocean Rig UDW Inc Updates on Letters of Awards
Tuesday, 23 Jul 2013 08:31am EDT 

Ocean Rig UDW Inc announced that the Company has signed definitive documentation with Total E&P Angola, following the previously announced Letter of Award, for ultra deepwater drillship Ocean Rig Skyros. The contract is for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately USD 190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013. Additionally, the Company has received a Letter of Award for its ultra deepwater drillship Ocean Rig Skyros, from an oil company. The Letter of Award is for a six-year contract for drilling offshore West Africa, with an estimated backlog of approximately USD 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.  Full Article

UPDATE 2-Falkland oil explorers contract rig for 2015 drilling

LONDON, June 4 - Energy companies active in the Falkland Islands have leased a rig for their 2015 drilling programme, paving the way for oil and gas exploration to continue next year in the region contested by Britain and Argentina.

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