Ocean Rig Company News

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Avenue Capital Urges Ocean Rig To Hire Advisers
Tuesday, October 17, 2017 Ocean Rig UDW's fifth-biggest investor Avenue Capital Group urged the offshore driller to hire advisers to review 'opportunities.'

Rig Contractor Ocean RIG Files For Bankruptcy Protection In US
Tuesday, March 28, 2017 Ocean RIG UDW filed for Chapter 15 bankruptcy protection in a US court.

Ocean Rig Acquires an Ultra Deepwater Drillship for $65M
Wednesday, April 27, 2016 Ocean Rig acquires an ultra deepwater drillship through an auction for $65 million.

Premier, Noble Terminate Contract for Eirik Raude Rig
Friday, February 12, 2016 Premier Oil and its partner, Noble Energy, decide to terminate their contract for Eirik Raude after several technical issues with the rig.

SHI Agrees to an 18-Month Delay in Delivery of Drillship to Ocean Rig
Monday, September 14, 2015 Samsung Heavy Industries agrees to delay delivery of an ultra deepwater drillship to Ocean Rig by 18 months to June 2017.

Ocean Rig, Petrobras Agree To 3-Year, $1.1B Drillships Lease
Monday, October 20, 2014 Ocean Rig signs a $1.1B 3-year contract with Petroleo Brasileiro to extend a lease on two ultra-deepwater drilling ships.

Ocean Rig Wins $1.3B Letter of Award for Newbuild Drillship
Tuesday, July 23, 2013 Ocean Rig has received a letter of award from a major oil company for the Ocean Rig Skyros, which is currently under construction.

ExxonMobil Pens Ocean Rig Semisub for Dunquin Drilling
Thursday, September 13, 2012 Providence has now received formal notification from ExxonMobil that a letter of intent has been signed with Ocean Rig for the semisub Eirik Raude.

Ocean Rig Preps Drillship for Petrobras Ops
Thursday, May 17, 2012 The Ocean Rig Corcovado has completed the general testing of equipment required by Petrobras, according to Ocean Rig UDW Inc.

Ocean Rig UDW Drillship Secures Total Rig Gig
Friday, May 11, 2012 Ocean Rig UDW Inc. has signed definitive documentation, following the previously announced Letter of Award for its Ocean Rig Olympia (UDW drillship) with Total E&P Angola.

Ocean Rig Books UDW Drillship
Monday, April 09, 2012 Ocean Rig UDW Inc. has received a Letter of Award for its Ocean Rig Olympia (UDW drillship) from a major oil company.

African Petroleum Pens Drilling Contract with Ocean Rig
Thursday, March 22, 2012 African Petroleum Corp. has signed a contract with Ocean Rig UDW to continue its drilling program in Blocks 8 & 9, Liberia West Africa, and within the Company's other West Africa blocks.

Ocean Rig Pens Norwegian Gig for Semisub
Monday, February 06, 2012 Ocean Rig UDW Inc. has signed a new drilling contract for its drilling rig Leiv Eiriksson with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf.

Petrobras Cancels Tender to Buy 21 Offshore Rigs
Thursday, December 22, 2011 Petrobras cancels a much-delayed tender to buy 21 offshore drill rigs, and will instead open direct negotiations with two suppliers.

Ocean Rig Secures Additional Well Contracts for Semisub
Wednesday, October 12, 2011 Ocean Rig has entered into drilling contracts for three additional wells offshore West Africa for the semisubmersible rig Eirik Raude.

Analysis: Angola Rises As West Africa's Production Leader
Friday, October 16, 2009 The strength of West Africa's offshore developments, particularly in Nigeria and Angola, is propelling the region to grow faster than any other in the energy industry.

Petrobras Seeks 2 Siem PSVs to Operate in Turkish Black Sea
Monday, September 28, 2009 Siem Offshore and Petrobras have entered into a Letter of Intent for two of its mid-sized PSVs, which will operate in the Turkish sector of the Black Sea.

DryShips Closes Acquisition of Eirik Raude, Leiv Eiriksson Semisubs
Thursday, July 16, 2009 DryShips has closed the acquisition of the remaining 25% of the total issued and outstanding capital stock of Primelead, whose principal assets include two owned and operational ultra deepwater semisubs.

DryShips Acquires the Remainder of Its Drilling Rig Unit
Thursday, July 09, 2009 DryShips entered into an agreement to acquire the remaining 25% of the total issued and outstanding capital stock of PrimeLead, whose principal assets include the Eirik Raude and the Leiv Eiriksson semisubs.

Shell Strikes Gas in Record Deepwater Depth on Norwegian Shelf
Friday, June 19, 2009 Shell has proven gas in the Gro prospect, which is in the greatest water depth of any discovery made on the Norwegian Shelf to date.

Brazil's Lula Sees Petrobras Furthering Investments Abroad
Thursday, May 21, 2009 Brazil's President Lula is pushing state-run Petrobras to make overseas investments as the company prepares to finalize an exploration deal in Turkey with TPAO.

Norske Shell to Conduct Exploration Drilling on Ormen Lange
Wednesday, May 13, 2009 Shell received consent to conduct exploration drilling on Ormen Lange with the Leiv Eriksson semisub.

Petrobras, Turkish Petroleum Sign Pact to Operate in Black Sea
Tuesday, May 05, 2009 Petrobras and TPAO signed a farm-out agreement for the Leiv Eiriksson drilling rig, which will operate in the Black Sea for a three-year period.

Ocean Rig Finalizes Contract with Petrobras for Leiv Eiriksson
Tuesday, April 14, 2009 Ocean Rig has signed a 3-year employment contract with Petrobras for exploration drilling in the Black Sea using the Leiv Eiriksson semisub.

Tullow Deepens Tweneboa Find, Discovers More Oil in Uganda's Block 2
Wednesday, March 25, 2009 Tullow announced that the deeper section of the Tweneboa-1 exploration well offshore Ghana and the Karuka-2 exploration well drilling the Vundu prospect in Block 2 Uganda have both encountered oil bearing sands.

Petrobras Taps Ocean Rig's Leiv Eiriksson for Black Sea Exploration
Thursday, March 19, 2009 Petrobras has contracted Ocean Rig's Leiv Eiriksson semisub for exploration drilling in the Black Sea for a term period of three years.

Seadrill Takes a Financial Hit from Contractor Investments
Monday, February 23, 2009 After identifying losses of $687 million from investments in offshore drilling contractors, Seadrill will in its fourth quarter 2008 income statement recognize a loss of $35 million.

Athens Group's Increased Revenue, Growth Spurs Hiring Initiative
Thursday, February 19, 2009 Athens Group reported a 66% increase in year-over-year sales during 2008 and a significant increase in booked business for 2009. Due to its record growth, the company has announced a hiring initiative.

DryShips Enters into Agreement for Covenant Waiver on $800MM Facility
Monday, February 09, 2009 DryShips has reached preliminary agreement with Nordea Bank Finland to obtain a covenant waiver in connection with the $800 million Primelead facility, used partially to finance the acquisition of Ocean Rig ASA.

Tullow Extends Jubilee Field with Mahogany-3 Appraisal Discovery
Thursday, January 08, 2009 The Mahogany-3 appraisal well has intersected significant oil columns in the West Cape Three Points license offshore Ghana.

Norske Shell to Drill North Sea Exploration Well with Leiv Eriksson
Friday, December 05, 2008 A/S Norske Shell has been granted consent to conduct exploration drilling of well 6603/12-1 with the semisub Leiv Eriksson.

Norske Shell Gets Go-Ahead to Drill Voring Basin Well
Monday, December 01, 2008 The Norwegian Petroleum Directorate has issued A/S Norske Shell a drilling permit for wellbore 6603/12-1, located in the Voring Basin.

Dryships Cinches Deal to Finance 2 Ultra-Deepwater Drillships
Tuesday, July 22, 2008 Dryships closed on a senior secured credit facility of US $1,125 million for the financing of the two ultra-deepwater drillships under construction at Samsung Heavy Industries.

Leiv Eiriksson Recieves AOC from PSA Norway
Wednesday, July 16, 2008 The semisubmersible Leiv Eiriksson recently received an Acknowledgement of Compliance from the Petroleum Safety Authority Norway.

Primelead Cashes in on Ocean Rig's Compulsory Transfer of Shares
Tuesday, July 01, 2008 As a consequence of the compulsory transfer and cancellation of treasury shares held by Ocean Rig ASA, Primelead Ltd. will be owner of all shares in Ocean Rig. Primelead offers NOK 45 per share as compensation.

DryShips toTake Over Ocean Rig ASA
Tuesday, May 27, 2008 DryShips Inc. has made a mandatory offer for all of the shares in Ocean Rig ASA at an offer price of NOK 45 per share. Ocean Rig's board plans to accept.

DryShips Inc. Announces Mandatory Offer Period for Acquisition of Remaining
Thursday, May 15, 2008 DryShips announces the Mandatory Offer period for shares of Ocean Rig ASA after filing the appropriate documents with the Oslo Stock Exchange.

DryShips Purchases More Ocean Rig Shares
Friday, May 09, 2008 DryShips Inc. has purchased 7,546,668 shares in Ocean Rig ASA at a price of NOK 45 per share.

Dryships Launches Mandatory Offer for Ocean Rig
Tuesday, April 22, 2008 DryShips has purchased 33,254,576 shares of Ocean Rig at a price of NOK 45 per share. Following these transactions DryShips owns 49.9% of the shares and votes in Ocean Rig.

Ocean Rig: Shareholders Should Take No Action at this Point
Tuesday, April 22, 2008 The Board of Ocean Rig urges shareholders to take no further action at this time pending clarification regarding the mandatory offer.

Ocean Rig Names Mullen As CEO
Friday, April 04, 2008 Ocean Rig has appointed David Mullen as new CEO. David Mullen comes from the position as Senior Vice President of Transocean Inc. with responsibility for all world wide marketing, corporate strategy and M&A activities.

Ocean Rig (NO) Determines Pricing for Tender Offer
Wednesday, April 02, 2008 The total consideration for each U.S. $1,000 principal amount of notes tendered and accepted for payment is U.S $1,113.92.

Tender Offer for Ocean Rig Norway
Tuesday, March 18, 2008 Ocean Rig has appointed Morgan Stanley & Co. Incorporated as the dealer manager and solicitation agent and Global Bondholder Services Corporation is the information agent and depositary for the tender offer and consent solicitation.

Ocean Rig Enjoys Record-High Day Rates
Thursday, February 14, 2008 Revenue for the 4th quarter 2007 was USD 41.3 million, decreasing from USD 67.3 million in the 3rd quarter 2007, mainly due 61 days yard stay for Leiv Eiriksson, preparing for the North Sea contract with Shell.

Ocean Rig Awarded $700 Million 3-Yr Contract
Friday, February 08, 2008 Ocean Rig has received a Letter of Award from Tullow Oil Plc. for a 3-year term contract for development drilling offshore Ghana, commencing in direct continuation from the current contract with ExxonMobil.

Two of World's Largest Offshore Rigs, Eiriksson and Raude, Carry On
Thursday, December 27, 2007 Leiv Eiriksson completed a 61 days yard-stay in Las Palmas, Cran Canarias, on Sunday December 16, 2007, and went back on hire under the Shell contract. Eirik Raude continues to work in the US Gulf of Mexico under a two-year term contract.

DryShips Pays U.S. $405 Million for Ocean Rig Stake
Monday, December 17, 2007 DryShips Inc. has entered into an agreement to acquire approximately 30.4% of the issued and outstanding shares and voting rights in Ocean Rig ASA, an offshore drilling contractor listed on the Oslo Stock Exchange.

Cardiff Marine Increases Stake in Ocean Rig to 34.4%
Monday, December 10, 2007 Cardiff has acquired additional shares in Ocean Rig bringing its stake to 30.4% of the issued shares and votes.

Ocean Rig Receives Commitment for Bank Financing
Friday, December 07, 2007 Ocean Rig received a firm underwriting commitment for a senior secured loan facility that would replace all existing debt and provide further financing capacity and flexibility to allow for capital repayment program based on strong future cash flow.

Ocean Rig Secures New Financing
Wednesday, December 05, 2007 Ocean Rig has secured a new firm underwriting commitment for a senior secured loan facility to replace all existing debt and provide significant financing to allow a capital repayment program based on strong cash flow.