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Ocean Rig

FGH, Ocean Rig End Dispute Over Drilling Rigs

Norway’s Ocean Rig and Friede Goldman Halter signed an agreement, ending a legal dispute over the building of two drilling rigs that was halted earlier this month. “Work on the rigs, which was suspended briefly by Friede Goldman, causing Ocean Rig to commence arbitration and other legal proceedings against Friede Goldman, resumed in full this morning,” it said in a statement to the Oslo Stock Exchange. “Both companies believe that this latest agreement ... reflects the strong interest of both companies in allocating resources as effectively as possible to complete the remaining work on the rigs,” it said. Friede Goldman, based in Gulfport, Miss., halted work on the outfitting of two semi-submersible drilling rigs for Ocean Rig, saying it had previously warned that it did not intend to complete the rigs without a new agreement between the parties. Ocean Rig subsequently began arbitration proceedings against it in London for the two Bingo 9000 rigs at Goldman’s Pascagoula yard in Mississippi. Under the agreement Ocean Rig will pay Goldman a contractually established rate for equipment, personnel and labor provided by Friede Goldman to cover the costs of completing the project, rather than a predetermined lump sum, it said.


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


BP Exercises Option for Leiv Eiriksson

Ocean Rig announces that BP Exploration (Angola) Limited has exercised the 4th option well under the present contract in Angola for Leiv Eiriksson. This well, which will last for an estimated 50 days, will be drilled in a sequence with the previously announced third option under the contract, together estimated to employ the rig until early December 2003. Ocean Rig owns and operates two of the worlds largest and most modern drilling-rigs


Dryships Increased Backlog for Ocean Rig UDW

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DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, announced today that Ocean Rig UDW Inc., its majority owned subsidiary, has secured further backlog, as Borders & Southern plc have declared two optional wells under the existing drilling contract for the harsh environment drilling rig Leiv Eiriksson. The two optional wells have been assigned to Falkland Oil and Gas (FOGL) and


DryShips Reports 2Q Results

DryShips Inc. (NASDAQ: DRYS) announced its unaudited financial and operating results for the second quarter and six month period ended June 30, 2011. For the second quarter of 2011, the company reported a net loss of $114.1m, or $0.33 basic and diluted loss per share. Included in the second quarter 2011 results are infrequently occurring and non-cash items, totaling $131.5 million, or $0.37 per share which are described below


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


Eirik Raude Leaves Yard For Sea Trials

Ocean Rig’s second semi-submersible drilling rig, Eirik Raude, left the Irving Shipyard in Halifax this morning local time to commence a four week period of sea trials. The rig will first undergo inclination testing followed by thruster and various system tests. These will be performed in sheltered waters. Eirik Raude will thereafter move offshore for the remainder of the testing program, which will be carried out close to the rig's first drilling location in deep water outside Nova Scotia


Delisting of Ocean Rig ASA

DryShips Inc. announced that July 21 was the last day of listing of the shares of Ocean Rig ASA on the Oslo Stock Exchange and that effective July 22nd Ocean Rig ASA will be delisted from the Oslo Exchange.


Dryships Wins Offshore Drilling Deal

DryShips's (NASDAQ: DRYS) fully-owned subsidiary Ocean Rig UDW Inc. received a Letter of Award from a U.S. exploration company for a four well contract for exploration drilling offshore West Africa for a period of about 300 days, commencing in the first or second quarter of 2011. The contract value is approximately $135m. The contract is subject to final documentation. Mr. George Economou, Chairman and CEO of DryShips Inc. and interim CEO of Ocean


DRYSHIPS Financial & Operating Results for 2Q, 2014

  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, today announced its unaudited financial and operating results for the second quarter ended June 30, 2014. Second Quarter 2014 Financial Highlights *For the second quarter of 2014, the Company reported a net loss of $5.6 million, or $0.01 basic


ABB to Deliver Power Solutions to Ocean Rig’s drillships

Ocean Rig Athena

  ABB, a global leader in power and automation technology, has secured an order to deliver total power solutions to Ocean Rig’s two seventh generation new integrated design mobile offshore drilling units (MODU) that is being built by Samsung Heavy Industries (SHI) at Goeje shipyard in


DryShips: Public Offering of Its Senior Secured Notes

DryShips Inc. announced today that it intends to offer senior secured notes due 2017 (the “Notes”) pursuant to its effective shelf registration statement. The Company expects to use the net proceeds of the offering to refinance, in part


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


Ocean Rig, Petrobras Agree to $1.1b Drill Ships Lease

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. Petrobras, as the Brazilian oil company is known, will get the ships


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


DryShips to Resume Market Common Share Offering

Image courtesy of DryShips

Greece's NASDAQ-listed DryShips Inc. says it intends to resume sales under its previously announced $200 million program of 'at the market issuances' of its common shares through Evercore Group L.L.C. as its sales agent. To date, the Company has issued 6,892


DryShips Re-state Amended US$1.9-Billion Credit Agreement

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From HQ in Athens, Greece, DryShips Inc. announce that through its majority owned subsidiary Ocean Rig, and its wholly-owned subsidiaries, Drillships Financing Holding Inc. (“DFHI”), and Drillships Projects Inc., have entered into an Amendment and Restatement Agreement to the


DryShips & Subsidiary Ocean Rig Report Rough & Smooth Q4 2013

Image courtesy of Ocean Rig

Greek-based drybulk & tankship owners DryShips and subsidiary offshore deepwater drilling service provider Ocean Rig announce unaudited financial and operating results for the fourth quarter, year ended 31, December 2013. DryShips Fourth Quarter 2013 Financial Highlights


Kongsberg Delivers 50th HAIN System

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Kongsberg Maritime has delivered its 50th HAIN (Hydro Acoustic aided Inertial Navigation) Reference System, to long-time HAIN user, Ocean Rig. HAIN significantly improves reference data accuracy and update rate sent to Dynamic Positioning (DP) systems to support safer


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


DryShips to Make US$500-Million Notes Offering

Greece's DryShips Inc. through its majority owned subsidiary, Ocean Rig UDW Inc., informs that it intends to offer $500 million 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


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


Ocean Rig Ultra-Deepwater Drillship Contract Confirmed

Ocean Rig Skyros: Photo DryShips

Greece's DryShips, says that its wholly-owned subsidiary, Ocean Rig UDW, has signed 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'.


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


Ocean Rig Orders Kongsberg Offshore Simulator

Sophisticated integrated simulator suite for new training center (Photo: Kongsberg Maritime)

Ocean Rig UDW Inc. has chosen Kongsberg Maritime to supply an extensive offshore and navigation simulator package for a brand new training center. With a sophisticated integrated simulator suite, enabling specific operations and vessel team training, Ocean Rig’s new facility






 
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