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Ocean Rig UDW Inc. Announces Entry Into Amendment and Restatement of $1.9 Billion Term Loan FacilityMarketwire (Feb 7, 2014)
Marketwire (Dec 23, 2013)
Ocean Rig UDW Inc., is an offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development & production drilling & specializing in the ultra-deepwater, harsh-environment segment of the offshore drilling industry.
Wednesday, Feb 199:13 AM
Tuesday, Feb 185:38 PM
Tuesday, Feb 184:17 PM|Tuesday, Feb 184:17 PM| Comment!
Tuesday, Feb 1812:10 AM
Monday, Feb 175:35 PM
Monday, Feb 33:39 PM
Monday, Feb 33:39 PM| 2 Comments
- Raymond James maintains its bearish stance on offshore drillers and cuts its estimated 2015 sector EPS by ~18% while noting that this a typical cyclical slowdown and not permanent.
- The firm estimates the industry needs to cold stack ~6% of both the floater and jackup fleet over the next three years to maintain 90% utilization; assuming the pace of newbuilds slows, this should improve the supply/demand dynamics by 2017.
- Rowan Cos. (RDC +0.2%) earns an upgrade to Outperform, joining Pacific Drilling (PACD -1.9%) and Ocean Rig UDW (ORIG -2.1%) as drillers who would rank atop the list of any would-be acquirer given the high spec nature of the fleets.
- Atwood Oceanics (ATW -4.1%), Ensco (ESV -2.4%) and Noble Corp. (NE -0.3%) are downgraded to Market Perform, as offshore stocks are in “full-blown meltdown mode."
- The firm maintains Transocean (RIG -1.9%), Diamond Offshore (DO -1.6%) and Hercules Offshore (HERO +0.4%) at Market Perform, noting that “lower quality assets are too risky as we head into a sloppy market."
Tuesday, Nov 52013, 10:21 AM
Tuesday, Nov 52013, 10:21 AM| 2 Comments
- Ocean Rig UDW (ORIG +12.5%) skyrockets after Q3 earnings of $0.30/share crushed expectations of $0.19 and revenues rose 15% Y/Y to $328.5M vs. $292M analyst consensus.
- ORIG says it will create a new MLP subsidiary with a targeted IPO launch date within Q2 2014, and plans to initiate a quarterly dividend of $25M starting with cash flow from its Q1 2014 operations and payable in May 2014.
- Achieved 98.4% average fleet wide operating performance for Q3.
- On Nov. 4, the Ocean Rig Mylos commenced drilling operations under the three-year contract with Repsol Sinopec Brazil.
Tuesday, Sep 32013, 2:59 PM
Tuesday, Sep 32013, 2:59 PM| 1 Comment
- Ensco (ESV -2.1%) is downgraded to Equal Weight from Overweight with a $60 price target (from $82) at Barclays, which sees continued high levels of unplanned downtime prompting concerns with ESV's operational execution, despite its high-quality mixed fleet of relatively standardized assets.
- The firm prefers ultra-deepwater pure-plays, including Ocean Rig (ORIG +2.1%) and Pacific Drilling (PACD +2.6%), and catalyst-rich offshore drillers led by Noble Corp. (NE -0.4%), which is undergoing operational improvements and is moving forward with a meaningful non-core asset divestiture.
Tuesday, Sep 32013, 11:49 AM
Tuesday, Sep 32013, 11:49 AM| Comment!
- Ocean Rig (ORIG +2%) signs a contract to construct a seventh generation ultra-deepwater drillship at Samsung Heavy Industries in a project valued at ~$600M; delivery is scheduled for Dec. 2015.
- The rig will be a sister ship to the three drillships currently under construction at Samsung, and will bring ORIG's UDW fleet to 11.
- Assuming a $580K dayrate upon contract commencement, Cowen analysts estimate the rig "will generate unlevered/levered returns of 16%/21%, still very attractive economics in a flattening dayrate environment."
- ORIG also signs a supplemental agreement to amend certain provisions in its $1.35B senior secured facility dated Feb. 28, 2013.
Thursday, Aug 222013, 9:08 AM
Thursday, Aug 222013, 9:08 AM| Comment!
- DryShips (DRYS) is initiated with an Outperform rating at Imperial Capital, which sees a potential 34% upside to its $2.75 price target driven by potentially significant price appreciation of majority-owned Ocean Rig UDW (ORIG) on the start of a dividend program and/or formation of an MLP.
- The firm also expects the subsequent removal of the overhang related to investors' concerns about DRYS' near-term maturities and overall liquidity levels through a likely successful exchange offer and amendment/extension of credit facilities.
- DRYS +5.8% premarket.
Thursday, Aug 152013, 6:55 AM
Wednesday, Aug 72013, 6:56 PM
Wednesday, Aug 72013, 6:56 PM| Comment!
- Ocean Rig UDW (ORIG) Q2 beats across the board.
- Revenues from drilling contracts decreased marginally by $3.7M to $259.8M, as compared to $263.5M for the same period in 2012.
- Rig operating expenses decreased to $117M from $145M in the prior year period.
- The company announces that board director Trygve Arnesen has resigned for personal reasons. In his place, it appoints Mr. Kyros Melas.
- Mr. Melas serves as a Board member, Business Development Director and Founding Partner of EDT Oil & Gas, a Cyprus-based oil and gas services company specializing in the supply of high specification offshore support vessels to oil and gas industry worldwide. Shares +6.4% AH.
Wednesday, Aug 72013, 5:28 PM
Tuesday, Jul 232013, 11:15 AMOcean Rig UDW (ORIG +1.1%) signs a six-year deal with Total (TOT) worth ~$1.3B for a newbuild ultra-deepwater drillship to be deployed offshore Angola. The figure equates to a dayrate of ~$593K. When the fourth drillship is delivered in Jan. 2015, ORIG will have a total of 10 harsh-environment and ultra-deepwater units. |Tuesday, Jul 232013, 11:15 AM| 1 Comment
Monday, Jul 152013, 10:21 AM
Monday, Jun 172013, 9:16 AMOcean Rig UDW (ORIG) is awarded a contract for its ultra deepwater drillship Ocean Rig Skyros from a major oil company for five wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of ~$190M. ORIG says its total contracted backlog now stands at ~$5B. |Monday, Jun 172013, 9:16 AM| Comment!