Ocean Rig UDW Inc. (ORIG) CEO Pankaj Khanna on Q2 2018 Results - Earnings Call Transcript

Aug. 09, 2018 11:02 AM ETOcean Rig UDW Inc. (ORIG)
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Ocean Rig UDW Inc. (NASDAQ:ORIG) Q2 2018 Earnings Conference Call August 9, 2018 8:00 AM ET


Pankaj Khanna - President and Chief Executive Officer

Iraklis Sbarounis - Chief Financial Officer


Eirik Rohmesmo - Clarksons Platou Securities


Thank you for standing by, ladies and gentlemen and welcome to the Ocean Rig’s Conference Call on the Second Quarter 2018 Financial Results. We have with us, Mr. Pankaj Khanna, President and CEO; Mr. Iraklis Sbarounis, CFO. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. [Operator Instructions] I must advise you that the conference is being recorded today.

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect current views with respect to future events and financial performance and may include the statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. Please take a moment to read the Safe Harbor statement on Page 2 of the Slide Presentation. Risks and uncertainties are further described in the reports filed by Ocean Rig with the U.S. Securities and Exchange Commission.

And I pass the floor to one of your speakers today, Mr. Pankaj Khanna. Please go ahead, sir.

Iraklis Sbarounis

Good morning, everyone. This is Iraklis. Thank you for participating in Ocean Rig’s second quarter earnings conference call. I am starting with Slide 3, our income statement.

Our adjustment of the income statement is $6.4 million, associated with the statutory periodic surveys of the Ocean Rig Mykonos, Ocean Rig Skyros and Leiv Eiriksson. For everyone’s benefit, we wish to remind our investors that Ocean Rig’s accounting policy is to expense SPS costs as they occur as opposed to capitalizing and deferring them.

Following that

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