Ocean Rig nixes plan to sell rigs to subsidiary

|About: Ocean Rig UDW Inc. (ORIG)|By:, SA News Editor

Ocean Rig UDW (NASDAQ:ORIG) says it is canceling a proposed offering of common shares by its Marshall Islands subsidiary Valiant Offshore.

The offering had been intended to acquire the Leiv Eiriksson and the Eirik Raude, two harsh environment semi-submersible rigs.

The rigs, indirectly owned by ORIG, were supposed to be sold in exchange for 24M shares of Valiant and $110M in cash.

Subscribe for full text news in your inbox