| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for Ocean Rig UDW Inc. > News item |
Ocean Rig ends 2015 with more cash, $794 million debt, buys back notes
By Lisa Kerner
Charlotte, N.C., March 9 – Ocean Rig UDW Inc. ended the fourth quarter with about $476 million of net revenue and EBITDA of about $301 million, up from $277 million in the prior-year period.
The company strengthened its balance sheet through its notes buyback program but lost three clients that decided to terminate drilling contracts.
“As of today, we have bought $369 million of our 7¼% senior unsecured notes due in 2019 and $340.3 million of our 6½% senior secured notes due in 2017,” said chairman and chief executive officer George Economou in the earnings release.
The result was a total gain to the company of $314.2 million, according to Ocean Rig’s earnings presentation.
At Dec. 31, Ocean Rig had cash and cash equivalents of $43.34 million and total debt, net of financing fees of $794.10 million. This compares to $23.64 million and $788.22 million, respectively, at the end of 2014.
Ocean Rig’s weighted average debt maturity was 5.3 years as of March 7, and it has not material debt maturities until October 2017.
The company said it allocated $180 million to pursue distressed asset opportunities by forming Ocean Rig Investments, an unrestricted subsidiary.
Ocean Rig had a net loss for the fourth quarter of $174.4 million, or $1.26 basic and diluted loss per share, compared to net income of $87.5 million, or $0.66 basic and diluted earnings per share, for the three-month period ended Dec. 31, 2014.
Fourth-quarter revenues were down by $23.7 million year-over-year at $475.7 million.
“The prospects for the industry remain bleak with limited visibility of new contracts and are likely to remain so at least until 2018,” Economou said.
Ocean Rig is a deepwater driller based in Nicosia, Cyprus.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.