Ocean Rig has $760 million of cash, $3.69 billion maturities ahead

By Devika Patel

Knoxville, Tenn., Dec. 15 – Ocean Rig UDW Inc. has $760 million of free cash but $460 million of its notes will be due next year and the company has $3.23 billion of additional maturities before 2021, the company’s executives reported on Thursday.

“We have a weighted average maturity of 3.6 years, excluding the commercial bank loan facility related to Ocean Rig Apollo, and there are no significant debt maturities prior to our 6½% secured notes due Oct. 1, 2017,” executive vice president Anthony Kandylidis said on the company’s third quarter earnings call on Thursday.

“Then we have, in the middle of 2019, we have another maturity of $131 million 7¼% unsecured notes.

“We have two institutional term loans, one comes due in late 2020 and then another one in 2021. The total amount under these loans is approximately $3.1 billion.

The company has about $460 million of the 6½% notes outstanding, Kandylidis said, and its free cash balance as of Thursday is about $760 million.

Ocean Rig is a deepwater driller based in Nicosia, Cyprus.

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