Ocean Rig

Ocean Rig UDW Inc. was an operator of semi-submersible oil platforms and underwater drillships and was based in Athens. In 2018, the company was acquired by Transocean.

Ocean Rig UDW Inc.
IndustryPetroleum industry
FateAcquired by Transocean
Founded1996 (1996)
DefunctDecember 5, 2018 (2018-12-05)
HeadquartersAthens, Greece
Key people
George Economou
ServicesOffshore drilling
Well drilling
Oil platforms

The company owned 2 semi-submersibles and 4 ultra deepwater drillships.

The company was majority owned by DryShips, controlled by George Economou.

History

The company was established in 1996 as Ocean Rig ASA.[1]

Between 1997 and 2008, the company was listed on the Oslo Stock Exchange.

In 2010, shares in the company were spun off by DryShips and the company was listed on NASDAQ.[2]

In 2011, the Leiv Eirikson finished operations the Black Sea on contract to Petrobras and TPAO and went to the Arctic on contract to Cairn Energy.[3]

In March 2017, the company filed bankruptcy in the United States.[4] The reorganization was completed in September 2017.[5][6]

Effective January 1, 2018, Pankaj Khanna became President & CEO of the company.[7]

In December 2018, the company was acquired by Transocean.[8]

References
  1. "DRILLING MARKET FOCUS: INDUSTRY INVESTS RECORD SUMS IN RIGS, DRILLING CAMPAIGNS". Oil & Gas Journal. June 9, 2008.
  2. "DryShips Announces Partial Spin Off of Ocean Rig UDW Inc". Business Wire. August 4, 2011.
  3. Vidal, John (April 22, 2011). "Activists occupy oil rig in fight to prevent Arctic drilling". The Guardian.
  4. Benny, John; Rucinski, Tracy (March 28, 2017). "Rig contractor Ocean RIG files for bankruptcy protection in U.S". Reuters.
  5. Brickley, Peg (September 22, 2017). "Ocean Rig Implements Debt-for-Equity Restructuring". The Wall Street Journal.
  6. "Ocean Rig UDW Inc. Announces the Completion of Its Restructuring and the Occurrence of the Restructuring Effective Date". Business Wire. September 22, 2017.
  7. "Ocean Rig UDW Inc. Announces Management Changes". Business Wire. December 29, 2017.
  8. Blum, Jordan (December 5, 2018). "Transocean closes Ocean Rig acquisition". Houston Chronicle.
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