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Ocean Rig UDW buys sixth generation ultra deepwater drillship.

M2 EQUITYBITES-April 26, 2016-Ocean Rig UDW buys sixth generation ultra deepwater drillship

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Drilling services company Ocean Rig UDW (NASDAQ:ORIG) revealed on Monday the completion of the acquisition of the sixth generation ultra deepwater drillship Cerrado for a purchase price of USD65m .

The sixth generation ultra deepwater drillship Cerrado was acquired through one of its subsidiaries via an auction and the purchase price will be funded with available cash.

According to the company, the acquired drillship was built at Samsung Heavy Industries in 2011 to similar design specifications as its existing 6th generation drillships built at Samsung and will be renamed the Ocean Rig Paros upon its delivery . Another subsidiary has been acting as the manager of the drillship for its previous owners.

This transaction is expected to close upon completion of the judicial auction procedure.

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Publication:M2 EquityBites (EQB)
Date:Apr 26, 2016
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