Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”),
an international contractor of offshore deepwater drilling
services, today announced the launch of an offering of common
shares by its wholly-owned Marshall Islands subsidiary, Valiant
Offshore Inc., (“Valiant”), which upon the completion of the
offering will acquire the Leiv Eiriksson and the Eirik Raude, two
fifth generation harsh environment semi-submersible rigs that are
currently indirectly owned by the Company in exchange for
24,000,000 shares of Valiant (representing approximately 57.8% of
the issued share capital of Valiant) and cash in the amount of
$110,000,000, expected to be used towards reactivating the Eirik
Raude. An additional 17,500,000 shares of Valiant (representing
approximately 42.2% of the share capital of Valiant) are expected
to be sold in the offering. Valiant intends to use the net proceeds
from the offering as partial payment for the acquisition of the
Leiv Eiriksson, for working capital and for general corporate
purposes.
It is expected that the Leiv Eiriksson will be
delivered to Valiant with its current drilling contracts in place,
which is scheduled to take place within ninety days after the
closing of this offering. It is expected that the Eirik Raude will
be delivered to Valiant following its reactivation, which is
expected to take place within twelve to fifteen months and no later
than eighteen months from the closing of the offering.
The shares of Valiant will be offered and sold
in the United States to qualified institutional buyers pursuant to
applicable exemptions from the registration requirements under the
U.S. Securities Act of 1933 (the “Securities Act of 1933”) and
outside the United States pursuant to Regulation S under the
Securities Act of 1933.
The shares of Valiant have not been registered
under the Securities Act of 1933 or any state securities laws and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of
the Securities Act of 1933 and applicable state laws.
This press release shall not constitute an offer
to sell or a solicitation of an offer to purchase shares of Valiant
or any other securities, and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful.
About Ocean Rig UDW Inc.
Ocean Rig is an international offshore drilling
contractor providing oilfield services for offshore oil and gas
exploration, development and production drilling, and specializing
in the ultra-deepwater and harsh-environment segment of the
offshore drilling industry.
Ocean Rig’s common stock is listed on the NASDAQ
Global Select Market where it trades under the symbol “ORIG.”
Visit the Company’s website at
www.ocean-rig.com
Forward-Looking
Statement
Matters discussed in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor
legislation.
Forward-looking statements relate to Ocean Rig’s
expectations, beliefs, intentions or strategies regarding the
future. These statements may be identified by the use of words like
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “project,” “should,” “seek,” and similar expressions.
Forward-looking statements reflect Ocean Rig’s current views and
assumptions with respect to future events and are subject to risks
and uncertainties.
The forward-looking statements in this release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management’s examination of historical operating trends, data
contained in Ocean Rig’s records and other data available from
third parties. Although Ocean Rig believes that these assumptions
were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond Ocean Rig’s
control, Ocean Rig cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections described in
the forward- looking statements contained herein. Actual and future
results and trends could differ materially from those set forth in
such statements.
Important factors that, in Ocean Rig’s view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include factors related
to (i) the offshore drilling market, including supply and demand,
utilization, day rates and customer drilling programs, commodity
prices, effects of new rigs and drillships on the market and
effects of declines in commodity process and downturns in the
global economy on the market outlook for our various geographical
operating sectors and classes of rigs and drillships; (ii) hazards
inherent in the drilling industry and marine operations causing
personal injury or loss of life, severe damage to or destruction of
property and equipment, pollution or environmental damage, claims
by third parties or customers and suspension of operations; (iii)
newbuildings, upgrades, and shipyard and other capital projects;
(iv) changes in laws and governmental regulations, particularly
with respect to environmental matters; (v) the availability of
competing offshore drilling vessels; (vi) political and other
uncertainties, including risks of terrorist acts, war and civil
disturbances; piracy; significant governmental influence over many
aspects of local economies, seizure; nationalization or
expropriation of property or equipment; repudiation, nullification,
modification or renegotiation of contracts; limitations on
insurance coverage, such as war risk coverage, in certain areas;
political unrest; foreign and U.S. monetary policy and foreign
currency fluctuations and devaluations; the inability to repatriate
income or capital; complications associated with repairing and
replacing equipment in remote locations; import-export quotas, wage
and price controls imposition of trade barriers; regulatory or
financial requirements to comply with foreign bureaucratic actions;
changing taxation policies; and other forms of government
regulation and economic conditions that are beyond our control;
(vii) the performance of our rigs; (viii) our new capital
structure; (ix) our ability to procure or have access to financing
and our ability comply with covenants in documents governing our
debt; (x) our substantial leverage, including our ability to
generate sufficient cash flow to service our existing debt and the
incurrence of substantial indebtedness in the future; (xi) our
ability to successfully employ our drilling units our customer
contracts, including contract backlog, contract commencements and
contract terminations; (xii) our capital expenditures, including
the timing and cost of completion of capital projects; (xiii) our
revenues and expenses; (xiv) complications associated with
repairing and replacing equipment in remote locations; and (xv)
regulatory or financial requirements to comply with foreign
bureaucratic actions, including potential limitations on drilling
activities; (xvi) any litigation or adverse actions that may arise
from our recently completed financial restructuring. Due to such
uncertainties and risks, investors are cautioned not to place undue
reliance upon such forward-looking statements.
Risks and uncertainties are further described in
reports of Ocean Rig filed with or submitted to the U.S. Securities
and Exchange Commission, including the Company’s most recently
filed Annual Report on Form 20-F.
Investor
Relations
/
Media:
Nicolas BornozisCapital Link, Inc. (New York) Tel. 212-661
7566E-mail: oceanrig@capitallink.com
Ocean Rig Udw Inc. New (delisted) (NASDAQ:ORIG)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Ocean Rig Udw Inc. New (delisted) (NASDAQ:ORIG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024