Ocean Rig UDW Inc. Announces Withdrawal of Offering of Common Shares by its Subsidiary
08 Junio 2018 - 3:05PM
Ocean Rig UDW Inc. (NASDAQ:ORIG), ("Ocean Rig" or the "Company"),
an international contractor of offshore deepwater drilling
services, today announced the withdrawal of the previously
announced offering of common shares by its wholly-owned Marshall
Islands subsidiary, Valiant Offshore Inc., ("Valiant"). Ocean
Rig and Valiant made the final decision today after careful
consideration of several factors, including the interests of the
shareholders of both companies.
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
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