OCEAN RIG UDW INC. ANNOUNCES FINANCING AND CONTRACT DEVELOPMENTS
2/4/2013 4:07 PM EST
Nicosia, Cyprus - February 4, 2013 - Ocean Rig UDW
Inc. (NASDAQ: ORIG) (the "Company" or "Ocean Rig"), a
global provider of offshore deepwater drilling
services, announced today the following:
$1.35 billion Bank Facility
The Company announced that it has received firm
commitments from lenders for a $1.35 billion
syndicated secured term loan to partially finance the
construction costs of the Ocean Rig Mylos, the Ocean
Rig Skyros and the Ocean Rig Athena. This facility has
a 5 year term, and approximately an 11 year repayment
profile. The facility bears interest at LIBOR plus a
margin. Lead banks are DNB Bank and Nordea Bank
supported by several other commercial lenders. Also
participating in this financing are export credit
agencies Garanti-Instituttet for Eksportkreditt
(GIEK), Export Credit Norway and the Import-Export
Bank of Korea (KEXIM).
This agreement is subject to definitive documentation
which the Company expects to complete in the first
quarter of 2013.
Contract Award for the Eirik Raude
Ocean Rig has entered into definitive documentation
for one of its semi-submersible drilling rigs, the
Eirik Raude, with a major oil company. The drilling
contract is for a firm four-well program plus options,
with an estimated duration of about 12 months, for
drilling offshore West Africa, with an estimated
backlog of about $217 million, including mobilization
and demobilization. The rig is scheduled to commence
this contract in the second half of 2013, in direct
continuation of its previous contract in Ireland.
About Ocean Rig
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. The company owns and operates 10 offshore
ultra deepwater drilling units, comprising of 2 ultra
deepwater semisubmersible drilling rigs and 8 ultra
deepwater drillships, 3 of which remain to be
delivered to the company during 2013 and 1 in 2015.
Visit the Company's website at www.ocean-rig.com.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements. Forwardlooking
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, may 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 (i) factors related to the offshore drilling
market, including supply and demand, utilization, day
rates and customer drilling programs; (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) changes in laws and governmental
regulations, particularly with respect to
environmental matters; (iv) the availability of
competing offshore drilling vessels; (v) 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; (vi) the
performance of our rigs; (vii) our ability to procure
or have access to financing and comply with our loan
covenants; (viii) our ability to successfully employ
our drilling units; (ix) our capital expenditures,
including the timing and cost of completion of capital
projects; and (x) our revenues and expenses. Due to
such uncertainties and risks, investors are cautioned
not to place undue reliance upon such forward-looking
statements.
Contact:
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: