Drilling Rig Buyout Gives Full Control

Published at 04:21PM - 05/04/16

Offshore drilling rig buyout gives full control to operators Ocean Rig, as the Cypriot based offshore drilling firm purchases all available shares on its fleet.

Ocean Rig currently operates a fleet totalling ten offshore drilling rigs, two semi-submersibles and eight drillships, with a further three drillships under construction.

Ocean Rig Buyout Gives Full Control

Ownership of the company’s fleet of drilling rigs was divided with Ocean Rig’s partner, Athens based Dryships Inc, holding a 40% share.

Today Ocean Rig announced that it had come to an agreement to buyout Dryships, in a cash deal totalling US$49.9 million, giving them full control over the future of the company.

A spokesman for Ocean Rig said: “After this transaction, Dryships Inc. will no longer hold any equity interest in Ocean Rig.”

“We are pleased to have eliminated the overhang of the Ocean Rig shares that Dryships owned once and for all, in a transaction that is priced at fair value and is to the benefit of all the shareholders of Ocean Rig.”, concluded Ocean Rig’s Audid Chairman, Professor John D. Liveris.