Directors and executive officers of Ocean Rig UDW Inc.
|
||
Name
|
Age
|
Position
|
George Economou
|
64
|
Chairman of the Board, Chief Executive Officer and Director
|
Anthony Kandylidis
|
40
|
President, Chief Financial Officer and Director
|
John Liveris
|
65
|
Director
|
Iraklis Sbarounis
|
32
|
Vice President Business Development, Secretary and Director
|
John Simon
|
63
|
Director
|
Karl Blanchard
|
58
|
Director
|
Jim Devine
|
59
|
Director
|
Dimitris Koukoulas | 58 | Executive Vice President |
OCEAN RIG UDW INC.
|
||
Dated: November 15, 2017
|
By: | /s/George Economou |
George Economou
|
||
Chief Executive Officer
|
Ø |
For the third quarter of 2017, the Company reported net loss of $234.0 million, or $26.36 basic and diluted loss per share.
|
- |
Reorganization gain, net of $1,069.1 million, or $120.43 per share, associated with the Company's debt restructuring.
|
- |
Non-cash losses of $1,048.8 million, or $118.15 per share, associated with the impairment of the book value of the Company's drilling units.
|
- |
Non-cash losses of $204.6 million, or $23.05 per share, associated with the issuance of shares upon restructuring.
|
- |
Non-cash write offs of $47.2 million, or $5.32 per share, associated with the discharge of the Company's previous Term Loan Facilities and Senior Notes, included in interest and finance costs.
|
- |
Special period survey costs of $16.1 million, or $1.81 per share, associated with the Ocean Rig Mykonos and the Ocean Rig Corcovado, included in operating expenses.
|
Ø |
The Company reported Adjusted EBITDA(1) of $120.4 million for the third quarter of 2017.
|
Ø |
Our fleet under contract achieved a revenue efficiency of 98.0% for the third quarter of 2017.
|
Ø |
On November 3, 2017, an extraordinary general meeting of our shareholders was held, in which:
|
- |
The Second Amended and Restated Memorandum and Articles of Association were adopted.
|
- |
Our Board of Directors was increased to consist of seven directors, of which four directors were appointed by our Chairman and Chief Executive Officer, Mr. George Economou, and three directors, were appointed by our major outside shareholders.
|
Unit
|
Year built
|
Redelivery
|
|
Leiv Eiriksson
|
2001
|
Q1 – 18
|
|
Ocean Rig Corcovado
|
2011
|
Q2 – 18
|
|
Ocean Rig Poseidon
|
2011
|
Q1 - 18
|
|
Ocean Rig Mykonos
|
2011
|
Q1 – 18
|
|
Ocean Rig Skyros
|
2013
|
Q3 – 21
|
(Expressed in thousands of U.S. Dollars
except for share and per share data)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2016
|
2017
|
2016
|
2017
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Revenues
|
$
|
335,043
|
$
|
200,851
|
$
|
1,295,606
|
$
|
788,168
|
||||||||
EXPENSES:
|
||||||||||||||||
Drilling units operating expenses
|
103,676
|
79,425
|
360,674
|
225,619
|
||||||||||||
Depreciation and amortization
|
83,102
|
32,383
|
251,868
|
95,032
|
||||||||||||
Impairment loss
|
-
|
1,048,828
|
-
|
1,048,828
|
||||||||||||
Loss on sale of assets
|
-
|
16
|
-
|
155
|
||||||||||||
General and administrative expenses
|
23,171
|
14,878
|
68,976
|
45,970
|
||||||||||||
Legal settlements and other, net
|
(1,128
|
)
|
4,000
|
(7,805
|
)
|
4,000
|
||||||||||
Operating income/(loss)
|
126,222
|
(978,679
|
)
|
621,893
|
(631,436
|
)
|
||||||||||
OTHER INCOME/(EXPENSES):
|
||||||||||||||||
Interest and finance costs, net of interest income
|
(55,340
|
)
|
(110,877
|
)
|
(170,032
|
)
|
(232,086
|
)
|
||||||||
Gain/ (Loss) on interest rate swaps
|
2,071
|
-
|
(4,476
|
)
|
-
|
|||||||||||
Reorganization gain, net
|
-
|
1,069,113
|
-
|
1,028,070
|
||||||||||||
Loss from issuance of shares upon restructuring
|
-
|
(204,595
|
)
|
-
|
(204,595
|
)
|
||||||||||
Gain from repurchase of senior notes
|
-
|
-
|
125,001
|
-
|
||||||||||||
Other, net
|
5,498
|
1,764
|
5,488
|
2,976
|
||||||||||||
Income taxes
|
(39,521
|
)
|
(10,736
|
)
|
(94,856
|
)
|
(47,748
|
)
|
||||||||
Total other income/(expenses), net
|
(87,292
|
)
|
744,669
|
(138,875
|
)
|
546,617
|
||||||||||
Net income/(loss) attributable to Ocean Rig UDW Inc.
|
$
|
38,930
|
$
|
(234,010
|
)
|
$
|
483,018
|
$
|
(84,819
|
)
|
||||||
Net income/(loss) attributable to Ocean Rig UDW Inc. common stockholders
|
$
|
38,812
|
$
|
(234,010
|
)
|
$
|
481,835
|
$
|
(84,819
|
)
|
||||||
Earnings/(loss) per common share, attributable to common stockholders, basic and diluted (1)
|
$
|
4,335.68
|
$
|
(26.36
|
)
|
$
|
43,518.33
|
$
|
(28,30
|
)
|
||||||
Weighted average number of common shares, basic and diluted (1)
|
8,949
|
8,877,058
|
11,072
|
2,997,480
|
||||||||||||
(Expressed in Thousands of U.S. Dollars)
|
December 31, 2016
|
September 30, 2017
|
||||||
ASSETS
|
||||||||
Cash, cash equivalents and restricted cash (current and non-current)
|
$
|
772,966
|
$
|
743,130
|
||||
Other current assets
|
326,983
|
155,457
|
||||||
Advances for drilling units under construction and related costs
|
545,469
|
-
|
||||||
Drilling units, machinery and equipment, net
|
2,438,292
|
1,877,537
|
||||||
Other non-current assets
|
7,834
|
9,454
|
||||||
Total assets
|
4,091,544
|
2,785,578
|
||||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Total debt, net of deferred financing costs
|
3,887,773
|
567,063
|
||||||
Total other liabilities
|
193,021
|
95,221
|
||||||
Total stockholders' equity
|
10,750
|
2,123,294
|
||||||
Total liabilities and stockholders' equity
|
$
|
4,091,544
|
$
|
2,785,578
|
||||
SHARE COUNT DATA
|
||||||||
Common stock issued (1)
|
17,486
|
90,660,578
|
||||||
Less: Treasury stock (1)
|
(8,511
|
)
|
-
|
|||||
Common stock issued and outstanding (1)
|
8,975
|
90,660,578
|
(Dollars in thousands)
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2016
|
2017
|
2016
|
2017
|
|||||||||||||
Net income/(loss)
|
$
|
38,930
|
$
|
(234,010
|
)
|
$
|
483,018
|
$
|
(84,819
|
)
|
||||||
Add: Net interest expense
|
55,340
|
110,877
|
170,032
|
232,086
|
||||||||||||
Add: Depreciation and amortization
|
83,102
|
32,383
|
251,868
|
95,032
|
||||||||||||
Add: Impairment loss
|
-
|
1,048,828
|
-
|
1,048,828
|
||||||||||||
Add: Loss on sale of assets
|
-
|
16
|
-
|
155
|
||||||||||||
Add: Income taxes
|
39,521
|
10,736
|
94,856
|
47,748
|
||||||||||||
Add: (Gain)/ loss on interest rate swaps
|
(2,071
|
)
|
-
|
4,476
|
-
|
|||||||||||
Add: Class survey costs
|
4,808
|
16,064
|
9,841
|
31,979
|
||||||||||||
Add: Loss from issuance of shares upon restructuring
|
-
|
204,595
|
-
|
204,595
|
||||||||||||
Less: Reorganization gain, net
|
-
|
(1,069,113
|
)
|
-
|
(1,028,070
|
)
|
||||||||||
Less: Gain from repurchase of senior notes
|
-
|
-
|
(125,001
|
)
|
-
|
|||||||||||
Adjusted EBITDA
|
$
|
219,630
|
$
|
120,376
|
$
|
889,090
|
$
|
547,534
|
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