Economou to scoop a stake in Ocean Rig share offering

Economou to scoop a stake in Ocean Rig share offering

Athens: Ocean Rig is planning a public offering of its common stock, of which George Economou, the company’s chairman, president and CEO, will buy 5% of the shares offered.

The NASDAQ-traded stock will have a par value of $0.01 per share in the offering.

The company currently has 132.32m shares of common stock outstanding, which are currently trading at $8.09 per share.

Economou will buy his shares at the public offering price in order to maintain his direct ownership in Ocean Rig.

“The company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the acquisition of drilling rigs,” Ocean Rig said today.

Clarksons Platou Securities, Pareto Securities and Seaport Global Securities are acting as joint lead managers, joint bookrunners and placement agents in the offering. Norway-based Clarksons Platou Securities and Pareto Securities are acting as placement agents.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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