Ocean Rig cancels share offering

Ocean Rig cancels share offering

George Economou’s offshore drilling unit Ocean Rig has decided to withdraw the previously announced offering of common shares by its wholly-owned subsidiary, Valiant Offshore.

In May, Ocean Rig announced the launch of an offering by Valiant Offshore, which upon completion, would acquire two semi-submersible rigs, the Leiv Eiriksson and the Eirik Raude, from Ocean Rig, in exchange for about 57.8% shares in Valiant and $110m cash, expected to be used towards reactivating the Eirik Raude. The remaining 42.2% shares of Valiant were also expected to be sold in the offering.

Valiant intended to use the net proceeds from the offering as partial payment for the acquisition of the Leiv Eiriksson for working capital and for general corporate purposes.

Ocean Rig said the company and Valiant made the final decision to withdraw the offering after careful consideration of several factors, including the interests of the shareholders of both companies.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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