Ocean Rig explores sale opportunities

Ocean Rig explores sale opportunities

Nasdaq-listed Ocean Rig is ready to explore a sale under pressure from shareholders, according to Reuters citing unnamed sources.

The company, an operator of drillships and semi-submersible rigs, filed for Chapter 15 bankruptcy in March this year and emerged from it in September.

In early moves, Ocean Rig has interviewed investment banks to appoint a financial advisor to help it explore a sale.

Owned by Greek magnate George Economou – who also owns bulk shipowner DryShips – Ocean Rig has its executive offices in Grand Cayman, a British Overseas Territory in the Caribbean.

Ocean Rig’s business suffered as low oil prices made offshore E&P less attractive.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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