Ocean Rig pays down debt by $100m

Ocean Rig pays down debt by $100m

George Economou’s Nasdaq-listed offshore drilling entity Ocean Rig has prepaided $100m of its $450m term loan facility.

The payment reduces outstanding balance of the term loan, which bears 8% interest, to $350m.

Pankaj Khanna, president and chief executive officer of Ocean Rig, commented: “Ocean Rig has the “best-in-class” balance sheet and as a result we decided to take advantage of our ability to repay $100 million of the term loan at par, thereby reducing our interest obligations over the remaining term of the loan by $52 million, without compromising our financial flexibility over the business cycle.”

Ocean Rig shares jumped 4.39% yesterday on the back of the announcement, closing at $24.99.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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