Ocean Rig stock offering could raise almost $200m

Ocean Rig stock offering could raise almost $200m

Athens: Ocean Rig says the stock offering it announced yesterday will be priced at $7.00 per share.

The NASDAQ-quoted company said it will offer 28,571,428 shares of its common stock, which would raise just under $200m dollars if all the shares are sold at this price. The offering is expected to close on June 8.

George Economou, Ocean Rig’s chairman, president and CEO, intends to purchase a $10m slice (1,428,571 shares) or around 5% of the common stock in the offering, and will buy his shares at the public offering price. This will maintain his direct ownership in Ocean Rig, the company said today.

The net proceeds from the offering will be used for working capital and general corporate purposes, which could include the purchase of additional drilling rigs, the company said when the offering was announced.

Ocean Rig’s stock closed at $8.09 per share last night but has since fallen to $7.26 per share at the time of writing, subsequent to the pricing announcement.

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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