- Ocean Rig UDW (NASDAQ:ORIG) -31.4% premarket after Q4 results reveal a $3.71B net loss vs. a $174.4M net loss for the prior-year period, and saying it continues to explore strategic alternatives, which may include a possible Chapter 11 debt restructuring.
- The figure includes a $3.75B charge associated with the impairment of the book value of the company’s drilling rigs, compared to a $415M impairment during the year-ago quarter.
- Fleet wide utilization for Q4 was 95.4%, and total backlog as of Feb. 22 was $1.5B.
- ORIG says it will not host a conference call to discuss the results.