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Ocean Rig -31% after taking $3.5B impairment; issues Chapter 11 warning

Feb. 23, 2017 8:57 AM ETOcean Rig UDW Inc. (ORIG) StockORIGBy: Carl Surran, SA News Editor13 Comments
  • 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.

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