Ocean Rig

Ocean Rig was an international offshore drilling contractor providing drilling services for oil and gas exploration and production. The company owned and operated ultra-deepwater drilling rigs, including drillships and semi-submersibles. Ocean Rig focused primarily on harsh environment and ultra-deepwater drilling locations.

History:

Ocean Rig was founded in 1996. It was initially associated with DryShips Inc., a dry bulk shipping company controlled by George Economou. Ocean Rig was spun off from DryShips in 2011 and listed on the NASDAQ stock exchange. The company experienced significant growth during the early 2010s, fueled by high oil prices and increasing demand for offshore drilling.

Operations:

Ocean Rig's fleet consisted of modern, high-specification drilling units designed to operate in challenging environments. These rigs were capable of drilling in water depths of up to 12,000 feet. The company's operations were geographically diverse, with a presence in various offshore basins around the world, including Africa, Brazil, and the North Sea.

Financial Difficulties and Restructuring:

Like many companies in the offshore drilling industry, Ocean Rig faced financial challenges following the sharp decline in oil prices that began in 2014. This downturn led to reduced demand for drilling services and lower day rates for rigs. In March 2017, Ocean Rig filed for Chapter 15 bankruptcy protection in the United States.

Acquisition by Transocean:

In September 2018, Transocean, another major offshore drilling contractor, announced that it had reached an agreement to acquire Ocean Rig UDW Inc. The acquisition was completed in December 2018. As a result, Ocean Rig ceased to exist as an independent entity, and its assets and operations were integrated into Transocean.