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Ocean Rig UDW reports 4Q loss

NICOSIA, Cyprus (AP) _ Ocean Rig UDW Inc. (ORIG) on Wednesday reported a loss of $3.71 billion in its fourth quarter.

The company said it had a loss of $45.08 per share. Earnings, adjusted for asset impairment costs, came to 48 cents per share.

The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The offshore drilling contractor posted revenue of $355.4 million in the period.

For the year, the company reported a loss of $3.23 billion, or $33.30 per share, swinging to a loss in the period. Revenue was reported as $1.65 billion.

In the final minutes of trading on Wednesday, the company's shares hit $1.08. A year ago, they were trading at 75 cents.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ORIG at https://www.zacks.com/ap/ORIG


Keywords: Ocean Rig UDW, Earnings Report