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STEINHAUSEN, Switzerland, Dec. 05, 2018 -- Transocean Ltd. (NYSE: RIG) announced today that it has completed the acquisition of Ocean Rig UDW Inc. The acquisition adds nine.
Ocean Rig UDW Inc. (ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling services, today announced that its shareholders have approved the merger of the Company with Transocean Ltd. (“Transocean”) by which, upon the closing of the merger, Ocean Rig will become a wholly-owned subsidiary of Transocean (the merger to form the “Combined Entity”). Holders of 86.76% of the outstanding shares of Ocean Rig voted, of which 99.99% approved the merger.
Update: Transocean completed its acquisition of Ocean Rig UDW Inc. on Dec. 5, according to a press release. Switzerland-based Transocean Ltd. (NYSE: RIG), which has its main U.S. office in Houston, has cleared another hurdle in its latest acquisition. Transocean shareholders approved the company’s acquisition of Cayman Islands-based Ocean Rig UDW Inc. (Nasdaq: ORIG) on Nov. 29.
A whopping number of 13F filings filed with U.S. Securities and Exchange Commission has been processed by Insider Monkey so that individual investors can look at the overall hedge fund sentiment towards the stocks included in their watchlists. These freshly-submitted public filings disclose money managers’ equity positions as of the end of the three-month period […]
GRAND CAYMAN, Cayman Islands, Nov. 13, 2018 -- Ocean Rig UDW Inc. (NASDAQ:ORIG), (“Ocean Rig” or the “Company”), an international contractor of offshore deepwater drilling.
Ocean Rig UDW (NASDAQ: ORIG ) will be releasing its next round of earnings this Tuesday, Nov. 13. For all of the relevant information, here is your guide for Tuesday's Q3 earnings announcement. Earnings ...
Ocean Rig UDW Inc. (ORIG) (“Ocean Rig” or “UDW” or the “Company”), an international contractor of offshore deepwater drilling services, announced today that it will release its results for the third quarter 2018 after the market closes in New York on Tuesday, November 13, 2018. Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultradeepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig’s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol “ORIG”.
In September Ocean Rig UDW (NASDAQ:ORIG), one of our two offshore drilling rig company investments, agreed to be acquired by larger industry peer Transocean Ltd at an approximate 30% premium to Ocean Rig's pre-announcement trading price. Although we believe the price paid was ultimately on the cheaper side, much of the price paid is in the form of Transocean common stock, which could provide additional upside should one want to continue to hold shares of Transocean. Ocean Rig is one of two oil service companies we purchased following their reemergence as publicly traded equities following their respective bankruptcy processes.
For the three months ended September 30th 2018, the Third Avenue Value Fund (Trades, Portfolio) (the 'Fund') returned negative 0.47% compared to MSCI World Index, which returned 5.10%1. Year to date through September 30th, the Fund returned negative 1.35% compared to positive 5.89% for the MSCI World Index1. Fund performance continued to trail other relevant world indices in the most recent quarter and year to date period largely as a result of the Fund's absence of participation in the technology sector.
You have to make a lot of adjustments for one-time expenses, but the parts of the business generating revenue reported a profit this past quarter.
Transocean Ltd (RIGN.S), a top supplier of drilling vessels, said last month that rates for its new high-spec vessels in the North Sea are now fetching $300,000 a day. Transocean last year acquired rival Songa Offshore SE [SONG.UL] and recently agreed to buy deep water expert Ocean Rig UDW (ORIG.O) for $2.7 billion.
Offshore drilling, the worst hit during the 2014 slide in oil prices, is set to benefit as recent auctions and discoveries worldwide indicate a rising need for specialised drill ships. "We're starting to see a broad pick up in nearly all geographies and all market segments," Ensco Chief Executive Officer Carl Trowell told analysts on a call. The deal also expands Ensco's presence in the market for higher-specification rigs, which help operators drill in challenging conditions and also fetch higher rates.
Investors initially cheered the deal, bidding up RIG stock and Ocean Rig stock. On further inspection, Transocean may not be getting its money’s worth and there’s a lot to dislike about the buyout. In the end, the owners of RIG stock are getting a very mixed bag, indeed.
Offshore driller Transocean Ltd expects rates to lease drilling rigs to improve and contracting activity to pick up in late 2019, an outlook that drove its recent decision to purchase rival Ocean Rig UDW Inc for $2.7 billion, Chief Executive Officer Jeremy Thigpen said on Wednesday. Transocean on Tuesday agreed to buy Ocean Rig, marking its second major acquisition this year. The acquisitions signal an improved outlook for the offshore drilling sector which has been slow to recover from the 2014 oil price crash.
Oil prices rose Tuesday as Tropical Storm Gordon barrels toward the Gulf Coast and disruptions in Libya sparked supply concerns and Transocean announced plans to buy a smaller competitor.
Stocks that moved substantially or traded heavily Tuesday: Nike Inc., down $2.60 to $79.60 Investors feared a backlash after the athletic apparel company announced an endorsement deal with former NFL quarterback ...