Ocean Rig UDW Inc. Announces Commencement of "When Issued" Trading on the Nasdaq Global Select Market
September 19 2011 - 8:00AM
Marketwired
Ocean Rig UDW Inc. (NASDAQ: ORIGV) (NASDAQ: ORIG) (the "Company" or
"Ocean Rig"), a global provider of offshore deepwater drilling
services, announced that its common shares are expected to commence
"when issued" trading today on the Nasdaq Global Select Market
under the ticker symbol "ORIGV." The Company's common shares are
expected to commence "regular way" trading on the Nasdaq Global
Select Market under the ticker symbol "ORIG" on October 6, 2011,
the next trading day after the distribution date for the partial
spin off of October 5, 2011.
About Ocean Rig 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 ultra-deepwater and
harsh-environment segment of the offshore drilling industry. The
company owns and operates 9 offshore ultra deepwater drilling
units, comprising of 2 ultra deepwater semisubmersible drilling
rigs and 7 ultra deepwater drillships, 4 of which remain to be
delivered to the company during 2011 and 2013.
Visit the Company's website at www.ocean-rig.com.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements relate to Ocean Rig's
expectations, beliefs, intentions or strategies regarding the
future. These statements may be identified by the use of words like
"anticipate," "believe," "estimate," "expect," "intend," "may,"
"plan," "project," "should," "seek," and similar expressions.
Forward-looking statements reflect Ocean Rig's current views and
assumptions with respect to future events and are subject to risks
and uncertainties.
The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in Ocean Rig's
records and other data available from third parties. Although Ocean
Rig believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond Ocean Rig's control, Ocean Rig cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections described in the forward-looking statements
contained herein. Actual and future results and trends could differ
materially from those set forth in such statements.
Important factors that, in Ocean Rig's view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include (i) factors related to the
offshore drilling market, including supply and demand, utilization,
day rates and customer drilling programs; (ii) hazards inherent in
the drilling industry and marine operations causing personal injury
or loss of life, severe damage to or destruction of property and
equipment, pollution or environmental damage, claims by third
parties or customers and suspension of operations; (iii) changes in
laws and governmental regulations, particularly with respect to
environmental matters; (iv) the availability of competing offshore
drilling vessels; (v) political and other uncertainties, including
risks of terrorist acts, war and civil disturbances; piracy;
significant governmental influence over many aspects of local
economies, seizure; nationalization or expropriation of property or
equipment; repudiation, nullification, modification or
renegotiation of contracts; limitations on insurance coverage, such
as war risk coverage, in certain areas; political unrest; foreign
and U.S. monetary policy and foreign currency fluctuations and
devaluations; the inability to repatriate income or capital;
complications associated with repairing and replacing equipment in
remote locations; import-export quotas, wage and price controls
imposition of trade barriers; regulatory or financial requirements
to comply with foreign bureaucratic actions; changing taxation
policies; and other forms of government regulation and economic
conditions that are beyond our control; (vi) the performance of our
rigs; (vii) our ability to procure or have access to financing and
comply with our loan covenants; (viii) our ability to successfully
employ our drilling units; (ix) our capital expenditures, including
the timing and cost of completion of capital projects; and (x) our
revenues and expenses. Due to such uncertainties and risks,
investors are cautioned not to place undue reliance upon such
forward-looking statements.
Contact: Investor Relations / Media: Nicolas
Bornozis Capital Link, Inc. (New York) Tel. 212-661-7566 E-mail:
oceanrig@capitallink.com
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