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Deep water driller Ocean RIG UDW sees shares sink as it files for Bankruptcy protection

Tuesday, March 28, 2017 10:33
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(Before It's News)

Shares in rig contractor Ocean RIG UDW Inc (NYSE: ORIG) sank almost 70% to stand at $0.22 as the downturn in the oil sector took its toll on the group.

It has reportedly filed for Chapter 15 bankruptcy protection in a US court.

The price of the black stuff has more than halved in the last four years, which has meant big pain for many in the industry.

Oil explorers have cut back on rig hires to preserve cash and, or restructure activity, leaving many rigs unused.

Despite the oil price now firming, many rigs are still lying idle, while debts need to be paid.

Cyprus-based Ocean RIG had $3.25bn of debt as at the end of December and filed for bankruptcy in the US Bankruptcy Court for Southern District of New York on Monday (March 27).

Story by ProactiveInvestors


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