Ocean Rig UDW Inc. was an operator of

semi-submersible Semi-submersible may refer to a self-propelled vessel, such as: *Heavy-lift ship, which partially submerge to allow their cargo (another ship) to float into place for transport *Narco-submarine, some of which remained partially on the surface *S ...

oil platform An oil platform (also called an oil rig, offshore platform, oil production platform, etc.) is a large structure with facilities to extract and process petroleum and natural gas that lie in rock formations beneath the seabed. Many oil platforms w ...

s and underwater

drillship A drillship is a merchant vessel designed for use in exploratory offshore drilling of new oil and gas wells or for scientific drilling purposes. In recent years the vessels have been used in deepwater and ultra-deepwater applications, equipped ...

s and was based in

Athens Athens ( ) is the Capital city, capital and List of cities and towns in Greece, largest city of Greece. A significant coastal urban area in the Mediterranean, Athens is also the capital of the Attica (region), Attica region and is the southe ...

. In 2018, the company was acquired by

Transocean Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Steinhausen, Switzerland. The company has offices in 20 countries, including Canada, the United States, ...

. The company owned 2 semi-submersibles and 4 ultra deepwater drillships. The company was majority owned by DryShips, controlled by George Economou.

History

The company was established in 1996 as Ocean Rig ASA. Between 1997 and 2008, the company was listed on the

Oslo Stock Exchange Oslo Stock Exchange () (OSE: OSLO) is a stock exchange within the Nordic countries and offers Norway's only regulated markets for securities trading today. The stock exchange offers a full product range including equities, derivatives and fixed ...

. In 2010, shares in the company were spun off by DryShips and the company was listed on

NASDAQ The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...

. In 2011, the ''Leiv Eirikson'' finished operations the

Black Sea The Black Sea is a marginal sea, marginal Mediterranean sea (oceanography), mediterranean sea lying between Europe and Asia, east of the Balkans, south of the East European Plain, west of the Caucasus, and north of Anatolia. It is bound ...

on contract to

Petrobras Petróleo Brasileiro S.A., better known by and Trade name, trading as the portmanteau Petrobras (), is a Brazilian state-owned enterprise, majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. ...

and

TPAO TPAO or Turkish Petroleum Corporation has been established in order to perform hydrocarbon exploration, drilling, production, refinery and marketing activities on behalf of the Turkish Republic with the law 6327 in 1954. Many milestones in Turki ...

and went to the Arctic on contract to

Cairn Energy Capricorn Energy plc (formerly Cairn Energy plc) is a British oil and gas exploration and development company based in Edinburgh, Scotland. The company is listed on the London Stock Exchange. History The company was founded in 1981 by Sir Bi ...

. In March 2017, the company filed

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

in the United States. The reorganization was completed in September 2017. Effective January 1, 2018, Pankaj Khanna became President & CEO of the company. In December 2018, the company was acquired by

References

External links

2010 initial public offerings Companies formerly listed on the Nasdaq Companies formerly listed on the Oslo Stock Exchange Defunct energy companies of Norway 2018 mergers and acquisitions Transocean Non-renewable resource companies established in 1996 Non-renewable resource companies disestablished in 2018 Energy companies disestablished in 2018 1996 establishments in Norway Companies that have filed for bankruptcy in the United States Corporate spin-offs {{petroleum-company-stub