Ocean Rig UDW Inc. (ORIG)

[seasonedwell]

Here's your bankrupt company.....lol

During the quarter we experienced 19 days fleet-wide of zero rate downtime. And, as a result, we are earning revenue for 497 days. So, our fleet-wide contracted operating efficiency rate -- that is, our revenue earning days over our available contracted drilling days -- was 96.3% during the quarter.

Our free cash balance today is about $855 million. However, pro forma, our 2016 CapEx payments related to our new buildings and the required prepayment of our commercial bank loan related to the termination of the Apollo contract with Total, we expect our free cash balance to be closer to $500 million.

Lukas Daul, ABG Sundial Collier - Analyst [2]

----------------------...

Just a few questions on the numbers on the status. The OpEx decline that have achieved in this quarter -- it's quite amazing. It's, like, $20,000 down quarter over quarter.

And you are absolutely right; we are cash flow positive by the end of 2017.

First of all, congratulations on a good operating quarter. I guess I'm trying to understand -- last quarter you bought a new rig, or relatively new, for $65 million, immediately put it into cold-stacked.

Yes, sure. I think obviously when we bought that rig we know exactly what we were doing taking it to cold-stacked. So I think for us it was a matter of value. So, the answer is probably, yes, we would do it again.