Ocean Rig UDW Inc. (ORIG)

[eFinanceMarkets]

$ORIG Ocean Rig UDW (ORIG) signs a master service agreement with ConocoPhillips (COP +0.1%) for three years plus two optional years, including an order for the harsh environment semi-submersible drilling rig Leiv Eiriksson for drilling offshore Norway.

ORIG's Valiant Offshore subsidiary will launch of a common stock offering to fund the acquisition of the Leiv Eiriksson and the Eirik Raude rigs that are currently indirectly owned by ORIG in exchange for 24M Valiant shares and $110M in cash.

[ernie44]

Monday appears to be volatile if traders are desperate

[ernie44]

north sea running out of oil soon

send the rigs to where the new pools are

like just off Belize

[Ace Trader]

Been flip in this after GE spun it off from Dry Ships. Dry bulk ships and since 2007 he had 4 drill ships being built at a billion $ each. Now Drys isn’t covering the loans nor is the interest in these loans to build these still ships.
So someone has to pay for GE master plan....

[Mafiaxxx]

no sir
pos

[Mafiaxxx]

this pos will be headed back to 0 soon...

[Mafiaxxx]

lol

[Longer Than Most]

This looks interesting. Pretty insane but also potential lotto pick hmm

[holgers]

whats going on here ??? Bought 50 000 at 0,084 and got 5 stocks after RS ....lol .....

[ernie44]

liked it better when at 22 cents

[holgers]

Strong oversold ......we will see next week ......

[ernie44]

630,000 x 9200 = 5.9 b.... too much---- nov 3 --the big revival date

[Wildbilly]

oops, districted = distributed

[Wildbilly]

90m shares being districted with prejudice :)

(click to enl)



The previously announced Scheme of Arrangement for Ocean Rig UDW Inc. (ORIG) is expected to become effective at 5:00PM, today Thursday, September 21, 2017. In conjunction with the effectiveness the outstanding shares of common stock will be exchanged on a one-for-nine thousand two hundred (1-9200) basis and the company will issue approximately 90,651,799 new shares of common stock on a post-split basis

http://www.nasdaqtrader.com/TraderNews.aspx?id=ECA2017-26




.

[Wildbilly]

Today's vol. = 4.3b pre r/s lol

[ernie44]

when the dust settles....lets see if the S.H. Equity is actually 11 million bucks as stated in a media data sheet...at the same time the debt is still 4 Billion... do the math on 9,800 shares outstanding

what a riot huh Billy

[ernie44]

DE-BITT, DETT; MONEY OWING; Liabilitys-- its all unclear--25.00 is a pipefitters dream

[Wildbilly]

Additional shenanigans wouldn't surprise me...

this is George after all.

[holgers]

Buy now ---Between 800-1500 should the price be after the RS...now 24-25 Dollar......ugh ugh........Good Luck .....

[Shovelsforsale]

Pre-RS this would now be at .0027 pps, wow. RIP Orig.

[Mafiaxxx]

another pos

[Mafiaxxx]

whats going on here?

[diablose94]

What price are you thinking? Selling seems to have slowed for the moment.

[Joecanada13]

Not yet going lower

[diablose94]

I think I'll take a small position and see what happens here

[ernie44]

had 10000 now there are 1

[IGNITION777]

I agree.

My mention was with the $900 was just what it would have been if the RS happened at the time of my posting. It appears it was $690 this morning (but did not even open close to that.)

If someone was lucky to short they made a killing!

[Sam'd'Mil]

O/S & Float increasing already...


$900 my A$$.. $26 printing~

This one is headed to $1/$2 imo

$ORIG

[Shovelsforsale]

9000 OS times $28.00 equals a valuation of $252,000....? Am I missing something?

[Awl416]

Watch this pull a WINS

[IGNITION777]

And when the reverse split hit in premarket it started at $690!
That is a huge lose for one day to say the least.

But I wonder if they are going to set a short trap with how few shares are available. You have to remember this is George and he wants to screw everyone!

[Awl416]

Thats fucking cruel. Opens 168 now at 35 wow

[IGNITION777]

HHHUUUUUGGGGEEEE! HAHA

I am curious to see what this goes to today.
There are only 9000 shares and it has almost traded that amount already. Crazy stock for sure.

[Awl416]

9200/1 haha wow

[Awl416]

Omg how big was the RS

[dranesthesia1]

That's what they did with drys

[Lone Wolf]

Agree!

[leslunier]

This clown needs to go to jail. Can't believe the SEC lets him get away with this. srewing the common shareholders just like he did with drys

[IGNITION777]

Actually it appears 9000 shares after the RS.

This is very interesting and I am wondering what he is doing.
If they RS right now each share would be worth about $900! If I was setup to short I would have to do so on that stock. HAHA

[Lone Wolf]

9 mil shares when done. Hmmm...what's old Georgie-boy up to now? Why RS a company in BK much less appeal the Nas delisting determination.

This fella always seems to have a rabbit up his sleeves!!

$ORIG

[sludgehound]

ORIG R/S Sept 21 5pm 1-9,200. O/S to 8,976
I guess this is some bookkeeping move around the other news since a new price would be 1483 at close of today (2 more days to go). Haven't seen this kind of a move for a while, common in Great Recession though.


Title: OCEAN RIG UDW INC. ANNOUNCES REVERSE STOCK SPLIT
Link to press release: http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/2017/ORIG-09192017.pdf

This information is distributed by Capital Link, Inc. - Investor Relations
230 Park Avenue, Suite 1536
New York, NY 10169
Tel: [phone]
Fax: [phone]
Email: [e-mail]

Click Here to unsubscribe.
OCEAN RIG UDW INC. ANNOUNCES REVERSE STOCK SPLIT
September 19, 2017, Grand Cayman, Cayman Islands – Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig” or “UDW” or the “Company”), an international contractor of offshore deepwater drilling services, announced today that its Board of Directors (the “Board”) has determined to effect a 1-for-9,200 reverse stock split of the Company’s common shares. At the Company’s annual general meeting of shareholders on April 24, 2017, the Company’s shareholders approved the reverse stock split and granted the Board, or a duly constituted committee thereof, the authority to determine the exact split ratio and proceed with the reverse stock split.
The reverse stock split will take effect as of 5:00 P.M., New York City time, on September 21, 2017, and the Company’s common stock will begin trading on a split-adjusted basis on Nasdaq as of the opening of trading on September 22, 2017 under the existing trading symbol “ORIG”. The new CUSIP number for the common stock following the reverse stock split will be G66964118.
When the reverse stock split becomes effective, every 9,200 shares of the Company’s issued common stock will be automatically combined into one share of common stock. As of the date of this press release, the Company had 82,586,851 common shares issued and outstanding. Effecting the reverse stock split will reduce the number of issued and outstanding common shares to approximately 8,976 shares (as may be adjusted due to rounding).
No fractional shares will be issued in connection with the reverse split of the issued common stock. Shareholders of record who would otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of the Company’s common stock on Nasdaq on September 21, 2017. Shareholders that hold shares through a bank, broker, or nominee shall receive cash in lieu of fractional shares, if any, determined in accordance with the policies of such bank, broker, or nominee. Such shareholders may contact their bank, broker or nominee for more information.
Shareholders with shares held in certificate form will receive instructions from the Company’s exchange agent, American Stock Transfer & Trust Company, LLC, for exchanging their stock certificates for a new certificate representing the shares of common stock resulting from the reverse split. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after September 22, 2017.
Additional information about the reverse stock split may be found in the Company’s proxy statement furnished to the Securities and Exchange Commission on Form 6-K on April 3, 2017, a copy of which is available on the Commission’s website at www.sec.gov.
About Ocean Rig UDW Inc.
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.
Ocean Rig’s common stock is listed on the Nasdaq where it trades under the symbol “ORIG.”
Our registered office is c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Visit the Company’s website at www.ocean-rig.com.

[redspinelpinktopaz]

Is this still in Chapter eleven?

[Awl416]

Green!!

[toro bravo]

STRONG BUY NOW.vERY BULLISH HERE

[toro bravo]

Monday to da moon

[toro bravo]

Very soon Breakout.

[toro bravo]

More than 1M shares sold at 0,2050 after market.But someone has bought them.What is happening??

[toro bravo]

Quarterly Earnings 0,26/share.BUY

[stocktrademan]

ORIG buy 0.2225









normal chart




log chart

[toro bravo]

HOLD OR BUY.UP MORE THAN 0,30 TODAY