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.