Replies to post #44710 on ((RAIN)) Rainmakers-Island

[crudeoil24]

ORIG > 17M float. recent $65M cash transaction @ auction:

Announces Acquisition of Ultra Deepwater Drillship
NICOSIA, CYPRUS--(Marketwired - Apr 25, 2016) - Ocean Rig UDW Inc. (NASDAQ: ORIG) ("Ocean Rig" or the "Company"), a global provider of offshore deepwater drilling services, announced today that one of its subsidiaries has acquired the 6(th) generation ultra deepwater drillship Cerrado, being sold through an auction, for a purchase price of $65 million, which will be funded with available cash on hand. The drillship was built at Samsung Heavy Industries in 2011 to similar design specifications as the Company's existing 6(th) generation drillships built at Samsung, and will be renamed the Ocean Rig Paros upon its delivery to Ocean Rig. Another subsidiary of the Company has been acting as the manager of the drillship for its previous owners. The transaction is expected to close upon completion of the judicial auction procedure.