Ocean Rig UDW Inc.'s (ORIG) board approved a stock buyback program of up to $500 million in stock and the company's 9.5% senior unsecured notes due 2016.
Ocean Rig UDW Inc.'s (ORIG) board approved a stock buyback program of up
to $500 million in stock and the company's 9.5% senior unsecured notes due
2016.
The company offers offshore drilling services for oil and gas exploration and
development in
Norway
and
other countries. Ocean Rig, which is mostly owned by dry-bulk shipper DryShips
Inc. (DRYS), owns and operates nine offshore ultra deepwater drilling units.
The buyback program will run until the end of 2013 and it doesn't require the
company to purchase a specific amount of stock or debt.
Ocean Rig's market value is $1.62 billion. It issued $500 million in unsecured
notes in April to finance a portion of its new building program and for general
corporate purposes. Less than a month later, DryShips purchased $75 million of
the notes from a third party.
Shares were up 2.6% to $12.63 just after the opening bell Tuesday.
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