Ocean Rig UDW (ORIG) Reports Q3 Loss of $0.34, Revenues Beat

Ocean Rig UDW (NASDAQ: ORIG) reported Q3 EPS of ($0.34), versus $0.00 reported last year. Revenue for the quarter came in at $74.07 million versus the consensus estimate of $71.15 million.

Mr. Pankaj Khanna, President and Chief Executive Officer of the Company, commented:

“The market has been developing as projected with an increasing level of demand that has not been experienced since 2013, before the collapse in oil prices. Given the strong positive cashflow of our customers, we expect new and suspended offshore projects to achieve FID in 2019 and beyond that may lead in higher demand for drilling in the coming years and a recovery in rig day rates. As we have previously announced, our and Transocean’s Special Meetings where each of our respective shareholders will vote on our proposed merger with Transocean are each scheduled for November 29, 2018. Assuming a positive vote by both our and Transocean’s shareholders, we expect the merger to close in December.”

For earnings history and earnings-related data on Ocean Rig UDW (ORIG) click here.

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