Energy

Ocean Rig Partners Files for IPO -- From DryShips

Ocean Rig Partners L.P. filed its F-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing is up to $305 million. The company will list under the Nasdaq Global Market under the symbol ORLP. The underwriters for the offering are Barclays, Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, UBS Investment Bank and Raymond James.

Ocean Rig Partners is a master limited partnership (MLP) recently formed by Ocean Rig UDW Inc. (NASDAQ: ORIG) to own, operate and acquire offshore drilling units. OPCO’s Initial Fleet consists of three ultra-deepwater drillships: the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. The drillships that comprise OPCO’s Initial Fleet are employed under multiyear contracts with affiliates of major oil companies, including Repsol, Total and ConocoPhillips, with an average remaining term of approximately 3.7 years as of the end of August. These drillships are seventh generation “sister-drillships” constructed by Samsung Heavy Industries, and they are capable of drilling in water depths of up to 12,000 feet.

The company plans to grow through accretive acquisitions of additional fleet interests or drilling interests while maintaining a modern and reliable fleet.

ALSO READ: Nearly $2 Billion Sought in This Week’s IPOs

The proceeds from this offering will go directly to the sponsor, Ocean Rig UDW, through its subsidiary MLP Holdings.

Ocean Rig is a wholly owned subsidiary of DryShips Inc. (NASDAQ: DRYS) and acts as the sponsor for Ocean Rig Partners. It will control all general partner interests in Ocean Rig Partners as well.

The company will be managed by the board of directors and executive officers of Ocean Rig.

FULL IPO FILING

Is Your Money Earning the Best Possible Rate? (Sponsor)

Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.

However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.

There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.