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.
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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.
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