Ocean Rig UDW (ORIG) Reports Miss on Q3 Revenue Estimates

Ocean Rig UDW (NASDAQ: ORIG) reported Q3 revenue for the quarter came in at $200.85 million versus the consensus estimate of $269.33 million.

Third Quarter 2017 Highlights

• For the third quarter of 2017, the Company reported net loss of $234.0 million, or $26.36 basic and diluted loss per share.

Included in the third quarter 2017 results are:

• Reorganization gain, net of $1,069.1 million, or $120.43 per share, associated with the Company's debt restructuring.
• Non-cash losses of $1,048.8 million, or $118.15 per share, associated with the impairment of the book value of the Company's drilling units.
• Non-cash losses of $204.6 million, or $23.05 per share, associated with the issuance of shares upon restructuring.
• Non-cash write offs of $47.2 million, or $5.32 per share, associated with the discharge of the Company's previous Term Loan Facilities and Senior Notes, included in interest and finance costs.
• Special period survey costs of $16.1 million, or $1.81 per share, associated with the Ocean Rig Mykonos and the Ocean Rig Corcovado, included in operating expenses.

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

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