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Possible U.S. Bankruptcy Filing

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On December 14, 2016, Ocean Rig UDW Inc. announced its unaudited financial and operating results for the quarter ended September 30, 2016. According to the announcement, the Company continues to explore and consider various strategic alternatives with its financial and legal advisors, which may include a possible restructuring under U.S. bankruptcy laws or another jurisdiction. The Company recorded net income of $38.9 million, or $0.47 basic and diluted earnings per share, for the three-month period ended September 30, 2016, as compared to a net income of $138.4 million, or $0.94 basic and diluted earnings per share, for the three-month period ended September 30, 2015. Revenues decreased by $102.1 million to $335.0 million for the three-month period ended September 30, 2016, as compared to $437.1 million for the same period in 2015. Read more on distressed companies.