Ocean Rig: 4Q income rises to $87M

Ocean Rig, an offshore drilling contractor, has reported its fourth quarter 2014 profit was $87 million, as compared to a net profit ot $39.7 million a year ago.

Revenues from drilling contracts increased by $153.9 million to $499.4 million for the quarter, as compared to $345.5 million for the same period in 2013.

Drilling rigs and drillships’ operating expenses increased to $194.8 million and total depreciation and amortization increased to $84.5 million for the three-month period ended December 31, 2014, from $138.3 million and $65.3 million, respectively, for the three-month period ended December 31, 2013.

George Economou, Chairman and Chief Executive Officer of the Company, commented: “We are pleased to report another solid quarter driven by strong operating results and a fleet utilization of approximately 95%. As a result, our Board of Directors declared the fourth consecutive quarterly cash dividend of $0.19 per share to our shareholders, with respect to operations during the last quarter of 2014.

“The market remains challenging and we continue to navigate this downturn by staying close to our customers, providing a first class service and showing flexibility as needed to reach solutions that benefit all parties.

As a result of our prudent employment strategy we have a best in class 93% and 65% of our calendar days under contract in 2015 and 2016 respectively. With this strong backlog, Ocean Rig is well positioned not only to weather the storm but also to pursue distressed asset opportunities as they arise”

Ocean Rig owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to the Company during 2015, 1 of which is scheduled to be delivered to the Company during 2016 and 2 of which are scheduled to be delivered during 2017.

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