Referenced Stocks

Ocean Rig UDW Receives Letter of Intent for Drilling Rig; Shares Up 1%

By Midnight Trader,  September 11, 2012, 01:45:26 PM EDT

Ocean Rig UDW Inc. ( ORIG ), a global offshore deepwater drilling services company, is up 1% after announcing it has received a letter of intent for one of its semi-submersible drilling rigs from an oil major.

The letter of intent is for a one-well program, with an estimated backlog of approximately $112 million, including mobilization and demobilization. The rig is scheduled to commence this contract in the first quarter of 2013, in direct continuation from its previous contract in West Africa.

ORIG trades in a 52-week range of $11.70 - $18.73.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: ORIG



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