ORIG Profile
Ocean Rig UDW Inc. (ORIG) was an international offshore drilling contractor that provided oilfield services for offshore oil and gas exploration, development, and production drilling. The company specialized in ultra-deepwater and harsh-environment drilling operations, operating a fleet of advanced drilling rigs. Headquartered in Nicosia, Cyprus, Ocean Rig UDW Inc. was known for its state-of-the-art drilling technology and its ability to operate in some of the most challenging offshore environments globally. The company's fleet included semi-submersibles and drillships designed to operate at water depths of up to 12,000 feet, catering to major oil and gas companies worldwide.
Despite its technological capabilities and market presence, Ocean Rig UDW Inc. faced significant financial challenges due to the volatility in oil prices and the overall downturn in the offshore drilling sector. These challenges led to financial restructuring and ultimately, the acquisition of the company by Transocean Ltd. in 2018. The acquisition aimed to strengthen Transocean’s position in the ultra-deepwater market, leveraging Ocean Rig’s advanced fleet and technological expertise. Following the acquisition, Ocean Rig UDW Inc. ceased to exist as an independent entity, with its assets and operations integrated into Transocean's portfolio.
|
