Ocean Rig announces extension of Drill Rigs Holdings early consent deadline
Ocean Rig UDW Inc. , a global provider of offshore deepwater drilling services, has agreed to extend the term of the early consent deadline under the restructuring support agreement dated March 23, 2017 for holders of the senior secured notes issued by Ocean Rig's direct subsidiary, Drill Rigs Holdings Inc. (“DRH”), to accede to the RSA and receive a pro rata portion of the DRH early consent fee of $2.5 million.
The DRH early consent fee deadline has been extended from April 2 1, 2017 to 5:0 0 pm (New York time) on April 25, 2017. As previously announced, Ocean Rig has engaged Fearnley Securities AS to solicit support for the scheme of arrangement contemplated by DRH.
Extension of the DRH early consent deadline will allow holders of the SSNs additional time to consider entering into the RSA and to participate in the early consent fee. As a result, holders of the SSNs who agree to be bound to the terms of the RSA in the manner specified therein by no later than 5:0 0 pm (New York time) on April 25 , 2017 shall be entitled to a pro rata share (allocated in accordance with the amount of the senior secured notes held by each consenting holder) of an early consent fee of $2.5 million.
About Ocean Rig UDW Inc.
Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra - deepwater and harsh - environment segment of the offshore drilling industry.