Ocean Rig UDW Inc.

CIK:0001447382|SEC Filings

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES:
Revenues	$ 1,007,520	$ 1,653,667	$ 1,748,200
EXPENSES:
Drilling units operating expenses	295,135	454,329	582,122
Depreciation and amortization	121,193	334,155	362,587
Impairment loss (Note 6 and Note 7)	1,048,828	3,776,338	414,986
General and administrative expenses	73,360	103,961	100,314
Loss on sale of fixed assets	238	25,274	5,177
Legal settlements and other, net (Note 17)	(1,519)	(8,720)	(2,591)
Operating income/ (expenses)	(529,715)	(3,031,670)	285,605
OTHER INCOME/ (EXPENSES):
Interest and finance costs (Note 13)	(248,342)	(226,981)	(280,348)
Interest income	7,442	3,449	9,811
Loss on interest rate swaps (Note 10)	0	(4,388)	(11,513)
Reorganization gain, net (Note 2 and Note 9)	1,029,982	0	0
Loss from issuance of shares upon restructuring (Note 4 and Note 11)	(204,595)	0	0
Gain from repurchase of Senior Notes (Note 9)	0	125,001	189,174
Other, net	3,321	(614)	(12,899)
Total other (expenses)/ income, net	587,808	(103,533)	(105,775)
INCOME / (LOSS) BEFORE INCOME TAXES	58,093	(3,135,203)	179,830
Income taxes (Note 14)	(63,495)	(106,315)	(99,816)
NET INCOME / (LOSS) ATTRIBUTABLE TO OCEAN RIG UDW INC.	(5,402)	(3,241,518)	80,014
NET INCOME / (LOSS) ATTRIBUTABLE TO OCEAN RIG UDW INC. CLASS A AND CLASS B COMMON STOCKHOLDERS (Note 15)	$ (5,402)	$ (3,241,518)	$ 78,839
EARNINGS / (LOSS) PER COMMON SHARE OF CLASS A AND CLASS B ATTRIBUTABLE TO COMMON STOCKHOLDERS, BASIC AND DILUTED (Note 15)	$ (0.21)	$ (307,602.77)	$ 5,227.36
WEIGHTED AVERAGE NUMBER OF CLASS A AND CLASS B COMMON SHARES, BASIC AND DILUTED (Note 15)	25,238,292	10,538	15,082
Dividend declared per Class A and Class B common shares	$ 0	$ 0	$ 3,496
Common Class A
OTHER INCOME/ (EXPENSES):
NET INCOME / (LOSS) ATTRIBUTABLE TO OCEAN RIG UDW INC.	$ (5,366)	$ (3,241,518)	$ 80,014
WEIGHTED AVERAGE NUMBER OF CLASS A AND CLASS B COMMON SHARES, BASIC AND DILUTED (Note 15)	25,070,978	10,538	15,082
Common Class B
OTHER INCOME/ (EXPENSES):
NET INCOME / (LOSS) ATTRIBUTABLE TO OCEAN RIG UDW INC.	$ (36)
WEIGHTED AVERAGE NUMBER OF CLASS A AND CLASS B COMMON SHARES, BASIC AND DILUTED (Note 15)	167,314

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flows from Operating Activities:
Net income/ (loss)	$ (5,402)	$ (3,241,518)	$ 80,014
Adjustments to reconcile net income/ (loss) to net cash provided by operating activities:
Depreciation and amortization	121,193	334,155	362,587
Amortization and write-off of financing fees	61,212	21,040	24,033
Amortization income of deferred financing fees	0	0	(2,781)
Change in fair value of derivatives	0	(8,180)	(8,217)
Loss on sale of fixed assets	238	25,274	5,177
Allowance for doubtful receivables	0	0	114,613
Gain from repurchase of senior notes	0	(125,001)	(189,174)
Effect of exchange rate changes on cash	0	0	6,748
Impairment loss	1,048,828	3,776,338	414,986
Reorganization gain - principal debt discharged	(1,129,125)	0	0
Loss from issuance of shares upon restructuring	204,595	0	0
Amortization of stock based compensation	614	1,227	3,676
Changes in operating assets and liabilities:
Trade accounts receivable	127,408	119,045	(188,330)
Other current and non-current assets	(11,176)	73,038	36,027
Due to/ (from) related parties	(6,505)	7,231	(11,287)
Accounts payable and other current and non-current liabilities	(14,058)	(51,048)	19,837
Accrued liabilities	159,029	(31,478)	(56,502)
Deferred revenue	(13,483)	(136,994)	(18,395)
Net Cash Provided by Operating Activities	543,368	763,129	593,012
Cash Flows from Investing Activities:
Advances for drilling units under construction and related costs	(27,693)	(242,990)	(89,867)
Drilling units, machinery, equipment and other improvements/ upgrades	(9,301)	(97,163)	(543,976)
Proceeds/ (loss) from sale of fixed assets	198	(10,850)	300
(Increase)/ decrease in restricted cash	7,315	(41,544)	(10,174)
Net Cash Used in Investing Activities	(29,481)	(392,547)	(643,717)
Cash Flows from Financing Activities:
Proceeds from senior secured credit facility	0	0	462,000
Principal payments and repayments of long-term debt and senior notes	(496,457)	(215,279)	(61,179)
Senior Notes repurchase	0	(121,455)	(273,673)
Net proceeds from common stock issuance	0	0	192,714
Repurchase of common stock	0	(49,911)	0
Dividends paid	0	0	(50,281)
Payment of financing costs, net	0	0	(6,314)
Net Cash Provided by/(Used in) Financing Activities	(496,457)	(386,645)	263,267
Effect of exchange rate changes on cash	0	0	(6,748)
Net increase/(decrease) in cash and cash equivalents	17,430	(16,063)	205,814
Cash and cash equivalents at beginning of year	718,684	734,747	528,933
Cash and cash equivalents at end of year	736,114	718,684	734,747
Cash paid during the years for:
Interest, net of amount capitalized	60,862	254,207	256,056
Income taxes	58,901	70,983	60,687
Reorganization expenses paid	99,144	0	0
Non cash financing and investing activities:
Issuance of non-vested shares	0	0	3
Issuance of common stock under the restructuring	2,197,128	0	0
Proceeds from long-term debt	$ 450,000	$ 0	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents (Note 3)	$ 736,114	$ 718,684
Restricted cash (Note 3)	46,967	34,274
Trade accounts receivable, net of allowance for doubtful receivables (Note 2)	169,651	297,059
Other current assets (Note 5)	37,986	29,924
Total current assets	990,718	1,079,941
FIXED ASSETS, NET:
Advances for drilling units under construction and related costs (Note 6)	0	545,469
Drilling units, machinery and equipment, net (Note 7)	1,852,167	2,438,292
Total fixed assets, net	1,852,167	2,983,761
OTHER NON-CURRENT ASSETS:
Restricted cash (Note 3)	0	20,008
Other non-current assets (Note 8)	9,080	7,834
Total non-current assets, net	9,080	27,842
Total assets	2,851,965	4,091,544
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 9)	81,632	640,557
Due to related parties (Note 4)	726	7,231
Accounts payable and other current liabilities	41,338	53,891
Accrued liabilities	45,018	86,750
Deferred revenue	15,329	23,582
Total current liabilities	184,043	812,011
NON-CURRENT LIABILITIES
Long term debt, net of current portion and deferred financing costs (Note 9)	450,000	3,247,216
Deferred revenue	14,385	19,615
Other non-current liabilities	317	1,952
Total non-current liabilities	464,702	3,268,783
COMMITMENTS AND CONTINGENCIES (Note 17)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 500,000,000 and 100,000,000 shares authorized, at December 31, 2016 and 2017 respectively , nil issued and outstanding at December 31, 2016 and 2017, respectively	0	0
Common stock, $0.01 par value; 1,000,000,000 and 1,800,000,000 shares (1,500,000,000 class A shares and 300,000,000 class B shares) authorized, at December 31, 2016 and December 31, 2017 respectively, 17,486 shares (160,888,606 shares before the 1-for-9,200 reverse stock split) issued and outstanding at December 31, 2016 and 91,567,982 (90,562,138 class A shares and 1,005,844 class B shares) at December 31, 2017 (Note 11)	916	0
Treasury stock; 8,511 shares (78,301,755 shares before the 1-for-9,200 reverse stock split) at $0.01 par value at December 31, 2016 and nil at December 31, 2017 (Note 11)	0	0
Additional paid-in capital	5,722,078	3,525,252
Accumulated other comprehensive income (Note 12)	3,476	3,346
Accumulated deficit	(3,523,250)	(3,517,848)
Total stockholders' equity	2,203,220	10,750
Total liabilities and stockholders' equity	$ 2,851,965	$ 4,091,544