Ocean Rig Partners Files for IPO — From DryShips
Ocean Rig Partners L.P. has filed with the Securities and Exchange Commission for an initial public offering.
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Ocean Rig Partners L.P. filed its F-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing is up to $305 million. The company will list under the Nasdaq Global Market under the symbol ORLP. The underwriters for the offering are Barclays, Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank, UBS Investment Bank and Raymond James.
Ocean Rig Partners is a master limited partnership (MLP) recently formed by Ocean Rig UDW Inc. (NASDAQ: ORIG) to own, operate and acquire offshore drilling units. OPCO’s Initial Fleet consists of three ultra-deepwater drillships: the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. The drillships that comprise OPCO’s Initial Fleet are employed under multiyear contracts with affiliates of major oil companies, including Repsol, Total and ConocoPhillips, with an average remaining term of approximately 3.7 years as of the end of August. These drillships are seventh generation “sister-drillships” constructed by Samsung Heavy Industries, and they are capable of drilling in water depths of up to 12,000 feet.
The company plans to grow through accretive acquisitions of additional fleet interests or drilling interests while maintaining a modern and reliable fleet.
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The proceeds from this offering will go directly to the sponsor, Ocean Rig UDW, through its subsidiary MLP Holdings.
Ocean Rig is a wholly owned subsidiary of DryShips Inc. (NASDAQ: DRYS) and acts as the sponsor for Ocean Rig Partners. It will control all general partner interests in Ocean Rig Partners as well.
The company will be managed by the board of directors and executive officers of Ocean Rig.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
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