Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2016 |
Amendment Flag | false |
Entity Registrant Name | Ocean Rig UDW Inc. |
Entity Central Index Key | 1,447,382 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Trading Symbol | orig |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Entity Common Stock Shares Outstanding | 160,888,606 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 718,684 | $ 734,747 |
Restricted cash | 34,274 | 2,718 |
Trade accounts receivable, net of allowance for doubtful receivables (Note 2) | 297,059 | 416,104 |
Other current assets (Note 5) | 29,924 | 84,533 |
Total current assets | 1,079,941 | 1,238,102 |
FIXED ASSETS, NET: | ||
Advances for drilling units under construction and related costs (Note 6) | 545,469 | 394,852 |
Drilling units, machinery and equipment, net (Note 7) | 2,438,292 | 6,336,892 |
Total fixed assets, net | 2,983,761 | 6,731,744 |
OTHER NON-CURRENT ASSETS: | ||
Restricted cash (Note 2) | 20,008 | 10,020 |
Financial instruments (Note 10) | 0 | 3,494 |
Other non-current assets (Note 8) | 7,834 | 36,860 |
Total non-current assets, net | 27,842 | 50,374 |
Total assets | 4,091,544 | 8,020,220 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net of deferred financing costs (Note 9) | 640,557 | 56,725 |
Due to related parties (Note 4) | 7,231 | 0 |
Accounts payable and other current liabilities | 53,891 | 104,029 |
Accrued liabilities | 86,750 | 118,231 |
Deferred revenue | 23,582 | 113,548 |
Financial instruments (Note 10) | 0 | 8,931 |
Total current liabilities | 812,011 | 401,464 |
NON-CURRENT LIABILITIES | ||
Long term debt, net of current portion and deferred financing costs (Note 9) | 3,247,216 | 4,271,743 |
Financial instruments (Note 10) | 0 | 2,743 |
Deferred revenue | 19,615 | 66,643 |
Other non-current liabilities | 1,952 | 2,862 |
Total non-current liabilities | 3,268,783 | 4,343,991 |
COMMITMENTS AND CONTINGENCIES (Note 17) | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2015 and 2016, nil issued and outstanding at December 31, 2015 and 2016, respectively | 0 | 0 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized, at December 31, 2015 and 2016, 160,888,606 shares issued and outstanding at December 31, 2015 and 2016 (Note 11) | 1,609 | 1,609 |
Treasury stock ; 22,222,222 shares at $0.01 par value as at December 31, 2015 and 78,301,755 shares at $0.01 par value at December 31, 2016 (Note 4 and Note 11) | (783) | (222) |
Additional paid-in capital | 3,524,426 | 3,572,549 |
Accumulated other comprehensive income/ (loss) (Note 12) | 3,346 | (22,841) |
Accumulated deficit | (3,517,848) | (276,330) |
Total stockholders' equity | 10,750 | 3,274,765 |
Total liabilities and stockholders' equity | $ 4,091,544 | $ 8,020,220 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 08, 2015 |
Consolidated Balance Sheets | |||
Preferred stock par value | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized | 500,000,000 | 500,000,000 | |
Preferred stock shares issued | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock shares issued | 160,888,606 | 160,888,606 | |
Common stock shares outstanding | 160,888,606 | 160,888,606 | |
Treasury stock par value | $ 0.01 | $ 0.01 | |
Treasury stock, shares | 78,301,755 | 22,222,222 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES: | |||
Revenues | $ 1,653,667 | $ 1,748,200 | $ 1,817,077 |
EXPENSES: | |||
Drilling units operating expenses | 454,329 | 582,122 | 727,832 |
Depreciation and amortization | 334,155 | 362,587 | 324,302 |
Impairment loss (Note 6 and Note 7) | 3,776,338 | 414,986 | 0 |
General and administrative expenses | 103,961 | 100,314 | 131,745 |
Loss on sale of fixed assets | 25,274 | 5,177 | 0 |
Legal settlements and other, net (Note 17) | (8,720) | (2,591) | (721) |
Operating income / (expenses) | (3,031,670) | 285,605 | 633,919 |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs (Note 13) | (226,981) | (280,348) | (300,131) |
Interest income | 3,449 | 9,811 | 12,227 |
Loss on interest rate swaps (Note 10) | (4,388) | (11,513) | (12,671) |
Gain from repurchase of Senior Notes (Note 9) | 125,001 | 189,174 | 0 |
Other, net | (614) | (12,899) | 4,282 |
Total other expenses, net | (103,533) | (105,775) | (296,293) |
INCOME / (LOSS) BEFORE INCOME TAXES | (3,135,203) | 179,830 | 337,626 |
Income taxes (Note 14) | (106,315) | (99,816) | (77,823) |
NET INCOME / (LOSS) ATTRIBUTABLE TO OCEAN RIG UDW INC. | (3,241,518) | 80,014 | 259,803 |
NET INCOME / (LOSS) ATTRIBUTABLE TO OCEAN RIG UDW INC. COMMON STOCKHOLDERS (Note 15) | $ (3,241,518) | $ 78,839 | $ 259,031 |
EARNINGS / (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS, BASIC AND DILUTED (Note 15) | $ (33.43) | $ 0.57 | $ 1.96 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES, BASIC AND DILUTED (Note 15) | 96,950,847 | 138,757,176 | 131,837,227 |
Dividend declared per share | $ 0 | $ 0.38 | $ 0.57 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive Income/(Loss) | |||
Net income / (loss) | $ (3,241,518) | $ 80,014 | $ 259,803 |
Other Comprehensive income: | |||
Reclassification of realized losses associated with capitalized interest to the Consolidated Statement of Operations (Note 10) | 26,187 | 1,035 | 1,034 |
Actuarial gains/ (losses) | 0 | 62 | (1,518) |
Total Other Comprehensive income / (loss) | 26,187 | 1,097 | (484) |
Total Comprehensive income / (loss) | $ (3,215,331) | $ 81,111 | $ 259,319 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholder's Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income/Loss | Accumulated Deficit |
BALANCE, at Dec. 31, 2013 | $ 2,979,843 | $ 1,319 | $ 3,492,650 | $ (23,454) | $ (490,672) | |
Balance, shares at Dec. 31, 2013 | 131,875,128 | |||||
Net income / (loss) | 259,803 | 259,803 | ||||
Issuance of non-vested shares, shares | 157,500 | |||||
Issuance of non-vested shares, value | $ 1 | (1) | ||||
Cancellation of previously issued vested shares | (15,450) | |||||
Amortization of stock based compensation | 3,576 | 3,576 | ||||
Establishment costs for issuance of subsidiaries shares | (1,268) | (1,268) | ||||
Dividends declared and paid | (75,194) | (75,194) | ||||
Other comprehensive income/ (loss) | (484) | (484) | ||||
BALANCE, at Dec. 31, 2014 | 3,166,276 | $ 1,320 | 3,494,957 | (23,938) | (306,063) | |
Balance, shares at Dec. 31, 2014 | 132,017,178 | |||||
Net income / (loss) | 80,014 | 80,014 | ||||
Issuance of non-vested shares, shares | 300,000 | |||||
Issuance of non-vested shares, value | $ 3 | (3) | ||||
Issuance of common stock, value | 193,983 | $ 286 | 193,697 | |||
Issuance of common stock, shares | 28,571,428 | |||||
Treasury stock, value | (120,000) | $ (222) | (119,778) | |||
Treasury stock, shares | (22,222,222) | |||||
Amortization of stock based compensation | 3,676 | 3,676 | ||||
Dividends declared and paid | (50,281) | (50,281) | ||||
Other comprehensive income/ (loss) | 1,097 | 1,097 | ||||
BALANCE, at Dec. 31, 2015 | 3,274,765 | $ 1,609 | $ (222) | 3,572,549 | (22,841) | (276,330) |
Balance, shares at Dec. 31, 2015 | 160,888,606 | (22,222,222) | ||||
Net income / (loss) | (3,241,518) | (3,241,518) | ||||
Treasury stock, value | (49,911) | $ (561) | (49,350) | |||
Treasury stock, shares | (56,079,533) | |||||
Amortization of stock based compensation | 1,227 | 1,227 | ||||
Dividends declared and paid | 0 | 0 | ||||
Other comprehensive income/ (loss) | 26,187 | 26,187 | ||||
BALANCE, at Dec. 31, 2016 | $ 10,750 | $ 1,609 | $ (783) | $ 3,524,426 | $ 3,346 | $ (3,517,848) |
Balance, shares at Dec. 31, 2016 | 160,888,606 | (78,301,755) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | |||
Net income/(loss) | $ (3,241,518) | $ 80,014 | $ 259,803 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 334,155 | 362,587 | 324,302 |
Amortization and write-off of financing fees | 21,040 | 24,033 | 42,995 |
Amortization income of deferred financing fees | 0 | (2,781) | (219) |
Change in fair value of derivatives | (8,180) | (8,217) | (15,909) |
Loss on sale of fixed assets | 25,274 | 5,177 | 0 |
Allowance for doubtful receivables | 0 | 114,613 | 0 |
Gain from repurchase of senior notes | (125,001) | (189,174) | 0 |
Effect of exchange rate changes on cash | 0 | 6,748 | 0 |
Impairment loss | 3,776,338 | 414,986 | 0 |
Amortization of stock based compensation | 1,227 | 3,676 | 3,576 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 119,045 | (188,330) | (55,469) |
Other current and non-current assets | 73,038 | 36,027 | 38,460 |
Due to/(from) related parties | 7,231 | (11,287) | 11,287 |
Accounts payable and other current and non-current liabilities | (51,048) | 19,837 | (25,728) |
Accrued liabilities | (31,478) | (56,502) | (40,131) |
Deferred revenue | (136,994) | (18,395) | (73,150) |
Net Cash Provided by Operating Activities | 763,129 | 593,012 | 469,817 |
Cash Flows from Investing Activities: | |||
Loan to former parent | 0 | 0 | (120,000) |
Proceeds from arrangement fees | 0 | 0 | 3,000 |
Advances for drilling units under construction and related costs | (242,990) | (89,867) | (292,984) |
Drilling units, machinery, equipment and other improvements/ upgrades | (97,163) | (543,976) | (455,997) |
Proceeds/(loss) from sale of fixed assets | (10,850) | 300 | 0 |
(Increase)/decrease in restricted cash | (41,544) | (10,174) | 50,997 |
Net Cash Used in Investing Activities | (392,547) | (643,717) | (814,984) |
Cash Flows from Financing Activities: | |||
Proceeds from short/long-term credit facilities, terms loans and senior notes | 0 | 462,000 | 2,250,000 |
Principal payments and repayments of long-term debt and senior notes | (215,279) | (61,179) | (1,862,250) |
Senior Notes repurchase | (121,455) | (273,673) | 0 |
Net proceeds from common stock issuance | 0 | 192,714 | 0 |
Repurchase of common stock | (49,911) | 0 | 0 |
Dividends paid | 0 | (50,281) | (75,194) |
Payments for issuance of subsidiaries shares | 0 | 0 | (466) |
Payment of financing costs, net | 0 | (6,314) | (43,457) |
Net Cash Provided by/Used in Financing Activities | (386,645) | 263,267 | 268,633 |
Effect of exchange rate changes on cash | 0 | (6,748) | 0 |
Net increase/(decrease) in cash and cash equivalents | (16,063) | 205,814 | (76,534) |
Cash and cash equivalents at beginning of year | 734,747 | 528,933 | 605,467 |
Cash and cash equivalents at end of year | 718,684 | 734,747 | 528,933 |
Cash paid during the years for: | |||
Interest, net of amount capitalized | 254,207 | 256,056 | 212,014 |
Income taxes | 70,983 | 60,687 | 60,374 |
Non cash financing and investing activities: | |||
Issuance of non-vested shares | $ 0 | $ 3 | $ 1 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information: The accompanying consolidated financial statements include the accounts of Ocean Rig UDW Inc., its subsidiaries and consolidated Variable Interest Entities ("VIEs") (collectively, the "Company," "Ocean Rig" or the "Group"). Ocean Rig was formed on December 10, 2007, under the laws of the Republic of the Marshall Islands under the name Primelead Shareholders Inc. as an international contractor of offshore deepwater drilling services. The Company was established by DryShips Inc. ("DryShips" or formerly the "Parent") for the purpose of being the holding company of its drilling segment. DryShips is a publicly listed company on the NASDAQ Capital Market (NASDAQGS: DRYS). On November 24, 2010 and up to December 31, 2016, Ocean Rig UDW had an established office and was registered with the Cypriot Registrar of Companies as an overseas company. On October 6, 2011, the Company's common shares commenced "regular way" trading on the NASDAQ Global Select Market under the ticker symbol "ORIG." As of April 14, 2016, the corporate domicile of the Company moved from the Republic of the Marshall Islands to the Cayman Islands. On April 5, 2016, the Company purchased all of its shares held by DryShips, through its unrestricted subsidiary, Ocean Rig Investments Inc. (Note 11). After this transaction, DryShips no longer holds any equity interest in the Company. On September 11, 2015, the Company entered into an agreement to provide third party technical management services for the offshore drilling unit Cerrado Cerrado Ocean Rig Paros The Company's customers are mainly oil and gas exploration and production companies, including major integrated oil companies, independent oil and gas producers and government-owned oil and gas companies. Customers individually accounting for more than 10% of the Company's revenues during the years ended December 31, 2014, 2015 and 2016, were as follows: Year ended December 31, 2014 2015 2016 Customer A 14 % 14 % 11 % Customer B 18 % 19 % 20 % Customer C 12 % 13 % - Customer D 30 % 15 % 31 % Customer E 14 % 13 % 14 % Customer F - 15 % 18 % The loss of any of these significant customers could have a material adverse effect on the Company's results of operations if they were not replaced by other customers. |
Significant Accounting policies
Significant Accounting policies | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting policies [Abstract] | |
Significant Accounting policies | 2. Significant Accounting Policies: (a) Principles of consolidation: The VIE's total assets and liabilities, as of December 31, 2015, were $35,362 and $77,647, respectively, while total liabilities exceeded total assets by $42,285. The VIE's total assets and liabilities, as of December 31, 2016, were $23,227 and $86,119, respectively, while total liabilities exceeded total assets by $62,892. As of December 31, 2016, the Company also consolidated one additional VIE due to the Trust (as defined) formed for the purpose of the amendment of the $462,000 Senior Secured Credit Facility (Note 9). Since the assets of the Trust can be used only to settle obligations of the Trust itself and at the same time creditors of the Trust do not have recourse to the general credit of the primary beneficiary, such combined assets and liabilities are analyzed as follows: December 31, 2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 167 Restricted cash 31,956 Trade accounts receivable, net 3,341 Other current assets 1,884 Total current assets 37,348 FIXED ASSETS, NET: Drilling units, machinery and equipment, net 675,420 Total fixed assets, net 675,420 OTHER NON-CURRENT ASSETS: Restricted cash 20,008 Total non-current assets, net 20,008 Total assets $ 732,776 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs $ 164,218 Accounts payable and other current liabilities 5,218 Accrued liabilities 1,791 Total current liabilities 171,227 NON-CURRENT LIABILITIES Long term debt, net of current portion and deferred financing costs 82,947 Total non-current liabilities 82,947 COMMITMENTS AND CONTINGENCIES - SHAREHOLDERS' EQUITY: Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 20 Additional paid-in capital 960 Retained earnings 477,622 Total shareholders' equity 478,602 Total liabilities and shareholders' equity $ 732,776 (b) Use of estimates: (c) Comprehensive income/(loss): During 2013, the Company adopted the requirements of Accounting Standard Update ("ASU") 2013-02, "Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income". The objective of this amendment is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. (d) Cash and cash equivalents: (e) Restricted cash: (f) Trade accounts receivable net: (g) Concentration of credit risk: (h) Advances for drilling units under construction and related costs: (i) Capitalized interest: (j) Insurance claims: (k) Foreign currency translation: (l) Drilling units, machinery and equipment, net: (m) Impairment of long-lived assets: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the drilling units future performance, with the significant assumptions being related to drilling rates, fleet utilization, operating expenses, capital expenditures, class survey costs, residual value and the estimated remaining useful life of each drilling unit. The projected net operating cash flows are determined by considering the drilling revenues from existing drilling contracts for the fixed days, while for the unfixed days the Company uses an estimated daily rate equivalent by utilizing available market data. The salvage value used in the impairment test is estimated using the Light Weight Tons (LWT) and the market scrap rate. The remaining significant assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. If the Company's estimate of undiscounted future cash flows for any drilling unit is lower than the carrying value, the carrying value is written down, by recording a charge to operations, to the drilling units' fair market value if the fair market value is lower than the vessel's carrying value. The fair market value for the drilling unit is obtained by independent appraisals. As a result of the impairment review, the Company determined that the carrying amounts of its assets held for use were recoverable and therefore, concluded that no impairment loss was necessary for the year ended December 31, 2014. For the year ended December 31, 2015 and 2016, as a result of the impairment review, the Company determined that the carrying amount of two and eight drilling units were not recoverable and, therefore, a charge of $414,986 and $3,658,815, respectively, was recognized and is included in "Impairment loss", in the accompanying consolidated statement of operations (Note 7), the impairment of $92,371 for the drilling unit under construction Ocean Rig Amorgos (n) Class costs: (o) Deferred financing costs: (p) Revenue and related expenses: Revenues: (i) Well contracts: (ii) Term contracts: Other revenues: (q) Earnings / (loss) per common share: (r) Segment reporting: (s) Financial instruments : (i) Hedge accounting: The Company is party to interest swap agreements where it receives a floating interest rate and pays a fixed interest rate for a certain period. Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of "Accumulated other comprehensive income/ (loss)" in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of operations. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as financial income or expense. (ii) Other derivatives: (t) Fair value measurements: (u) Income taxes: (v) Commitments and contingencies: (w) Stock-based compensation: (x) Inventories: (y) Consolidation: (z) Going Concern: In August 2014, the FASB issued ASU No. 2014-15-Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date of financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company has adopted the provisions of ASU 2014-15 and provided the required note disclosure (Note 3). (aa) Recent accounting pronouncements: Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. Under the updated accounting standards, the Company's drilling contracts may contain a lease component and the adoption, therefore, may require that the Company separately recognizes revenues associated with the lease and services components. Given the interaction with the accounting standard update related to revenue from contracts with customers, the Company expects to adopt the updates concurrently, effective January 1, 2018 expecting to apply the modified retrospective approach. The adoption and ultimate effect on the consolidated financial statements will be based on an evaluation of the Company's contracts. The Company is currently evaluating the related requirements to determine the effects such requirements may have on the consolidated financial statements. Revenue from Contracts with Customers: The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02 Leases (ASC 842), the Company expects to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. The Company expects to apply the modified retrospective approach to the adoption. The Company is evaluating the effect Update 2014-09 and Update 2016-02 will have on the consolidated financial statements and related disclosures. Share-based Payments: Statement of Cash Flows: Measurement of Credit Losses on Financial Instruments: Deferred Taxes: Balance Sheet Classification of Deferred Taxes Tax Accounting for Intra-Entity Asset Transfers: Definition of business: |
Liquidity and Going Concern con
Liquidity and Going Concern considerations | 12 Months Ended |
Dec. 31, 2016 | |
Liquidity and Going Concern considerations [Abstract] | |
Liquidity and Going Concern considerations | 3. Liquidity and Going Concern considerations As of December 31, 2016, the Company was in compliance with covenants contained in the $1.9 billion Secured Term Loan B Facility and $1.3 billion Senior Secured Term Loan B Facility (the “Secured Term Loan B Facilities”), with an aggregate outstanding balance of $3.1 billion. In addition, at December 31, 2016, the Company had cash and cash equivalents of $718,684, current and non-current restricted cash of $54,282 and a working capital surplus of $267,930 (working capital is defined as current assets minus current liabilities, including the current portion of long-term debt). The Company's liquidity fluctuates depending on a number of factors, including, among others, revenue efficiency, collection of accounts receivable, debt and interest repayments, as well as payments for operating and general administrative expenses. During October 2017 and as discussed in Note 9, the 6.50% Senior Secured Notes (the "Drill Rigs Senior Notes") are due and payable, with an outstanding balance, net of the notes repurchased in the open market amounting to $459,723, as of December 31, 2016. In addition, the Company expects that during the fourth quarter of 2017, it will be in breach of the maximum leverage ratio covenant requirement for the Secured Term Loan B Facilities and will require additional cash liquidity in order to cure the covenant and remain in compliance, otherwise the Secured Term Loan B Facilities will be callable and payable in full. The prolonged market downturn in the offshore drilling industry and the continued depressed outlook, have led to materially lower levels of investing in for offshore exploration and development by the current and potential customers on a global basis, while at the same time supply of available high specification drilling units has increased, which in turn has affected the Company with the early termination of five drilling contracts during the year ended December 31, 2016 and also led to the stacking of six drilling units of the Company's fleet as of the date of this report. Considering all the above, the Company does not believe that cash on hand, following the repayment of $459,723 in relation to Drill Rigs Senior Notes and cash generated from operations, will be sufficient to meet the maximum leverage ratio covenant requirement for the Secured Term Loan B Facilities. In addition, the current market conditions will not allow the Company to improve its liquidity position through the sale of any of its drilling units, access to equity offerings, debt refinancing or a combination thereof, over the next year following the date of the issuance of these financial statements. The Company, together with its financial and legal advisors and key stakeholders, is currently considering and evaluating various alternatives, including a restructuring plan to address liquidity and a comprehensive balance sheet deleveraging to be sustainable in the longer term. If such strategic alternatives do not result in completion of the restructuring with a consensual solution among all stakeholders, the Company may be forced to seek reorganization under a scheme of arrangement in the Cayman Islands, the U.S. Bankruptcy Code or pursue other restructuring options. As there can be no assurance that a successful restructuring plan will be concluded, there exists substantial doubt about the Company's ability to continue as a going concern over the twelve months following the date of the issuance of these consolidated financial statements. The consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, the consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, the amounts and classification of liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 4. Transactions with Related Parties: The amounts included in the accompanying consolidated balance sheets and consolidated statements of operations are as follows: Year ended December 31, 2015 2016 Balance Sheet Due to related parties $ - $ 7,231 Advances for drilling units under construction and related costs $ 394 $ 1,569 Drilling units, machinery and equipment, net 2,961 488 Accrued liabilities $ 6,432 $ 3,100 Year ended December 31, Statement of Operations 2014 2015 2016 Revenues - commission fees $ 16,826 $ 16,524 $ 14,925 Drilling units operating expenses - - 4,209 Amortization and write-off of financing fees - DryShips - 2,781 - General and administrative expenses 32,660 7,409 24,924 Interest income $ 1,164 $ 6,024 $ - Cardiff Drilling Inc.: Vivid Finance Limited: Basset Holdings Inc Steel Wheel Investments Limited: George Economou: Azara Services S.A.: DryShips Inc.: On March 29, 2016, the Company entered into 60 day time charter agreements for the offshore support vessels Crescendo Jubilee On April 5, 2016, the Company's unrestricted subsidiary, Ocean Rig Investments Inc., purchased 56,079,533 shares of the Company's common stock previously held by DryShips. After this transaction, DryShips no longer holds any equity interest in the Company (Note 11). TMS Tankers Ltd. /TMS Offshore Services Ltd.: TMS Offshore Services Ltd.: |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Assets [Abstract] | |
Other Current Assets | 5. Other Current Assets The amount of other current assets shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2015 2016 Inventories $ 18,088 $ 12,988 Deferred mobilization expenses 43,825 6,351 Prepayments and advances 20,607 10,500 Other 2,013 85 Total $ 84,533 $ 29,924 |
Advances for drilling units und
Advances for drilling units under construction and related costs | 12 Months Ended |
Dec. 31, 2016 | |
Advances For Drilling Unit Under Construction And Related Costs [Abstract] | |
Advances for drilling units under construction and related costs | 6. Advances for drilling units under construction and related costs: The amounts shown in the accompanying consolidated balance sheets include milestone payments under the drilling unit building contracts with the shipyards, supervision costs and any material related expenses incurred during the construction periods, all of which are capitalized in accordance with the accounting policy discussed in Note 2. For the years ended December 31, 2015 and 2016, the movement of the advances for drilling units under construction and related costs was as follows: December 31, 2015 2016 Balance at beginning of year $ 622,507 $ 394,852 Advances for drilling units under construction and related costs 500,031 242,988 Drilling units delivered (727,686 ) - Impairment loss (advances and related costs for drilling unit under construction) - (92,371 ) Balance at end of year $ 394,852 $ 545,469 As of December 31, 2016, the Company has advanced $309,358, $156,900 and $76,600 to the yard for the construction of the Ocean Rig Santorini, Ocean Rig Crete Ocean Rig Amorgos respectively. Ocean Rig Santorini Ocean Rig Crete Ocean Rig Amorgos . As part of the agreements, the deliveries of the Ocean Rig Santorini Ocean Rig Crete Ocean Rig Amorgos, Ocean Rig Amorgos |
Drilling units, machinery and e
Drilling units, machinery and equipment, net | 12 Months Ended |
Dec. 31, 2016 | |
Drilling Units, Machinery And Equipment, Net [Abstract] | |
Drilling units, machinery and equipment, net | 7. Drilling units, machinery and equipment, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Cost Accumulated Depreciation Net Book Value Balance December 31, 2014 $ 7,331,372 $ (1,123,739 ) $ 6,207,633 Additions/ Transfer from drilling units under construction 909,830 - 909,830 Disposal of assets (5,477 ) - (5,477 ) Impairment loss (976,730 ) 561,744 (414,986 ) Depreciation - (360,108 ) (360,108 ) Balance December 31, 2015 $ 7,258,995 (922,103 ) 6,336,892 Additions 99,515 - 99,515 Disposal of assets (7,756 ) 133 (7,623 ) Impairment loss (3,658,815 ) - (3,658,815 ) Depreciation - (331,677 ) (331,677 ) Balance December 31, 2016 $ 3,691,939 (1, 253,647) 2,438,292 For the years ended December 31, 2015 and 2016, as a result of the impairment review, the Company determined that the carrying amount of two and eight drilling units, respectively, were not recoverable and, therefore, a charge of $414,986 and $3,658,815, respectively was recognized and included in the "Impairment loss", in the accompanying consolidated statements of operations in order to write down those drilling units to their fair value. On April 28, 2016, the Company acquired the sixth generation ultra-deepwater drilling unit Cerrado Ocean Rig Paros As of December 31, 2016, all of the Company's operating drilling units, apart from the Ocean Rig Paros |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2016 | |
Other non-current assets [Abstract] | |
Other non-current assets | 8. Other non-current assets The amount of other non-current assets shown in the accompanying consolidated balance sheets is analyzed as follows: December 31, 2015 2016 Deferred mobilization expenses $ 23,992 $ 5,564 Intangible assets, net 3,289 1,845 Prepaid investments 9,579 425 Total $ 36,860 $ 7,834 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt [Abstract] | |
Long-term Debt | 9. Long-term Debt: December 31, 2015 December 31, 2016 $1.3 billion Senior Secured Term Loan B Facility $ 1,283,750 $ 1,270,750 $1.9 billion Secured Term Loan B Facility 1,857,250 1,838,250 $462 million Senior Secured Credit Facility 432,821 249,542 $500 million Senior Unsecured Notes 229,411 130,974 $800 million Senior Secured Notes 607,742 459,723 Less: Deferred financing costs (82,506 ) (61,466 ) Total debt 4,328,468 3,887,773 Less: Current portion (56,725 ) (640,557 ) Long-term portion $ 4,271,743 $ 3,247,216 7.25% Senior Unsecured Notes due 2019 On March 26, 2014 the Company issued $500,000 aggregate principal amount of 7.25% Senior Unsecured Notes due 2019 (the "$500 million Senior Unsecured Notes"), offered in a private placement, resulting in net proceeds of approximately $493,625. The Senior Notes are unsecured obligations and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment to all of its existing and future unsecured senior indebtedness. The Company used the net proceeds from the offering of the 7.25% Senior Unsecured Notes, together with cash on hand, and repurchased $462,300 of its 9.5% Senior Unsecured Notes, of which $500,000 in aggregate principal amount was outstanding prior to closing of the 7.25% Senior Unsecured Notes Offering, at a tender premium of 105.375%, while the remaining $37,700 was redeemed at a redemption price of 104.5% on May 13, 2014. The 7.25% Senior Unsecured Notes are not guaranteed by any of the Company's subsidiaries. Upon a change of control, which would occur if 50% or more of the Company's shares are acquired by any person or group other than DryShips or its affiliates, the noteholders will have an option to require the Company to purchase all outstanding notes at a redemption price of 101% of the principal amount thereof plus accrued and unpaid interest to the date of purchase. The contractual semi-annual coupon interest rate is 7.25% per year. During the years ended December 31, 2015 and 2016, one of the Company's wholly owned subsidiary, has purchased in the open market an aggregate principal amount of $270,589 and $98,437 of these notes, respectively, and the outstanding balance reported above, of $229,411 and $130,974 respectively, is net of the notes repurchased. Effective March 21, 2017, the Notes held by the Company's wholly owned subsidiaries have been cancelled. During the years ended December 31, 2015 and 2016, the purchase of the notes, resulted in a gain of $130,454 and $57,160 respectively, and is included in "Gain from repurchase of senior notes" in the accompanying consolidated statement of operations. 6.50% Senior Secured Notes due 2017 On September 20, 2012, the Company's wholly owned subsidiary Drill Rigs Holdings Inc. (the "Issuer"), issued $800,000 aggregate principal amount of 6.50% Senior Secured Notes due 2017 (the "$800 million Senior Secured Notes") offered in a private offering. The Drill Rigs Senior Notes are secured obligations and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment to all of its existing and future unsecured senior indebtedness. The Drill Rigs Senior Notes are fully and unconditionally guaranteed by the Company and certain of its existing and future subsidiaries of the Issuer and are secured by certain assets of, and by a pledge of the stock of, the Issuer and the subsidiaries of the Issuer. The contractual semi-annual coupon interest rate is 6.5% on the Drill Rigs Senior Notes. On or after October 1, 2015, the Issuer may, at its option, redeem all or a portion of the Drill Rigs Senior Notes at the time or from time to time at 103.25% (from October 1, 2015 to September 30, 2016) or 100% (October 1, 2016 and thereafter) of the principal amount thereof, plus any accrued and unpaid interest thereof to the date of the redemption. Upon a change of control, which occurs if 50% or more of the Company's shares are acquired by any person or group other than DryShips or its affiliates, the Issuer will be required to make an offer to repurchase the Drill Rigs Senior Notes at a price equal to 101% of the principal amount thereof, plus any accrued and unpaid interest thereon to the date of repurchase. During the years ended December 31, 2015 and 2016, two of the Company's wholly owned subsidiaries purchased in the open market an aggregate principal amount of $192,258 and $148,019 of these notes, respectively and the outstanding balance reported above, of $607,742 and $459,723 respectively, is net of the notes repurchased. Effective March 21, 2017, the Notes held by the Company's wholly owned subsidiaries have been cancelled. During the years ended December 31, 2015 and 2016, the purchase of the notes resulted in a gain of $58,720 and $67,841, respectively, and is included in “Gain from repurchase of senior notes” in the accompanying consolidated statements of operations. $1.3 billion Senior Secured Term Loan B Facility On July 25, 2014, the Company's wholly owned subsidiary, Drillships Ocean Ventures Inc., entered into a $1.3 billion Senior Secured Term Loan B facility to repay the $1.35 billion Senior Secured Credit Facility, which had an outstanding loan balance of approximately $1.3 billion on that date. The New Term Loan B facility which is secured primarily by first priority mortgages on the vessels, the Ocean Rig Mylos Ocean Rig Skyros Ocean Rig Athena $1.9 billion Term Loan B Facility On July 12, 2013, the Company, through its wholly-owned subsidiaries, Drillships Financing Holding Inc. ("DFHI") and Drillships Projects Inc., entered into a $1,800,000 senior secured term loan facility, comprised of tranche B-1 term loans in an aggregate principal amount equal to $975,000 ("Tranche B-1 Term Loans") and tranche B-2 term loans in an aggregate principal amount equal to $825,000 ("Tranche B-2 Term Loans" and, together with the “Tranche B-1 Term Loans”, the "$1.9 billion Term Loan B Facility"), with respective maturity dates in the first quarter of 2021, subject to adjustment to the third quarter of 2020 in certain circumstances, and the third quarter of 2016. The Term Loans are initially guaranteed by the Company and certain existing and future subsidiaries of DFHI and are secured by certain assets of, and by a pledge of the stock of, DFHI and the subsidiary guarantors. On July 26, 2013, the Company through its wholly-owned subsidiaries DFHI and Drillships Projects Inc. entered into an incremental amendment to the $1,800,000 senior term loan for additional tranche B-1 term loans in an aggregate principal amount of $100,000. On February 7, 2014, the Company refinanced its then existing short-term Tranche B-2 Term Loans with a fungible add-on to its existing long-term Tranche B-1 Term Loans. As a result of this refinancing, the total $1.9 billion of Tranche B-1 Term Loans will mature no earlier than the third quarter of 2020. $462 million Senior Secured Credit Facility On February 13, 2015, the Company's wholly owned subsidiary, Drillship Alonissos Shareholders Inc., entered into a secured term loan facility agreement with a syndicate of lenders and DNB Bank ASA, as facility agent and security agent, for up to $475,000 to partially finance the construction costs of the Ocean Rig Apollo Ocean Rig Apollo Ocean Rig Apollo On August 31, 2016, the Company's wholly owned subsidiary, Drillship Alonissos Shareholders Inc., entered into an amendment to the term loan facility agreement in consideration for the lenders agreeing: (i) to reduce the amount of the mandatory prepayment from $145,894 to $125,000;(ii) to release the Company as Guarantor and from all obligations, actual or contingent, joint or several, now or at any time outstanding; (iii) to waive any existing breaches and, (iv) the cold-stacking of the drilling unit. Furthermore, a trust was formed, namely "Drillship Alonissos Stock Trust" (the “Trust”), in which the Company has transferred the shares of Drillship Alonissos Shareholders Inc. together with the shares of Drillship Alonissos Owners Inc., previously held by Drillship Alonissos Shareholders Inc. Additionally, the repayment schedule of the loan was altered to include a cash sweep term authorizing the lenders to transfer any excess cash flow on a monthly basis, as a prepayment pro rata across the loan, therefore, leading to the full repayment of the loan by June 2018, whereas according to the initial repayment schedule it would have been fully repaid by June 2020. Following the repayment, the Trust, will be dissolved and shares will be returned to their initial holders. The Company's outstanding debt is secured by, among other things, first priority mortgages over the Company's operating drilling units, corporate guarantees, first priority assignments of all freights, earnings, insurances and requisition compensation relating to such drilling units and a pledge of the shares of capital stock of certain of the Company's subsidiaries. Certain of our debt instruments contain financial covenants, minimum coverage ratio requirements and minimum liquidity and restrict, without the lender's prior consent, the Company's and its subsidiaries ability to, among other things, pay dividends, change the management and ownership of its drilling units, incur additional indebtedness, incur and create liens on its assets, change in the general nature of the Company's business and require that the Company maintain an established place of business in the United States or the United Kingdom. Total interest and debt amortization cost incurred on long-term debt for the years ended December 31, 2014, 2015 and 2016, amounted to $304,132, $300,543 and $256,222, respectively, of which $37,342, $26,055 and $28,265, respectively, were capitalized as part of the cost of the drilling units under construction. Total interest incurred and amortization of debt issuance cost on long-term debt, net of capitalized interest, are included in "Interest and finance costs" in the accompanying consolidated statement of operations. The Company's weighted average interest rates on the above bank loans and notes were 6.4%, 6.3% and 6.2%, as of December 31, 2014, 2015, and 2016, respectively. The bank loans are payable in U.S. Dollars in quarterly and monthly instalments with balloon payments due at maturity between June 2018 to July 2021. Loan movements for the Company's Senior Unsecured Notes and secured credit facilities throughout 2017, is as follows: Loan Loan Agreement Date Original Amount December 31, 2015 Repayments/ Repurchase of senior notes December 31, 2016 $800 million Senior Notes September 20, 2012 $ 800,000 607,742 (148,019 ) $ 459,723 $1.9 billion Secured Term Loan B Facility July 12, 2013 1,900,000 1,857,250 (19,000 ) 1,838,250 $500 million Senior Unsecured Notes March 26, 2014 500,000 229,411 (98,437 ) 130,974 $1.3 billion Senior Secured Term Loan B July 25, 2014 1,300,000 1,283,750 (13,000 ) 1,270,750 $462 million Senior Secured Credit Facility February 13, 2015 $ 462,000 $ 432,821 $ (183,279 ) $ 249,542 $ 4,410,974 $ (461,735 ) $ 3,949,239 The annual principal payments required to be made after December 31, 2016, including balloon payments, totaling $3,949,239 due through July 2021, are as follows: 2017 658,063 2018 115,202 2019 162,974 2020 1,794,250 2021 1,218,750 Total principal payments 3,949,239 Less: Financing fees (61,466 ) Total debt $ 3,887,773 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Financial Instruments and Fair Value Measurements | 10. Financial Instruments and Fair Value Measurements ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The Company recognizes all derivative instruments as either assets or liabilities at fair value on its consolidated balance sheets. Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in the accompanying consolidated statement of operations. The Company enters into interest rate swap transactions to manage interest costs and risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. The Company also enters from time to time into foreign currency forward contracts in order to manage risks associated with fluctuations in foreign currencies. All of the Company's derivative transactions are entered into for risk management purposes. As of December 31, 2014, the Company had seven interest rate swaps outstanding, with a notional amount of $1.8 billion, maturing from April 2016 through November 2017. As of December 31, 2015, the Company had seven interest rate swaps outstanding, with a notional amount of $1.6 billion, maturing from April 2016 through November 2017. During the year ended December 31. 2016, the Company terminated the interest rate swaps and there were no interest rate swaps outstanding as of December 31, 2016. Effective January 1, 2011, the Company removed the designation of interest rate swaps previously designated as cash flow hedges and discontinued hedge accounting for the associated interest rate swaps. As a result, as of December 31, 2015, these agreements did not qualify for hedge accounting and, as such, changes in their fair values are included in the accompanying consolidated statements of operations. Accumulated Other Comprehensive Loss also included realized losses on cash flow hedges associated with interest capitalized during prior years under "Advances for drilling units under construction" amounting to $27,776, which according to ASC 815-30-35 is being reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. As a result, during the years ended December 31, 2014, 2015 and 2016, amounts of $1,034, $1,035 and $26,184, respectively, were reclassified into the consolidated statements of operations. The estimated amount in other comprehensive income/ (loss) of cash flow hedge losses at December 31, 2016, that will be reclassified into earnings within the next twelve months, is zero. Tabular disclosure of financial instruments is as follows: Fair Values of Derivative Instruments in the Balance Sheets: Derivatives not designated as Hedging Instruments Balance Sheet Location December 31, 2015 Fair value December 31, 2016 Fair value Interest rate swaps Financial Instruments non-current assets $ 3,494 $ - Interest rate swaps Financial Instruments current liabilities (8,931 ) - Interest rate swaps Financial Instruments non-current liabilities (2,743 ) - Total derivatives $ (8,180) $ - The effect of Derivative Instruments on the Consolidated Statement of Operations: Amount of Gain/(Loss) Derivatives not designated as hedging instruments Location of Gain or (Loss) Recognized Year ended December 31, 2014 Year ended December 31, 2015 Year ended December 31, 2016 Interest rate swaps Gain/ (Loss) on interest rate swaps $ (12,671 ) $ (11,513 ) $ (4,388 ) The carrying amounts of cash and cash equivalents, restricted cash, trade accounts receivable, and accounts payable and other current liabilities reported in the consolidated balance sheets approximate their respective fair values because of the short-term nature of these accounts. The fair value of credit facilities is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Additionally, the Company considers its creditworthiness in determining the fair value of the credit facilities. The carrying value approximates the fair market value for floating rate loans. The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based LIBOR swap yield curves, taking into account current interest rates and the creditworthiness of both the financial instrument counterparty and the Company. The 7.25% Senior Unsecured Notes, the Drill Rigs Senior Notes and the Term Loan B Facilities have a fixed rate and their estimated fair values are determined through Level 2 inputs of the fair value hierarchy (quoted price in the over-the counter market). While the $462 million Senior Secured Credit Facility, has a floating rate on LIBOR and its' carrying value is approximately the same as its' fair market value. The estimated fair value of the above 7.25% Senior Unsecured Notes, Drill Rigs Senior Notes, $1.9 billion Secured Term Loan B Facility and $1.3 billion Senior Secured Term Loan B Facility at December 31, 2015, was approximately $100,367, $357,431, $427,168 and $628,242 respectively. For the aforementioned senior notes and term loans their carrying value net of finance fees as at December 31, 2015, was $226,655, $601,845, $1,814,746 and $1,257,484, respectively. The estimated fair value of the above 7.25% Senior Unsecured Notes, Drill Rigs Senior Notes, $1.9 billion Secured Term Loan B Facility and $1.3 billion Senior Secured Term Loan B Facility at December 31, 2016, was approximately $51,080, $201,129, $1,156,958 and $1,002,304, respectively. For the aforementioned senior notes and term loans their carrying value net of finance fees as at December 31, 2016, was $129,844, $457,745, $1,804,272 and $1,248,747, respectively. The guidance for fair value measurement applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories. Fair value measurements are classified based upon inputs used to develop the measurement under the following hierarchy: Level 1--Quoted market prices in active markets for identical assets or liabilities. Level 2--Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3--Unobservable inputs that are not corroborated by market data. The following table summarizes the valuation of assets and liabilities measured at fair value on a recurring basis as of the valuation date. December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Interest rate swaps-asset position $ 3,494 - 3,494 $ - Interest rate swaps-liability position (11,674 ) - (11,674 ) - Total $ (8,180) - (8,180) $ - The following table summarizes the valuation of assets measured at fair value on a non-recurring basis as of December 31, 2015. Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Impairment loss Non-Recurring measurements: Long-lived assets $ - $ 610,000 $ - $ (414,986 ) As a result of the impairment analysis performed for the year ended December 31, 2015, the Company's two drilling units, with a carrying amount of $1,024,986 were written down to their fair value as determined based on the valuations of the independent valuators, resulting in an impairment charge of $414,986 which was included in the accompanying consolidated statement of operations for the year ended December 31, 2015 (Note 7). The following table summarizes the valuation of assets measured at fair value on a non-recurring basis as of December 31, 2016. Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Impairment loss Non-Recurring measurements: Long-lived assets $ - $ 1,035,499 $ - $ (3,658,815 ) As a result of the impairment analysis performed for the year ended December 31, 2016, the Company's eight drilling units, with a carrying amount of $4,694,314 were written down to their fair value as determined based on the valuations of the independent valuators, resulting in an impairment charge of $3,658,815 which was included in the accompanying consolidated statement of operations for the year ended December 31, 2016 (Note 7), the impairment of $92,371 for the drilling unit under construction Ocean Rig Amorgos |
Common Stock and Additional Pai
Common Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock and Additional Paid-in Capital [Abstract] | |
Common Stock and Additional Paid-in Capital | 11. Common Stock and Additional Paid-in Capital: General The Company's authorized capital stock consisted of 1,000,000,000 common shares and 500,000,000 preferred shares par value $0.01 per share. All Company's common stock has equal voting rights and participates equally in dividend distributions. Dividends In March 2015 and in May 2015, the Company paid dividends of $0.19 per common share to its shareholders, with respect to the quarters ended December 31, 2014 and March 31, 2015, respectively. Issuance of common shares On June 8, 2015, the Company successfully completed the offering of 28,571,428 shares of its common stock, par value $0.01 per share, at a price of $7.00 per share, resulting in proceeds of $194,134, after deducting placement fees. As part of the offering, Mr. George Economou, the Company's Chairman and Chief Executive Officer, purchased $10,000, or 1,428,571 shares, of common stock in the offering at the public offering price. Treasury stock During the year ended December 31, 2015, the Company exchanged the $120,000 Exchangeable Promissory Note for an aggregate amount of 22,222,222 of the Company's shares owned by DryShips (Note 4). These shares were not retired and are held as treasury stock. On April 5, 2016, the Company's unrestricted subsidiary, Ocean Rig Investments Inc., purchased 56,079,533 shares of the Company's common stock previously held by DryShips (Note 4). These shares were not retired and are treated as treasury stock for accounting purposes since under U.S. GAAP the parent's shares purchased by a subsidiary are treated as treasury shares. The Company is incorporated in the Cayman Islands. Under Cayman Islands law, shares of a parent company held by a subsidiary company are not characterized as treasury shares, are entitled to vote and be counted in determining the total number of outstanding shares in the Company. Restricted stock awards On March 21, 2012, the Company's Board of Directors approved the 2012 Equity Incentive Plan (the "Plan") and reserved a total of 2,000,000 common shares. Under the Plan, officers, key employees and directors are eligible to receive awards of stock options, stock appreciation rights, restricted stock, restricted stock units, phantom stock units and unrestricted stock. On March 31, 2014, the Company's Compensation Committee approved the grant of 161,200 shares of non-vested common stock to employees of Ocean Rig. The shares vest over a period of three years. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the Ocean Rig shares on the grant date of $17.79 per share. On August 19, 2014, the Compensation Committee approved a bonus in the form of 150,000 shares to be granted to Azara for the contribution of Mr. George Economou for Chief Executive Officer's services rendered during 2013. The shares vest over a period of three years. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the Ocean Rig shares on the grant date of $18.37 per share. On November 4, 2014, the Company's Compensation Committee approved the grant of 45,450 shares of non-vested common stock to employees of Ocean Rig. The shares vest over a period of three years. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the Ocean Rig shares on the grant date of $12.60 per share. On December 30, 2014, the Compensation Committee approved a bonus in the form of 300,000 shares to be granted to Azara for the contribution of Mr. George Economou for Chief Executive Officer's services rendered during 2014. The shares vest over a period of three years. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the Ocean Rig shares on the grant date of $9.46 per share. On April 29, 2015, the Company's Compensation Committee approved the grant of 173,200 shares of non-vested common stock to employees of Ocean Rig. The shares vest over a period of three years. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the Ocean Rig shares on the grant date of $7.24 per share. On August 5, 2015, the Company's Compensation Committee approved the grant of 13,502 shares of non-vested common stock to employees of Ocean Rig. The shares vest over a period of three years. The stock-based compensation is being recognized to expenses over the vesting period and based on the fair value of the Ocean Rig shares on the grant date of $3.19 per share. As of December 31, 2015, 609,887 shares have vested, while 235,576 shares were forfeited due to employees' resignations. On May 17, 2016, the Company's Compensation Committee approved the discontinuance of the granting of stock awards to the employees of the Company. Following the approval, all the Company's restricted stock awards, apart from those awarded to Azara, were cancelled. As of December 31, 2016, 343,885 shares have vested. A summary of the status of Ocean Rig's non vested shares as of December 31, 2015 and 2016 and movement during the years then ended, is presented below. Number of non vested shares Weighted average grant date fair value per non vested shares Balance December 31, 2014 612,798 $ 13.49 Granted 186,702 6.95 Forfeited (63,950 ) 12.29 Vested (330,252 ) 13.33 Balance December 31, 2015 405,298 $ 10.80 Forfeited (155,298 ) 10.08 Vested (150,000 ) 12.43 Balance December 31, 2016 100,000 $ 9.46 Number of vested shares Weighted average grant date fair value per vested shares As at December 31, 2014 309,452 $ 17.22 Granted and vested 52,802 6.89 Non vested shares granted in prior years and vested 2015 277,450 14.56 Granted and vested shares in prior years, but cancelled during 2015 (29,817 ) 16.59 As at December 31, 2015 609,887 $ 15.15 Vested shares granted in prior years 150,000 12,43 Granted and vested shares in prior years, but cancelled during 2016 (416,002 ) 13.52 As at December 31, 2016 343,885 $ 15.94 As of December 31, 2015 and 2016, there was $2,299 and $314 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted by the Company, respectively. That cost is expected to be recognized over a period of two years. The amounts of $3,576, $3,676 and $1,506 represent the stock based compensation expense which are recorded in "General and administrative expenses", in the accompanying consolidated statements of operations for the years ended December 31, 2014, 2015 and 2016, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income / (Loss) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income / (Loss) | 12. Accumulated Other Comprehensive Income / (Loss): The amounts in the accompanying balance sheets are analyzed as follows: December 31, 2015 2016 Cash flows hedges realized loss $ (26,187 ) $ - Actuarial pension gain 3,346 3,346 Total $ (22,841 ) $ 3,346 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest and Finance Costs | 13. Interest and Finance Costs: The amounts in the accompanying consolidated statements of operations are analyzed as follows: December 31, 2014 2015 2016 Interest costs on long term debt $ 261,137 $ 276,510 $ 235,182 Amortization and write off of financing fees (Note 2) 42,995 24,033 21,040 Discount on receivable from drilling contract - 3,018 (2,821 ) Capitalized borrowing costs (Note 2) (37,342 ) (26,055 ) (28,265 ) Commissions, commitment fees and other financial expenses 33,341 2,842 1,845 Total $ 300,131 $ 280,348 $ 226,981 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | 14. Income Taxes: Ocean Rig UDW is subject to Cayman Islands tax which is zero and operates through its various subsidiaries in a number of countries throughout the world. Therefore the Company may pay tax within some jurisdictions even though it might have losses in others. Income taxes have been provided based upon the laws and rates in effect in the countries in which our operations are conducted or in which our subsidiaries are considered residents for income tax purposes. Our income tax expense or benefit arises from our mix of pre-tax earnings or losses, respectively, in the international tax jurisdictions in which we operate. Since the countries in which operates in have different statutory tax rates and tax regimes with respect to one another there is no expected relationship between the provision for income taxes and income or loss before income taxes. A loss in one jurisdiction may not be offset against taxable income in another jurisdiction. The components of the Company's income/(losses) before taxes, after adjusting for impairment losses and gains from repurchases of senior notes, are as follows: Year ended December 31, 2014 2015 2016 Domestic income/ (loss) (Marshall Islands/ Cayman Islands) $ (161,913 ) $ 219,900 $ 126,244 Foreign income (January 1, 2016 to April 14, 2016) 499,539 185,742 93,633 (Domestic loss) Cayman Islands - - (97,939 ) Foreign income (April 15, 2016 to December 31, 2016) - - 394,196 Total income before taxes, excluding impairment loss and gain from repurchases of senior notes $ 337,626 $ 405,642 $ 516,134 The components of the Company's tax expense were as follows: Year Ended December 31, 2014 2015 2016 Current Tax expense $ 77,823 $ 99,816 $ 106,315 Deferred Tax expense - - - Income taxes $ 77,823 $ 99,816 $ 106,315 Effective tax rate on income / (loss) excluding impairment loss and gain from repurchase of the senior secured notes 23.1 % 24.6 % 20.6 % In 2016, approximately 93% of the current tax expense related to taxes in Angola, Brazil, Norway, Congo and Senegal. In 2015, approximately 90% of the current tax expense related to taxes in Angola, Brazil, Norway and Congo and in 2014, approximately 64% of the current tax expense related to taxes in Angola. Taxes have not been reflected in other comprehensive income/(loss) since the valuation allowances would not result in the recognition of deferred tax. A reconciliation between the statutory tax rate to the effective tax rate is as follows: Year Ended December 31, Reconciliation of total tax expense: 2014 2015 2016 Income tax 70,441 94,331 106,315 Taxes on litigation matters subject to statutory rates, including interest and penalties 7,382 5,485 - Total $ 77,823 $ 99,816 $ 106,315 Ocean Rig has elected to use the statutory tax rate for each year based upon the location where the largest parts of its operations were domiciled. During 2014, 2015 and 2016, most of its activities were in the Republic of the Marshall Islands, and Cayman Island (from April 2016) with a tax rate of zero. On April 14, 2016, the corporate domicile of the Company moved from Republic of the Marshall Islands to the Cayman Islands. Ocean Rig is subject to changes in tax laws, treaties, regulations and interpretations in and between the countries in which its subsidiaries operate. A material change in these tax laws, treaties, regulations and interpretations could result in a higher or lower effective tax rate on worldwide earnings. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of the Company's assets and liabilities using the applicable jurisdictional tax rates in effect the year the asset is realized or the liability is settled. The Company has not recognized any deferred tax liability, while the significant components of deferred tax assets are as follow: Year ended December 31, 2015 2016 Deferred tax assets Losses carried forward 13,197 10,110 Total deferred tax assets $ 13,197 $ 10,110 Less: valuation allowance (13,197 ) (10,110 ) Total deferred tax assets, net $ - $ - A valuation allowance for deferred tax assets is recorded when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. The Company provides a valuation allowance to offset deferred tax assets for carry forward of operating losses incurred during the year in certain jurisdictions and for other deferred tax assets where, in the Company's opinion, it is more likely than not that the financial statement benefit of these losses will not be realized. The Company provides a valuation allowance for foreign tax loss carry forward to reflect the possible expiration of these benefits prior to their utilization. As of December 31, 2016, the valuation allowance for deferred tax assets amounted to $13,326. The earnings of certain of our subsidiaries are considered to be indefinitely reinvested. Should the Company make a distribution from these subsidiaries in the form of dividends or otherwise, the Company would be subject to additional income taxes. The unrecognized deferred tax liabilities related to these undistributed earnings was not practicable to be estimated as of December 31, 2016. Accordingly, the Company has not provided for taxes on these unremitted earnings. The Company is subject to taxation in various jurisdiction in which it conducts business. Tax years as early as 2010 remain subject to examination. As of December 31, 2016, the Company has various ongoing tax audits. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings/ (loss) per share: | |
Earnings per share | 15. Earnings / (loss) per share 2014 2015 2016 Income (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Income (numerator) Weighted- average number of outstanding share (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net income/ loss $ 259,803 - - $ 80,014 - - $ (3,241,518 ) - - Less: Allocation of undistributed earnings to non-vested stock (772 ) - - (1,175 ) - - - - - Basic and diluted Earnings/ (loss) per share attributable to common stockholders $ 259,031 $ 131,837,227 1.96 $ 78,839 $ 138,757,176 0.57 $ (3,241,518) 96,950,847 (33.43) Non-vested share-based payment awards that contain rights to receive non forfeitable dividends or dividend equivalents (whether paid or unpaid) and participate equally in undistributed earnings/ loss are participating securities and, thus, are included in the two-class method of computing earnings per share for the year ended December 31, 2014, 2015 and 2016. For the years ended December 31, 2014 and 2015, non-vested participating restricted common stock were not included in the computation of diluted earnings/ loss per share because the effect is anti-dilutive. |
Geographic information for offs
Geographic information for offshore drilling operations | 12 Months Ended |
Dec. 31, 2016 | |
Geographic information for offshore drilling operations [Abstract] | |
Geographic information for offshore drilling operations | 16. Geographic information for offshore drilling operations The revenue shown in the table below is based upon the location where the drilling takes place: Country 2014 2015 2016 Angola 807,742 527,098 500,413 Brazil 581,635 581,438 517,885 Congo - 157,235 241,953 Norway 220,044 231,189 74,925 Falklands - 154,606 21,106 Senegal - 52,214 289,162 Ivory Coast 97,232 33,723 1,164 South Africa 110,424 - - Other service revenues - 10,697 7,059 Total service revenues $ 1,817,077 1,748,200 1,653,667 The drilling units the Leiv Eiriksson, Eirik Raude Ocean Rig Corcovado Ocean Rig Olympia Ocean Rig Poseidon Ocean Rig Mykonos, Ocean Rig Mylos, Ocean Rig Skyros Ocean Rig Athena Ocean Rig Apollo Ocean Rig Paros Cerrado |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies 17.1 Legal proceedings Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the offshore drilling business. As part of the Company's normal course of operations, the Company's customer may disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches agreement with the customer on the amounts due. OCR Falklands Drilling Inc., a subsidiary of the Company, commenced arbitration proceedings against Premier Oil Plc. and Noble Energy Falklands Ltd. for terminating the contract on February 12, 2016, for the drilling unit Eirik Raude. Subsequently, the parties reached a commercial agreement to amicably settle this matter and a Settlement Agreement dated February 6, 2017, was entered into among the parties. HPOR Servicos De Consultaria Ltda (“HPOR”) on September 1, 2016, commenced arbitration proceedings against, amongst others, the Company seeking payment of certain commissions that HPOR is alleging were due by, amongst others, the Company for certain agency and marketing services provided for the Ocean Rig Mykonos Ocean Rig Corcovado On March 7, 2016, two of the Company's subsidiaries commenced arbitration proceedings against Total E&P Angola for the termination of the contract with the drilling unit Ocean Rig Olympia On December 22, 2016, Mayze Services Limited (“Mayze”) issued a claim before the English High Court of Justice against the Company and others seeking payment of GBP 5,230,074.13 in respect of fees allegedly owed in connection with marketing services provided by Mayze to the Company. We are in the process of defending these proceedings. Except for the matters discussed above, the Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business. 17.2 Purchase Obligations: The following table sets forth the Company's contractual purchase obligations for the Ocean Rig Santorini Ocean Rig Crete 2018 2019 Total Drilling units building contracts $ 417,931 520,165 $ 938,096 Total obligations $ 417,931 520,165 $ 938,096 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events: 18.1 Ocean Rig Athena 18.2 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. (Parent Company Only) [Abstract] | |
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. (Parent Company Only) | December 31, 2015 2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 35 $ 26 Other current assets 182 194 Total current assets 217 220 NON-CURRENT ASSETS: Investments in subsidiaries* 3,781,705 143,381 Total non-current assets 3,781,705 143,381 Total assets $ 3,781,922 $ 143,601 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Other current liabilities $ 9,913 $ 3,007 Total current liabilities 9,913 3,007 NON-CURRENT LIABILITIES Long term debt, net of current portion 497,244 129,844 Total non-current liabilities 497,244 129,844 STOCKHOLDERS' EQUITY: Preferred stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2015 and 2016, nil issued and outstanding at December 31, 2015 and 2016, respectively Common stock, $0.01par value; 1,000,000,000 shares authorized, at December 31, 2015 and 2016, 160,888,606 issued and outstanding at December 31, 2015 and 2016, respectively 1,609 1,609 Treasury stock ; 22,222,222 shares at December 31, 2015 and $0.01 par value; 78,301,755 shares at December 31, 2016 (222 ) (783 ) Additional paid-in capital 3,572,549 3,524,426 Accumulated other comprehensive loss (22,841 ) 3,346 Accumulated deficit (276,330 ) (3,517,848 ) Total stockholders' equity 3,274,765 10,750 Total liabilities and stockholders' equity $ 3,781,922 $ 143,601 * Eliminated in consolidation For the year ended December 31, 2014 2015 2016 EXPENSES: General and administrative expenses $ 7,983 $ 6,924 17,995 Operating loss (7,983 ) (6,924 ) (17,995 ) OTHER INCOME / (EXPENSES): Interest and finance costs (82,109 ) (65,988 ) (37,905 ) Interest income 1,383 - - Other, net 6,224 5,041 177 Total other (expenses), net (74,502 ) (60,947 ) (37,728 ) Equity/(loss) in earnings of subsidiaries* 342,288 147,885 (3,185,795 ) Net income/(loss) $ 259,803 $ 80,014 $ (3,241,518 ) Net Income/(loss) To Common Stockholders $ 259,031 $ 78,839 $ (3,241,518 ) Earnings/(loss) per common share, basic and diluted $ 1.96 $ 0.57 $ (33.43 ) Weighted average number of shares, basic and diluted 131,837,227 138,757,176 96,950,847 * Eliminated in consolidation For the year ended December 31, 2014 2015 2016 Net income/(loss) $ 259,803 $ 80,014 (3,241,518) Other Comprehensive income / (loss): Reclassification of realized losses associated with capitalized interest to Consolidated Statement of Operations 1,034 1,035 26,187 Actuarial gains/(losses) (1,518 ) 62 - Other Comprehensive income / (loss) (484) 1,097 26,187 Total Comprehensive income /(loss) $ 259,319 $ 81,111 (3,215,331) For the year ended December 31, 2014 2015 2016 Net Cash Used in Operating Activities $ (88,302 ) 237,535 $ (54,326) Cash Flows from Investing Activities: Investments in subsidiaries 289,654 (379,993 ) 54,317 Loan to parent (120,000 ) - - Proceeds from arrangement fees 3,000 - - Net Cash Provided by / (used in) Investing Activities 172,654 (379,993) 54,317 Cash Flows from Financing Activities: Proceeds from senior notes 500,000 - - Payment of senior notes (500,000 ) - - Dividends paid (75,194 ) (50,281 ) - Payments for issuance of subsidiaries shares (466 ) - - Payment of financing fee (8,690 ) - - Net proceeds from common stock issuance - 192,714 - Net Cash (used in)/provided by Financing Activities (84,350) 142,433 - Net increase/(decrease) in cash and cash equivalents 2 (25 ) (9 ) Cash and cash equivalents at beginning of year 58 60 35 Cash and cash equivalents at end of year $ 60 35 $ 26 Schedule I- Condensed Financial Information of Ocean Rig UDW Inc. (Parent Company Only) In the condensed financial information of the Parent Company, the Parent Company's investment in subsidiaries is stated at cost plus equity in undistributed earnings/(loss) of subsidiaries. There are no legal or regulatory restrictions on the Parent Company's ability to obtain funds from its subsidiaries through dividends, loans or advances sufficient to satisfy the obligations discussed below that are due on or before December 31, 2016. On April 27, 2011, the Parent Company issued $500,000 aggregate principal amount of 9.5% Senior Unsecured Notes due 2016. The notes were unsecured obligations and ranked senior in right of payment to any future subordinated indebtedness and equally in right of payment to all of its existing and future unsecured senior indebtedness. The 9.5% Senior Unsecured Notes were repurchased or redeemed in connection with the 7.25% Senior Unsecured Notes offering discussed below. On March 26, 2014, the Parent Company issued $500,000 aggregate principal amount of 7.25% senior unsecured notes due 2019. The notes are unsecured obligations and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment to all of its existing and future unsecured senior indebtedness. On November 18, 2014, the Parent Company entered into a $120,000 unsecured facility with its former parent company, DryShips. The loan from the Parent Company to DryShips bore interest at a LIBOR plus margin rate and was due in May 2016. During the year ended December 31, 2015, the Parent Company exchanged the $120,000 unsecured facility for an aggregate amount of 22,222,222 of the Company's shares owned by Dryships. These shares were not retired and are held as treasury stock. The Parent Company is guarantor on the $1,300,000 facilities, the $1,900,000 facilities, the $462,000 facility and the 6.5% Senior Secured Notes due 2017 described in Note 9 "Long-term Debt" to the consolidated financial statements. As of December 31, 2016, the amount outstanding relating to these three facilities amounted to $3,358,542 in aggregate and the amount outstanding relating to the 6.5% Senior Secured Notes amounted to $459,723. During the year ended December 31, 2015, the Parent Company paid dividends of $50,281 and no dividends were paid during 2016. The condensed financial information of the Parent Company should be read in conjunction with the Company's consolidated financial statements. |
Significant Accounting polici27
Significant Accounting policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Significant Accounting policies [Abstract] | |
Principles of consolidation | (a) Principles of consolidation: The VIE's total assets and liabilities, as of December 31, 2015, were $35,362 and $77,647, respectively, while total liabilities exceeded total assets by $42,285. The VIE's total assets and liabilities, as of December 31, 2016, were $23,227 and $86,119, respectively, while total liabilities exceeded total assets by $62,892. As of December 31, 2016, the Company also consolidated one additional VIE due to the Trust (as defined) formed for the purpose of the amendment of the $462,000 Senior Secured Credit Facility (Note 9). Since the assets of the Trust can be used only to settle obligations of the Trust itself and at the same time creditors of the Trust do not have recourse to the general credit of the primary beneficiary, such combined assets and liabilities are analyzed as follows: December 31, 2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 167 Restricted cash 31,956 Trade accounts receivable, net 3,341 Other current assets 1,884 Total current assets 37,348 FIXED ASSETS, NET: Drilling units, machinery and equipment, net 675,420 Total fixed assets, net 675,420 OTHER NON-CURRENT ASSETS: Restricted cash 20,008 Total non-current assets, net 20,008 Total assets $ 732,776 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs $ 164,218 Accounts payable and other current liabilities 5,218 Accrued liabilities 1,791 Total current liabilities 171,227 NON-CURRENT LIABILITIES Long term debt, net of current portion and deferred financing costs 82,947 Total non-current liabilities 82,947 COMMITMENTS AND CONTINGENCIES - SHAREHOLDERS' EQUITY: Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 20 Additional paid-in capital 960 Retained earnings 477,622 Total shareholders' equity 478,602 Total liabilities and shareholders' equity $ 732,776 (y) Consolidation: |
Use of estimates | (b) Use of estimates: |
Comprehensive income/(loss) | (c) Comprehensive income/(loss): During 2013, the Company adopted the requirements of Accounting Standard Update ("ASU") 2013-02, "Comprehensive Income (Topic 220) - Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income". The objective of this amendment is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under US GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional detail about those amounts. |
Cash and Cash equivalents | (d) Cash and cash equivalents: |
Restricted cash | (e) Restricted cash: |
Trade accounts receivable net | (f) Trade accounts receivable net: |
Concentration of credit risk | (g) Concentration of credit risk: |
Advances for drilling units under construction and related costs | (h) Advances for drilling units under construction and related costs: |
Capitalized interest | (i) Capitalized interest: |
Insurance claims | (j) Insurance claims: |
Foreign currency translation | (k) Foreign currency translation: |
Drilling Units, Machinery and Equipment, net | (l) Drilling units, machinery and equipment, net: |
Impairment of long-lived assets | (m) Impairment of long-lived assets: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the drilling units future performance, with the significant assumptions being related to drilling rates, fleet utilization, operating expenses, capital expenditures, class survey costs, residual value and the estimated remaining useful life of each drilling unit. The projected net operating cash flows are determined by considering the drilling revenues from existing drilling contracts for the fixed days, while for the unfixed days the Company uses an estimated daily rate equivalent by utilizing available market data. The salvage value used in the impairment test is estimated using the Light Weight Tons (LWT) and the market scrap rate. The remaining significant assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations. Although the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. If the Company's estimate of undiscounted future cash flows for any drilling unit is lower than the carrying value, the carrying value is written down, by recording a charge to operations, to the drilling units' fair market value if the fair market value is lower than the vessel's carrying value. The fair market value for the drilling unit is obtained by independent appraisals. As a result of the impairment review, the Company determined that the carrying amounts of its assets held for use were recoverable and therefore, concluded that no impairment loss was necessary for the year ended December 31, 2014. For the year ended December 31, 2015 and 2016, as a result of the impairment review, the Company determined that the carrying amount of two and eight drilling units were not recoverable and, therefore, a charge of $414,986 and $3,658,815, respectively, was recognized and is included in "Impairment loss", in the accompanying consolidated statement of operations (Note 7), the impairment of $92,371 for the drilling unit under construction Ocean Rig Amorgos |
Class costs | (n) Class costs: |
Deferred financing costs | (o) Deferred financing costs: |
Revenue and related expenses | (p) Revenue and related expenses: Revenues: (i) Well contracts: (ii) Term contracts: Other revenues: |
Earnings / (loss) per common share | (q) Earnings / (loss) per common share: |
Segment reporting | (r) Segment reporting: |
Financial instruments | (s) Financial instruments : (i) Hedge accounting: The Company is party to interest swap agreements where it receives a floating interest rate and pays a fixed interest rate for a certain period. Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of "Accumulated other comprehensive income/ (loss)" in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated statement of operations. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as financial income or expense. (ii) Other derivatives: |
Fair value measurements | (t) Fair value measurements: |
Income Taxes | (u) Income taxes: |
Commitments and contingencies | (v) Commitments and contingencies: |
Stock-based compensation | (w) Stock-based compensation: |
Inventories | (x) Inventories: |
Going Concern | (z) Going Concern: In August 2014, the FASB issued ASU No. 2014-15-Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity's management to evaluate at each reporting period based on the relevant conditions and events that are known at the date of financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company has adopted the provisions of ASU 2014-15 and provided the required note disclosure (Note 3). |
New accounting pronouncements | (aa) Recent accounting pronouncements: Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. Under the updated accounting standards, the Company's drilling contracts may contain a lease component and the adoption, therefore, may require that the Company separately recognizes revenues associated with the lease and services components. Given the interaction with the accounting standard update related to revenue from contracts with customers, the Company expects to adopt the updates concurrently, effective January 1, 2018 expecting to apply the modified retrospective approach. The adoption and ultimate effect on the consolidated financial statements will be based on an evaluation of the Company's contracts. The Company is currently evaluating the related requirements to determine the effects such requirements may have on the consolidated financial statements. Revenue from Contracts with Customers: The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02 Leases (ASC 842), the Company expects to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. The Company expects to apply the modified retrospective approach to the adoption. The Company is evaluating the effect Update 2014-09 and Update 2016-02 will have on the consolidated financial statements and related disclosures. Share-based Payments: Statement of Cash Flows: Measurement of Credit Losses on Financial Instruments: Deferred Taxes: Balance Sheet Classification of Deferred Taxes Tax Accounting for Intra-Entity Asset Transfers: Definition of business: |
Basis of Presentation and Gen28
Basis of Presentation and General Infomation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information [Abstract] | |
Schedule of revenue by major charterer | Year ended December 31, 2014 2015 2016 Customer A 14 % 14 % 11 % Customer B 18 % 19 % 20 % Customer C 12 % 13 % - Customer D 30 % 15 % 31 % Customer E 14 % 13 % 14 % Customer F - 15 % 18 % |
Significant Accounting Polici29
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Drillship Alonissos Stock Trust | |
Balance Sheet of Variable Interest Entity | December 31, 2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 167 Restricted cash 31,956 Trade accounts receivable, net 3,341 Other current assets 1,884 Total current assets 37,348 FIXED ASSETS, NET: Drilling units, machinery and equipment, net 675,420 Total fixed assets, net 675,420 OTHER NON-CURRENT ASSETS: Restricted cash 20,008 Total non-current assets, net 20,008 Total assets $ 732,776 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs $ 164,218 Accounts payable and other current liabilities 5,218 Accrued liabilities 1,791 Total current liabilities 171,227 NON-CURRENT LIABILITIES Long term debt, net of current portion and deferred financing costs 82,947 Total non-current liabilities 82,947 COMMITMENTS AND CONTINGENCIES - SHAREHOLDERS' EQUITY: Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 20 Additional paid-in capital 960 Retained earnings 477,622 Total shareholders' equity 478,602 Total liabilities and shareholders' equity $ 732,776 |
Transactions with Related Par30
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Transactions with Related Parties [Abstract] | |
Schedule of related party transactions | Year ended December 31, 2015 2016 Balance Sheet Due to related parties $ - $ 7,231 Advances for drilling units under construction and related costs $ 394 $ 1,569 Drilling units, machinery and equipment, net 2,961 488 Accrued liabilities $ 6,432 $ 3,100 Year ended December 31, Statement of Operations 2014 2015 2016 Revenues - commission fees $ 16,826 $ 16,524 $ 14,925 Drilling units operating expenses - - 4,209 Amortization and write-off of financing fees - DryShips - 2,781 - General and administrative expenses 32,660 7,409 24,924 Interest income $ 1,164 $ 6,024 $ - |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Current Assets [Abstract] | |
Other Current Assets | December 31, 2015 2016 Inventories $ 18,088 $ 12,988 Deferred mobilization expenses 43,825 6,351 Prepayments and advances 20,607 10,500 Other 2,013 85 Total $ 84,533 $ 29,924 |
Advances for drilling unit unde
Advances for drilling unit under construction and related costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Advances For Drilling Unit Under Construction And Related Costs [Abstract] | |
Advances for drilling unit under construction and related costs | December 31, 2015 2016 Balance at beginning of year $ 622,507 $ 394,852 Advances for drilling units under construction and related costs 500,031 242,988 Drilling units delivered (727,686 ) - Impairment loss (advances and related costs for drilling unit under construction) - (92,371 ) Balance at end of year $ 394,852 $ 545,469 |
Drilling units, machinery and33
Drilling units, machinery and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Drilling Units, Machinery And Equipment, Net [Abstract] | |
Drilling units, machinery and equipment, net | Cost Accumulated Depreciation Net Book Value Balance December 31, 2014 $ 7,331,372 $ (1,123,739 ) $ 6,207,633 Additions/ Transfer from drilling units under construction 909,830 - 909,830 Disposal of assets (5,477 ) - (5,477 Impairment loss (976,730 ) 561,744 (414,986 Depreciation - (360,108 ) (360,108 Balance December 31, 2015 $ 7,258,995 (922,103 ) 6,336,892 Additions 99,515 - 99,515 Disposal of assets (7,756 ) 133 (7,623 ) Impairment loss (3,658,815 ) - (3,658,815 ) Depreciation - (331,677 ) (331,677 ) Balance December 31, 2016 $ 3,691,939 (1, 253,647) 2,438,292 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other non-current assets [Abstract] | |
Other non-current assets | December 31, 2015 2016 Deferred mobilization expenses $ 23,992 $ 5,564 Intangible assets, net 3,289 1,845 Prepaid investments 9,579 425 Total $ 36,860 $ 7,834 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Debt [Abstract] | |
Long-term debt | December 31, 2015 December 31, 2016 $1.3 billion Senior Secured Term Loan B Facility $ 1,283,750 $ 1,270,750 $1.9 billion Secured Term Loan B Facility 1,857,250 1,838,250 $462 million Senior Secured Credit Facility 432,821 249,542 $500 million Senior Unsecured Notes 229,411 130,974 $800 million Senior Secured Notes 607,742 459,723 Less: Deferred financing costs (82,506 ) (61,466 ) Total debt 4,328,468 3,887,773 Less: Current portion (56,725 ) (640,557 ) Long-term portion $ 4,271,743 $ 3,247,216 |
Loan movements for Company's debt | Loan Loan Agreement Date Original Amount December 31, 2015 Repayments/ Repurchase of senior notes December 31, 2016 $800 million Senior Notes September 20, 2012 $ 800,000 607,742 (148,019 ) $ 459,723 $1.9 billion Secured Term Loan B Facility July 12, 2013 1,900,000 1,857,250 (19,000 ) 1,838,250 $500 million Senior Unsecured Notes March 26, 2014 500,000 229,411 (98,437 ) 130,974 $1.3 billion Senior Secured Term Loan B July 25, 2014 1,300,000 1,283,750 (13,000 ) 1,270,750 $462 million Senior Secured Credit Facility February 13, 2015 $ 462,000 $ 432,821 $ (183,279 ) $ 249,542 $ 4,410,974 $ (461,735 ) $ 3,949,239 |
Annual principal payments | 2017 658,063 2018 115,202 2019 162,974 2020 1,794,250 2021 1,218,750 Total principal payments 3,949,239 Less: Financing fees (61,466 ) Total debt $ 3,887,773 |
Financial Instruments and Fai36
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments and Fair Value Measurements [Abstract] | |
Fair Values of Derivative Instruments in the Statement of Financial Position and Statement of Operations | Derivatives not designated as Hedging Instruments Balance Sheet Location December 31, 2015 Fair value December 31, 2016 Fair value Interest rate swaps Financial Instruments non-current assets $ 3,494 $ - Interest rate swaps Financial Instruments current liabilities (8,931 ) - Interest rate swaps Financial Instruments non-current liabilities (2,743 ) - Total derivatives $ (8,180) $ - Amount of Gain/(Loss) Derivatives not designated as hedging instruments Location of Gain or (Loss) Recognized Year ended December 31, 2014 Year ended December 31, 2015 Year ended December 31, 2016 Interest rate swaps Gain/ (Loss) on interest rate swaps $ (12,671 ) $ (11,513 ) $ (4,388 ) |
Schedule of amounts recognized in other comprehensive income/ (loss) | December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Interest rate swaps-asset position $ 3,494 - 3,494 $ - Interest rate swaps-liability position (11,674 ) - (11,674 ) - Total $ (8,180) - (8,180) $ - |
Recurring measurements | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Impairment loss Non-Recurring measurements: Long-lived assets $ - $ 610,000 $ - $ (414,986 ) Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Impairment loss Non-Recurring measurements: Long-lived assets $ - $ 1,035,499 $ - $ (3,658,815 ) |
Common Stock and Additional P37
Common Stock and Additional Paid-in Capital (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Common Stock and Additional Paid-in Capital [Abstract] | |
Common Stock and Additional Paid-in Capital | Number of non vested shares Weighted average grant date fair value per non vested shares Balance December 31, 2014 612,798 $ 13.49 Granted 186,702 6.95 Forfeited (63,950 ) 12.29 Vested (330,252 ) 13.33 Balance December 31, 2015 405,298 $ 10.80 Forfeited (155,298 ) 10.08 Vested (150,000 ) 12.43 Balance December 31, 2016 100,000 $ 9.46 Number of vested shares Weighted average grant date fair value per vested shares As at December 31, 2014 309,452 $ 17.22 Granted and vested 52,802 6.89 Non vested shares granted in prior years and vested 2015 277,450 14.56 Granted and vested shares in prior years, but cancelled during 2015 (29,817 ) 16.59 As at December 31, 2015 609,887 $ 15.15 Vested shares granted in prior years 150,000 12,43 Granted and vested shares in prior years, but cancelled during 2016 (416,002 ) 13.52 As at December 31, 2016 343,885 $ 15.94 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income/ (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income / (Loss) | December 31, 2015 2016 Cash flows hedges realized loss $ (26,187 ) $ - Actuarial pension gain 3,346 3,346 Total $ (22,841 ) $ 3,346 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Interest and Finance Costs [Abstract] | |
Interest And Finance Costs | December 31, 2014 2015 2016 Interest costs on long term debt $ 261,137 $ 276,510 $ 235,182 Amortization and write off of financing fees (Note 2) 42,995 24,033 21,040 Discount on receivable from drilling contract - 3,018 (2,821 ) Capitalized borrowing costs (Note 2) (37,342 ) (26,055 ) (28,265 ) Commissions, commitment fees and other financial expenses 33,341 2,842 1,845 Total $ 300,131 $ 280,348 $ 226,981 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule of income before income tax, domestic and foreign | Year ended December 31, 2014 2015 2016 Domestic income/ (loss) (Marshall Islands/ Cayman Islands) $ (161,913 ) $ 219,900 $ 126,244 Foreign income (January 1, 2016 to April 14, 2016) 499,539 185,742 93,633 (Domestic loss) Cayman Islands - - (97,939 ) Foreign income (April 15, 2016 to December 31, 2016) - - 394,196 Total income before taxes, excluding impairment loss and gain from repurchases of senior notes $ 337,626 $ 405,642 $ 516,134 |
Income tax expense statutory tax rate | Year Ended December 31, 2014 2015 2016 Current Tax expense $ 77,823 $ 99,816 $ 106,315 Deferred Tax expense - - - Income taxes $ 77,823 $ 99,816 $ 106,315 Effective tax rate on income / (loss) excluding impairment loss and gain from repurchase of the senior secured notes 23.1 % 24.6 % 20.6 % |
Schedule of reconciliation of total tax expense | Year Ended December 31, Reconciliation of total tax expense: 2014 2015 2016 Income tax 70,441 94,331 106,315 Taxes on litigation matters subject to statutory rates, including interest and penalties 7,382 5,485 - Total $ 77,823 $ 99,816 $ 106,315 |
Schedule of deferred tax assets and liabilities | Year ended December 31, 2015 2016 Deferred tax assets Losses carried forward 13,197 10,110 Total deferred tax assets $ 13,197 $ 10,110 Less: valuation allowance (13,197 ) (10,110 ) Total deferred tax assets, net $ - $ - |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings/ (loss) per share: | |
Earnings / (loss) per share | 2014 2015 2016 Income (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Income (numerator) Weighted- average number of outstanding share (denominator) Amount per share Loss (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net income/ loss $ 259,803 - - $ 80,014 - - $ (3,241,518 ) - - Less: Allocation of undistributed earnings to non-vested stock (772 ) - - (1,175 ) - - - - - Basic and diluted Earnings/ (loss) per share attributable to common stockholders $ 259,031 $ 131,837,227 1.96 $ 78,839 $ 138,757,176 0.57 $ (3,241,518) 96,950,847 (33.43) |
Geographic information for of42
Geographic information for offshore drilling operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Geographic information for offshore drilling operations [Abstract] | |
Geographic information for offshore drilling operations | Country 2014 2015 2016 Angola 807,742 527,098 500,413 Brazil 581,635 581,438 517,885 Congo - 157,235 241,953 Norway 220,044 231,189 74,925 Falklands - 154,606 21,106 Senegal - 52,214 289,162 Ivory Coast 97,232 33,723 1,164 South Africa 110,424 - - Other service revenues - 10,697 7,059 Total service revenues $ 1,817,077 1,748,200 1,653,667 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Purchase obligations | 2018 2019 Total Drilling units building contracts $ 417,931 520,165 $ 938,096 Total obligations $ 417,931 520,165 $ 938,096 |
Schedule Of Financial Informati
Schedule Of Financial Information Of Ocean Rig UDW Inc. (Parent Company Only) (Tables) - Ocean Rig UDW Inc | 12 Months Ended |
Dec. 31, 2016 | |
Balance Sheet | December 31, 2015 2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 35 $ 26 Other current assets 182 194 Total current assets 217 220 NON-CURRENT ASSETS: Investments in subsidiaries* 3,781,705 143,381 Total non-current assets 3,781,705 143,381 Total assets $ 3,781,922 $ 143,601 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Other current liabilities $ 9,913 $ 3,007 Total current liabilities 9,913 3,007 NON-CURRENT LIABILITIES Long term debt, net of current portion 497,244 129,844 Total non-current liabilities 497,244 129,844 STOCKHOLDERS' EQUITY: Preferred stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2015 and 2016, nil issued and outstanding at December 31, 2015 and 2016, respectively Common stock, $0.01par value; 1,000,000,000 shares authorized, at December 31, 2015 and 2016, 160,888,606 issued and outstanding at December 31, 2015 and 2016, respectively 1,609 1,609 Treasury stock ; 22,222,222 shares at December 31, 2015 and $0.01 par value; 78,301,755 shares at December 31, 2016 (222 ) (783 ) Additional paid-in capital 3,572,549 3,524,426 Accumulated other comprehensive loss (22,841 ) 3,346 Accumulated deficit (276,330 ) (3,517,848 ) Total stockholders' equity 3,274,765 10,750 Total liabilities and stockholders' equity $ 3,781,922 $ 143,601 * Eliminated in consolidation |
Statements of Operations | For the year ended December 31, 2014 2015 2016 EXPENSES: General and administrative expenses $ 7,983 $ 6,924 17,995 Operating loss (7,983 ) (6,924 ) (17,995 ) OTHER INCOME / (EXPENSES): Interest and finance costs (82,109 ) (65,988 ) (37,905 ) Interest income 1,383 - - Other, net 6,224 5,041 177 Total other (expenses), net (74,502 ) (60,947 ) (37,728 ) Equity/(loss) in earnings of subsidiaries* 342,288 147,885 (3,185,795 ) Net income/(loss) $ 259,803 $ 80,014 $ (3,241,518 ) Net Income/(loss) To Common Stockholders $ 259,031 $ 78,839 $ (3,241,518 ) Earnings/(loss) per common share, basic and diluted $ 1.96 $ 0.57 $ (33.43 ) Weighted average number of shares, basic and diluted 131,837,227 138,757,176 96,950,847 * Eliminated in consolidation |
Schedule of Compehensive Income/ (loss) | For the year ended December 31, 2014 2015 2016 Net income/(loss) $ 259,803 $ 80,014 (3,241,518) Other Comprehensive income / (loss): Reclassification of realized losses associated with capitalized interest to Consolidated Statement of Operations 1,034 1,035 26,187 Actuarial gains/(losses) (1,518 ) 62 - Other Comprehensive income / (loss) (484) 1,097 26,187 Total Comprehensive income /(loss) $ 259,319 $ 81,111 (3,215,331) |
Statements Of Cash flows | For the year ended December 31, 2014 2015 2016 Net Cash Used in Operating Activities $ (88,302 ) 237,535 $ (54,326) Cash Flows from Investing Activities: Investments in subsidiaries 289,654 (379,993 ) 54,317 Loan to parent (120,000 ) - - Proceeds from arrangement fees 3,000 - - Net Cash Provided by / (used in) Investing Activities 172,654 (379,993) 54,317 Cash Flows from Financing Activities: Proceeds from senior notes 500,000 - - Payment of senior notes (500,000 ) - - Dividends paid (75,194 ) (50,281 ) - Payments for issuance of subsidiaries shares (466 ) - - Payment of financing fee (8,690 ) - - Net proceeds from common stock issuance - 192,714 - Net Cash (used in)/provided by Financing Activities (84,350) 142,433 - Net increase/(decrease) in cash and cash equivalents 2 (25 ) (9 ) Cash and cash equivalents at beginning of year 58 60 35 Cash and cash equivalents at end of year $ 60 35 $ 26 |
Basis of Presentation and Gen45
Basis of Presentation and General Information (Table) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Customer A | |||
Concentration Risk [Line Items] | |||
Major customer revenue percentage | 11.00% | 14.00% | 14.00% |
Customer B | |||
Concentration Risk [Line Items] | |||
Major customer revenue percentage | 20.00% | 19.00% | 18.00% |
Customer C | |||
Concentration Risk [Line Items] | |||
Major customer revenue percentage | 0.00% | 13.00% | 12.00% |
Customer D | |||
Concentration Risk [Line Items] | |||
Major customer revenue percentage | 31.00% | 15.00% | 30.00% |
Customer E | |||
Concentration Risk [Line Items] | |||
Major customer revenue percentage | 14.00% | 13.00% | 14.00% |
Customer F | |||
Concentration Risk [Line Items] | |||
Major customer revenue percentage | 18.00% | 15.00% | 0.00% |
Significant Accounting Polici46
Significant Accounting Policies - Balance Sheet of additional VIE (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 718,684 | $ 734,747 | $ 528,933 | $ 605,467 |
Restricted cash | 34,274 | 2,718 | ||
Trade accounts receivable, net | 297,059 | 416,104 | ||
Other current assets | 29,924 | 84,533 | ||
Total current assets | 1,079,941 | 1,238,102 | ||
FIXED ASSETS, NET: | ||||
Drilling units, machinery and equipment, net | 2,438,292 | 6,336,892 | ||
Total fixed assets, net | 2,983,761 | 6,731,744 | ||
OTHER NON-CURRENT ASSETS: | ||||
Restricted cash | 20,008 | 10,020 | ||
Total non-current assets, net | 27,842 | 50,374 | ||
Total assets | 4,091,544 | 8,020,220 | ||
CURRENT LIABILITIES: | ||||
Current portion of long-term debt, net of deferred financing costs | 640,557 | 56,725 | ||
Accounts payable and other current liabilities | 53,891 | 104,029 | ||
Accrued liabilities | 86,750 | 118,231 | ||
Total current liabilities | 812,011 | 401,464 | ||
NON-CURRENT LIABILITIES | ||||
Long term debt, net of current portion and deferred financing costs | 3,247,216 | 4,271,743 | ||
Total non-current liabilities | 3,268,783 | 4,343,991 | ||
COMMITMENTS AND CONTINGENCIES | ||||
SHAREHOLDERS' EQUITY: | ||||
Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 | 1,609 | 1,609 | ||
Additional paid-in capital | 3,524,426 | 3,572,549 | ||
Retained earnings | (3,517,848) | (276,330) | ||
Total shareholders' equity | 10,750 | 3,274,765 | $ 3,166,276 | $ 2,979,843 |
Total liabilities and shareholders' equity | 4,091,544 | $ 8,020,220 | ||
Drillship Alonissos Stock Trust | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 167 | |||
Restricted cash | 31,956 | |||
Trade accounts receivable, net | 3,341 | |||
Other current assets | 1,884 | |||
Total current assets | 37,348 | |||
FIXED ASSETS, NET: | ||||
Drilling units, machinery and equipment, net | 675,420 | |||
Total fixed assets, net | 675,420 | |||
OTHER NON-CURRENT ASSETS: | ||||
Restricted cash | 20,008 | |||
Total non-current assets, net | 20,008 | |||
Total assets | 732,776 | |||
CURRENT LIABILITIES: | ||||
Current portion of long-term debt, net of deferred financing costs | 164,218 | |||
Accounts payable and other current liabilities | 5,218 | |||
Accrued liabilities | 1,791 | |||
Total current liabilities | 171,227 | |||
NON-CURRENT LIABILITIES | ||||
Long term debt, net of current portion and deferred financing costs | 82,947 | |||
Total non-current liabilities | 82,947 | |||
COMMITMENTS AND CONTINGENCIES | ||||
SHAREHOLDERS' EQUITY: | ||||
Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 | 20 | |||
Additional paid-in capital | 960 | |||
Retained earnings | 477,622 | |||
Total shareholders' equity | 478,602 | |||
Total liabilities and shareholders' equity | $ 732,776 |
Significant Accounting Polici47
Significant Accounting Policies - Balance Sheet of additional VIE (Parentheticals) (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 08, 2015 |
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock shares issued | 160,888,606 | 160,888,606 | |
Drillship Alonissos Stock Trust | |||
Common stock par value | $ 20 | ||
Common stock shares authorized | 1,000 | ||
Common stock shares issued | 1,000 |
Significant Accounting polici48
Significant Accounting policies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 13, 2015USD ($) | |
Advances for drilling units under construction | $ 545,469 | $ 394,852 | ||
Allowance for doubtful receivables | 22,368 | 117,438 | ||
Capitalized interest | 28,265 | 26,055 | $ 37,342 | |
Amortization and write off of financing costs | 21,040 | 24,033 | 42,995 | |
Impairment loss | $ 3,776,338 | $ 414,986 | 0 | |
Number of reportable segments | 1 | |||
Bare deck | ||||
Useful life | 30 years | |||
Cumulative installment payments made to Samsung | ||||
Advances for drilling units under construction | $ 466,258 | |||
Drilling Units | ||||
Depreciation method | Straight-line basis | |||
Number of vessels | 8 | 2 | ||
Impairment loss | $ 3,658,815 | $ 414,986 | ||
Interval between drilling units special survey | 5 years | |||
Advances for drilling units under construction - Ocean Rig Amorgos | ||||
Advances for drilling units under construction | $ 545,469 | 394,852 | $ 622,507 | |
Impairment loss | $ 92,371 | 0 | ||
Minimum | Other asset parts | ||||
Useful life | 5 years | |||
Maximum | Other asset parts | ||||
Useful life | 30 years | |||
Cash flow hedge for interest capitalized on vessels impaired | ||||
Impairment loss | $ 25,152 | |||
VIE Supportive to the drilling operation | ||||
VIE, total assets | 23,227 | 35,362 | ||
VIE, total liabillities | 86,119 | 77,647 | ||
VIE, net assets | (62,892) | $ (42,285) | ||
$462 million Senior Secured Credit Facility | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 462,000 | $ 475,000 |
Liquidity and Going Concern C49
Liquidity and Going Concern Considerations (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||
Outstanding balance | $ 3,949,239 | $ 4,410,974 | ||
Cash and cash equivalents | 718,684 | 734,747 | $ 528,933 | $ 605,467 |
Current and non-current restricted cash | 54,282 | |||
Working capital surplus | $ 267,930 | |||
Number of terminated drilling contracts | 5 | |||
Number of postponed drilling units | 6 | |||
Repayment of debt | $ 215,279 | 61,179 | $ 1,862,250 | |
Substantial Doubt about Going Concern, Conditions or Events | The Company expects that during the fourth quarter of 2017, will be in breach of the maximum leverage ratio covenant requirement for the Secured Term Loan B Facilities and will require additional cash liquidity in order to cure the covenant and remain in compliance, otherwise the Secured Term Loan B Facilities will be callable and payable in full. | |||
Substantial Doubt about Going Concern, Management's Evaluation | The Company does not believe that cash on hand, following the repayment of $459,723 in relation to Drill Rigs Senior Notes, and cash generated from operations, will be sufficient to meet the maximum leverage ratio covenant requirement for the Secured Term Loan B Facilities. In addition, the current market conditions will not allow the Company to improve its liquidity position through the sale of any of its drilling units, access to equity offerings, debt refinancing or a combination thereof, over the next year following the date of the issuance of these financial statements. | |||
Secured Term Loan B Facilities | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | $ 3,100,000 | |||
6.5% Senior Secured Notes | ||||
Debt Instrument [Line Items] | ||||
Outstanding balance | 459,723 | $ 607,742 | ||
Repayment of debt | $ 459,723 |
Transaction with Related Partie
Transaction with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Due to related parties | $ 7,231 | $ 0 |
Advances for drilling units under construction and related costs | 545,469 | 394,852 |
Drilling units, machinery and equipment, net | 2,438,292 | 6,336,892 |
Accrued liabilities | 86,750 | 118,231 |
Related Party | ||
Due to related parties | 7,231 | 0 |
Advances for drilling units under construction and related costs | 1,569 | 394 |
Drilling units, machinery and equipment, net | 488 | 2,961 |
Accrued liabilities | $ 3,100 | $ 6,432 |
Transaction with Related Part51
Transaction with Related Parties - Statement of Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
General and administrative expenses: | |||
Drilling units operating expenses | $ 454,329 | $ 582,122 | $ 727,832 |
Amortization and write-off of financing fees - Dryships | 21,040 | 24,033 | 42,995 |
General and administrative expenses | 103,961 | 100,314 | 131,745 |
Related Party | |||
General and administrative expenses: | |||
Revenues - commission fees | 14,925 | 16,524 | 16,826 |
Drilling units operating expenses | 4,209 | 0 | 0 |
Amortization and write-off of financing fees - Dryships | 0 | 2,781 | 0 |
General and administrative expenses | 24,924 | 7,409 | 32,660 |
Interest income | $ 0 | $ 6,024 | $ 1,164 |
Transactions with Related Par52
Transactions with Related Parties - Cardiff Drilling, Vivid, Basset, Steel, Azara, Dryships (Details) - USD ($) | Jan. 01, 2017 | Apr. 05, 2016 | Jun. 04, 2015 | Aug. 13, 2015 | Jul. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Nov. 18, 2014 |
Related Party Transaction [Line Items] | ||||||||||
Dividends paid | $ 0 | $ 50,281,000 | $ 75,194,000 | |||||||
Steel Wheel Investments Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Ownership in Ocean Rig | 1,570,226 | |||||||||
DryShips Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Unsecured debt to former parent company | $ 120,000,000 | |||||||||
Debt instrument description | LIBOR | |||||||||
Maturity Date Of Loan | May 2,016 | |||||||||
Interest income | 8,805,000 | |||||||||
Dividends paid | 29,755,000 | |||||||||
Treasury Stock, Shares, Acquired | 56,079,533 | |||||||||
TMS Offshore Services Ltd. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Set up fee | $ 2,000,000 | |||||||||
Fixed monthly fee | $ 1,291,700 | $ 835,000 | ||||||||
Fees on monies earned under drilling contracts | 1.00% | |||||||||
Commission on purchase and sale activities | 0.75% | |||||||||
Commission on financing related services | 0.20% | |||||||||
Termination fee | $ 150,000,000 | |||||||||
Exchange of $120.0 million Exchangeable Promissory Note | DryShips Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt facility, Amount exchanged | $ 40,000,000 | $ 80,000,000 | $ 120,000,000 | |||||||
Treasury Stock, Shares, Acquired | 4,444,444 | 17,777,778 | 22,222,222 | |||||||
Number of shares pledged as security | 20,555,556 | |||||||||
Beginning from 2018 | TMS Offshore Services Ltd. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Annual reduction of termination fee | 15,000,000 | |||||||||
Termination fee, lowest threshold | 30,000,000 | |||||||||
Performance fee per annum | $ 10,000,000 | |||||||||
Increase in the variable fee on all financing transactions | 50.00% | |||||||||
Global Services Agreement January 2013 | Cardiff Drilling Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Commissions in connection with employment arrangements | 1.00% | |||||||||
Duration of consultancy agreement | 5 years | |||||||||
Termination date of agreement | Mar. 31, 2016 | |||||||||
Commission on purchase and sale activities | 0.75% | |||||||||
Consultancy Agreement January 2013 | Vivid Finance Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Duration of consultancy agreement | 5 years | |||||||||
Termination date of agreement | Mar. 31, 2016 | |||||||||
Commission on financing related services | 0.20% | |||||||||
Consultancy Agreement January 2013 | Profits at least 10% of the invested amount | Vivid Finance Limited | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Commission fee on profits | 30.00% | |||||||||
Consultancy Agreement 2012 | Basset | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Duration of consultancy agreement | 5 years | |||||||||
Period required for cancellation written notice for agreement | 3 months | |||||||||
Termination date of agreement | Dec. 31, 2016 | |||||||||
Ownership in Ocean Rig | 114,286 | |||||||||
Consultancy Agreement CEO Services January 2013 | Azara Services S.A. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Duration of consultancy agreement | 5 years | |||||||||
Period required for cancellation written notice for agreement | 3 months | |||||||||
Termination date of agreement | Dec. 31, 2016 | |||||||||
Crescendo and Jubilee | DryShips Inc. | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Duration of time charter agreement | 60 days |
Transactions with Related Par53
Transactions with Related Parties - CEO & Members of BoD (Details) $ in Thousands | 5 Months Ended |
Jun. 08, 2015USD ($)shares | |
Related Party Transaction [Line Items] | |
Stock Issued During Period Shares New Issues | 28,571,428 |
Chairman, President and Chief Executive Officer | |
Related Party Transaction [Line Items] | |
Sale Of Stock Consideration Received Per Transaction | $ | $ 10,000 |
Stock Issued During Period Shares New Issues | 1,428,571 |
Percentage Of Shareholder | 9.00% |
Other Current Assets (Table) (D
Other Current Assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Current Assets [Abstract] | ||
Inventories | $ 12,988 | $ 18,088 |
Deferred mobilization expenses | 6,351 | 43,825 |
Prepayments and advances | 10,500 | 20,607 |
Other | 85 | 2,013 |
Total | $ 29,924 | $ 84,533 |
Advances for units under constr
Advances for units under construction and related costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | $ 394,852 | ||
Impairment loss (advances and related costs for drilling unit under construction) | (3,776,338) | $ (414,986) | $ 0 |
Balance at end of year | 545,469 | 394,852 | |
Advances for drilling units under construction | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 394,852 | 622,507 | |
Advances for drilling units under construction and related costs | 242,988 | 500,031 | |
Drilling units delivered | 0 | (727,686) | |
Impairment loss (advances and related costs for drilling unit under construction) | (92,371) | 0 | |
Balance at end of year | $ 545,469 | $ 394,852 | $ 622,507 |
Advances for units under cons56
Advances for units under construction and related costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Advances for drilling units under construction | $ 545,469 | $ 394,852 |
Ocean Rig Santorini | ||
Price per drilling unit | 694,790 | |
Advances for drilling units under construction | 309,358 | |
Ocean Rig Crete | ||
Price per drilling unit | 709,565 | |
Advances for drilling units under construction | 156,900 | |
Ocean Rig Amorgos | ||
Advances for drilling units under construction | $ 76,600 | |
Yard | ||
Construction contracts, Agreement terms | The Company entered into agreements with the yard to amend certain terms relating to contracts for the construction of its three seventh generation drilling units (the Ocean Rig Santorini, the Ocean Rig Crete and the Ocean Rig Amorgos) which were previously scheduled for delivery in 2017, 2018 and 2019, respectively. | |
Yard | Ocean Rig Santorini and Ocean Rig Crete | ||
Construction contracts, Agreement terms | As part of the agreements, the deliveries of the Ocean Rig Santorini and the Ocean Rig Crete were postponed to June 2018 and January 2019, respectively. | |
Yard | Prior amendment of August 11, 2016 | Ocean Rig Santorini | ||
Drilling Unit delivery | 2,017 | |
Yard | Prior amendment of August 11, 2016 | Ocean Rig Crete | ||
Drilling Unit delivery | 2,018 | |
Yard | Prior amendment of August 11, 2016 | Ocean Rig Amorgos | ||
Drilling Unit delivery | 2,019 | |
Yard | After amendment of August 11, 2016 | Ocean Rig Santorini | ||
Drilling Unit delivery | June 2,018 | |
Yard | After amendment of August 11, 2016 | Ocean Rig Crete | ||
Drilling Unit delivery | January 2,019 | |
Yard | After amendment of August 11, 2016 | Ocean Rig Amorgos | ||
Drilling Unit delivery | suspended | |
Yard | After amendment of August 11, 2016 - Company's option | Ocean Rig Amorgos | ||
Construction contracts, Agreement terms | With respect to the Ocean Rig Amorgos, the Company agreed to suspend its construction with an option, subject to the Company's option, to bring it back into force within a period of 18 months after the date of the addendum. |
Drilling units, machinery and57
Drilling units, machinery and equipment, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Balance | $ 6,336,892 | ||
Impairment loss | (3,776,338) | $ (414,986) | $ 0 |
Balance | 2,438,292 | 6,336,892 | |
Drilling units, machinery and equipment | Cost | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 7,258,995 | 7,331,372 | |
Additions / Transfer from drilling units under construction | 99,515 | 909,830 | |
Disposal of assets | (7,756) | (5,477) | |
Impairment loss | (3,658,815) | (976,730) | |
Balance | 3,691,939 | 7,258,995 | 7,331,372 |
Drilling units, machinery and equipment | Accumulated Depreciation | |||
Property, Plant and Equipment [Line Items] | |||
Balance | (922,103) | (1,123,739) | |
Disposal of assets | 133 | ||
Impairment loss | 561,744 | ||
Depreciation | (331,677) | (360,108) | |
Balance | (1,253,647) | (922,103) | (1,123,739) |
Drilling units, machinery and equipment | Net Book Value | |||
Property, Plant and Equipment [Line Items] | |||
Balance | 6,336,892 | 6,207,633 | |
Additions / Transfer from drilling units under construction | 99,515 | 909,830 | |
Disposal of assets | (7,623) | (5,477) | |
Impairment loss | (3,658,815) | (414,986) | |
Depreciation | (331,677) | (360,108) | |
Balance | $ 2,438,292 | $ 6,336,892 | $ 6,207,633 |
Drilling units, machinery and58
Drilling units, machinery and equipment, net (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 28, 2016USD ($) | |
Impairment loss | $ 3,776,338 | $ 414,986 | $ 0 | |
Debt Instrument, Collateral | As of December 31, 2016, all of the Company's operating drilling units, apart from the Ocean Rig Paros have been pledged as collateral to secure the Company's 6.50% senior secured notes due 2017, the $462,000 Senior Secured Credit Facility and the Term Loan B facilities discussed in Note 9. | |||
Drilling Units | ||||
Number of vessels | 8 | 2 | ||
Impairment loss | $ 3,658,815 | $ 414,986 | ||
Ocean Rig Paros | ||||
Price per drilling unit | $ 65,000 | |||
6.5% Senior Secured Notes | ||||
Senior notes interest rate | 6.50% |
Other non-current assets (Tab59
Other non-current assets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other non-current assets [Abstract] | ||
Deferred mobilization expenses | $ 5,564 | $ 23,992 |
Intangible assets, net | 1,845 | 3,289 |
Prepaid investments | 425 | 9,579 |
Total | $ 7,834 | $ 36,860 |
Long-term Debt (Table) (Details
Long-term Debt (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total principal payments | $ 3,949,239 | $ 4,410,974 |
Less: Deferred financing costs | (61,466) | (82,506) |
Total debt | 3,887,773 | 4,328,468 |
Less: Current portion | (640,557) | (56,725) |
Long-term portion | 3,247,216 | 4,271,743 |
1.3 billion Senior Secured Term Loan B Facility | ||
Debt Instrument [Line Items] | ||
Total principal payments | 1,270,750 | 1,283,750 |
$1.9 billion Secured Term Loan B Facility | ||
Debt Instrument [Line Items] | ||
Total principal payments | 1,838,250 | 1,857,250 |
$800 million Senior Secured Notes | ||
Debt Instrument [Line Items] | ||
Total principal payments | 459,723 | 607,742 |
$462 million Senior Secured Credit Facility | ||
Debt Instrument [Line Items] | ||
Total principal payments | 249,542 | 432,821 |
$500 million Senior Unsecured Notes | ||
Debt Instrument [Line Items] | ||
Total principal payments | $ 130,974 | $ 229,411 |
Long-term Debt - Loan Movements
Long-term Debt - Loan Movements (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 13, 2015 | Jul. 12, 2013 | |
Debt Instrument [Line Items] | |||
December 31, 2015 | $ 4,410,974 | ||
Repayments/ Repurchase of senior notes | (461,735) | ||
December 31, 2016 | $ 3,949,239 | ||
$800 million Senior Secured Notes | |||
Debt Instrument [Line Items] | |||
Loan Agreement Date | Sep. 20, 2012 | ||
Original Amount | $ 800,000 | ||
December 31, 2015 | 607,742 | ||
Repayments/ Repurchase of senior notes | (148,019) | ||
December 31, 2016 | $ 459,723 | ||
$1.9 billion Secured Term Loan B Facility | |||
Debt Instrument [Line Items] | |||
Loan Agreement Date | Jul. 12, 2013 | ||
Original Amount | $ 1,900,000 | $ 1,800,000 | |
December 31, 2015 | 1,857,250 | ||
Repayments/ Repurchase of senior notes | (19,000) | ||
December 31, 2016 | $ 1,838,250 | ||
1.3 billion Senior Secured Term Loan B Facility | |||
Debt Instrument [Line Items] | |||
Loan Agreement Date | Jul. 25, 2014 | ||
Original Amount | $ 1,300,000 | ||
December 31, 2015 | 1,283,750 | ||
Repayments/ Repurchase of senior notes | (13,000) | ||
December 31, 2016 | $ 1,270,750 | ||
$500 million Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Loan Agreement Date | Mar. 26, 2014 | ||
Original Amount | $ 500,000 | ||
December 31, 2015 | 229,411 | ||
Repayments/ Repurchase of senior notes | (98,437) | ||
December 31, 2016 | $ 130,974 | ||
$462 million Senior Secured Credit Facility | |||
Debt Instrument [Line Items] | |||
Loan Agreement Date | Feb. 13, 2015 | ||
Original Amount | $ 462,000 | $ 475,000 | |
December 31, 2015 | 432,821 | ||
Repayments/ Repurchase of senior notes | (183,279) | ||
December 31, 2016 | $ 249,542 |
Long-term Debt - Principal Paym
Long-term Debt - Principal Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt, by Maturity [Abstract] | ||
2,017 | $ 658,063 | |
2,018 | 115,202 | |
2,019 | 162,974 | |
2,020 | 1,794,250 | |
2,021 | 1,218,750 | |
Total principal payments | 3,949,239 | $ 4,410,974 |
Less: Financing fees | (61,466) | (82,506) |
Total debt | $ 3,887,773 | $ 4,328,468 |
Long-term Debt - Senior Notes (
Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||
Mar. 26, 2014 | May 13, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Debt | $ 0 | $ 462,000 | $ 2,250,000 | ||
Repayment of debt | $ 215,279 | 61,179 | 1,862,250 | ||
Debt instrument frequency of periodic payment | quarterly and monthly basis | ||||
Gain from repurchase of senior notes | $ 125,001 | 189,174 | $ 0 | ||
6.5% Senior Secured Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | Sep. 20, 2012 | ||||
Principal amount | $ 800,000 | ||||
Senior notes interest rate | 6.50% | ||||
Repayment of debt | $ 459,723 | ||||
Debt Instrument, Repurchased Face Amount | $ 148,019 | 192,258 | |||
Debt instrument frequency of periodic payment | semi-annual | ||||
Gain from repurchase of senior notes | $ 67,841 | 58,720 | |||
6.5% Senior Secured Notes | Redemption upon a change of control | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||
6.5% Senior Secured Notes | From October 1, 2015 to September 30, 2016 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 103.25% | ||||
6.5% Senior Secured Notes | From October 1, 2016 and thereafter | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||
7.25% Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | Mar. 26, 2014 | ||||
Principal amount | $ 500,000 | ||||
Senior notes interest rate | 7.25% | ||||
Proceeds from Issuance of Debt | $ 493,625 | ||||
Debt Instrument, Repurchased Face Amount | $ 98,437 | 270,589 | |||
Debt instrument frequency of periodic payment | semi-annual | ||||
Gain from repurchase of senior notes | $ 57,160 | $ 130,454 | |||
7.25% Senior Unsecured Notes | Redemption upon a change of control | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||
9.5% Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Principal amount | $ 500,000 | ||||
Senior notes interest rate | 9.50% | ||||
Repayment of debt | $ 462,300 | $ 37,700 | |||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 105.375% | 104.50% |
Long-term Debt - Term bank loan
Long-term Debt - Term bank loans/ Credit facilities (Details) - USD ($) $ in Thousands | 2 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||||
Mar. 03, 2015 | Jul. 12, 2013 | Jul. 25, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2016 | Aug. 22, 2016 | Jun. 30, 2015 | Feb. 13, 2015 | Feb. 28, 2013 | |
Debt Instrument [Line Items] | |||||||||||
Repayment of debt | $ 215,279 | $ 61,179 | $ 1,862,250 | ||||||||
$1.9 billion Secured Term Loan B Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Issuance Date | Jul. 12, 2013 | ||||||||||
Debt Instrument, Face Amount | $ 1,800,000 | $ 1,900,000 | |||||||||
Maturity Date Of Loan | Q3 2020 | ||||||||||
$1.9 billion Secured Term Loan B Facility | Tranche B1 term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 975,000 | ||||||||||
Maturity Date Of Loan | Q1 2021 | ||||||||||
$1.9 billion Secured Term Loan B Facility | Tranche B2 term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 825,000 | ||||||||||
Maturity Date Of Loan | Q3 2016 | ||||||||||
$1.9 billion Secured Term Loan B Facility | Additional Tranche B1 Term Loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Issuance Date | Jul. 26, 2013 | ||||||||||
Debt Instrument, Face Amount | $ 100,000 | ||||||||||
Debt Instrument Maturity Date Description | As a result of this refinancing, the total $1.9 billion of Tranche B-1 Term Loans will mature no earlier than the third quarter of 2020. | ||||||||||
1.3 billion Senior Secured Term Loan B Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Issuance Date | Jul. 25, 2014 | ||||||||||
Debt Instrument, Face Amount | $ 1,300,000 | ||||||||||
Long-term debt bearing with fixed interest | $ 1,300,000 | ||||||||||
Debt Instrument, Maturity Date | Jul. 25, 2021 | ||||||||||
1.35 billion Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayment of debt | $ 1,300,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,350,000 | ||||||||||
$462 million Senior Secured Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Issuance Date | Feb. 13, 2015 | ||||||||||
Restricted cash pledged as security | $ 15,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 462,000 | $ 475,000 | |||||||||
Amount drawn down | $ 462,000 | ||||||||||
Debt Instrument, Term | 5 years | ||||||||||
Variable rate basis | LIBOR | ||||||||||
Covenant terms | Under the $462,000 Senior Secured Credit Facility, the Company was required to find a new Satisfactory Drilling Contract (as defined in the loan agreement) by May 21, 2016. | ||||||||||
Mandatory prepayment of debt | $ 145,894 | ||||||||||
Amended mandatory prepayment amount | $ 125,000 | ||||||||||
Long-term Debt, Maturities, Repayment Terms | The repayment schedule of the loan was altered to include a cash sweep term authorizing the lenders to transfer any excess cash flow on a monthly basis, as a prepayment pro rata across the loan, therefore, leading to the full repayment of the loan by June 2018, whereas according to the initial repayment schedule it would have been fully repaid by June 2020. |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt [Abstract] | |||
Interest expense | $ 256,222 | $ 300,543 | $ 304,132 |
Capitalized interest | $ 28,265 | $ 26,055 | $ 37,342 |
Weighted average interest rate | 6.20% | 6.30% | 6.40% |
Debt Instrument Frequency Of Periodic Payment | quarterly and monthly basis |
Financial Instruments and Fai66
Financial Instruments and Fair Value Measurements - Derivatives Not Designated as Hedging Instruments in the Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Financial Instruments non-current assets | $ 0 | $ 3,494 |
Financial Instruments current liabilities | 0 | (8,931) |
Financial Instruments-non current liabilities | 0 | (2,743) |
Derivatives not designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Total derivatives | 0 | (8,180) |
Interest rate swaps | Derivatives not designated as Hedging Instruments | ||
Derivative [Line Items] | ||
Financial Instruments non-current assets | 0 | 3,494 |
Financial Instruments current liabilities | 0 | (8,931) |
Financial Instruments-non current liabilities | $ 0 | $ (2,743) |
Financial Instruments and Fai67
Financial Instruments and Fair Value Measurements - Derivatives Not Designated as Hedging Instruments on the Consolidated Statement of Operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Gain/ (Loss) on interest rate swaps | $ (4,388) | $ (11,513) | $ (12,671) |
Interest rate swaps | Derivatives not designated as Hedging Instruments | |||
Derivative [Line Items] | |||
Gain/ (Loss) on interest rate swaps | $ (4,388) | $ (11,513) | $ (12,671) |
Financial Instruments and Fai68
Financial Instruments and Fair Value Measurements - Measured on a Recurring Basis (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps-asset position | $ 0 | $ 3,494 |
On recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | (8,180) | |
On recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps-asset position | 3,494 | |
Interest rate swaps-liability position | (11,674) | |
Significant Other Observable Inputs (Level 2) | On recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | (8,180) | |
Significant Other Observable Inputs (Level 2) | On recurring basis | Interest rate swaps | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps-asset position | 3,494 | |
Interest rate swaps-liability position | $ (11,674) |
Financial Instruments and Fai69
Financial Instruments and Fair Value Measurements - Measured on a Non recurring basis (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | $ (3,776,338) | $ (414,986) | $ 0 |
On a non-recurring basis | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment loss | (3,658,815) | (414,986) | |
On a non-recurring basis | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets | $ 1,035,499 | $ 610,000 |
Financial Instruments and Fai70
Financial Instruments and Fair Value Measurements - Interest Rate Swaps (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2010USD ($) | |
Interest rate swaps and cap floor agreements: | ||||
Reclassification of losses on previously designated cash flow hedges to interest and finance costs | $ 0 | $ 0 | $ 0 | |
Reclassification of realized losses associated with capitalized interest to the Consolidated Statement of Operations (Note 10) | 26,187 | $ 1,035 | $ 1,034 | |
Estimated net amount of existing losses to be reclassified within twelve months | $ 0 | |||
Cash flow hedge realized | ||||
Interest rate swaps and cap floor agreements: | ||||
(Unrealized) / realized losses on cash flow hedges accumulated in other comprehensive income | $ 27,776 | |||
Interest Rate Swaps | ||||
Interest rate swaps and cap floor agreements: | ||||
Number of interest rate swap held | 0 | 7 | 7 | |
Notional amount of interest rate swaps | $ 1,600,000 | $ 1,800,000 | ||
Discussion of Method of Measuring Fair Value of Interest Rate Derivatives | The fair value of the interest rate swaps was determined using a discounted cash flow method based on market-based LIBOR swap yield curves, taking into account current interest rates and the creditworthiness of both the financial instrument counterparty and the Company. |
Financial Instruments and Fai71
Financial Instruments and Fair Value Measurements - Foreign Currency Forward Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign currency forward contracts | |||
Foreign Currency Derivatives | |||
Gains/(losses) transferred from other comprehensive income to statement of operations | $ (26,184) | $ (1,035) | $ (1,034) |
Financial Instruments and Fai72
Financial Instruments and Fair Value Measurements - Senior Notes and Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Senior notes and credit facilities: | ||
Debt instrument - carrying value, net of financing fees | $ 3,887,773 | $ 4,328,468 |
$800 million Senior Secured Notes | ||
Senior notes and credit facilities: | ||
Debt instrument - estimated fair value | 201,129 | 357,431 |
Debt instrument - carrying value, net of financing fees | 457,745 | 601,845 |
$1.9 billion Secured Term Loan B Facility | ||
Senior notes and credit facilities: | ||
Debt instrument - estimated fair value | 1,156,958 | 427,168 |
Debt instrument - carrying value, net of financing fees | 1,804,272 | 1,814,746 |
1.3 billion Senior Secured Term Loan B Facility | ||
Senior notes and credit facilities: | ||
Debt instrument - estimated fair value | 1,002,304 | 628,242 |
Debt instrument - carrying value, net of financing fees | 1,248,747 | 1,257,484 |
7.25% Senior Unsecured Notes | ||
Senior notes and credit facilities: | ||
Debt instrument - estimated fair value | 51,080 | 100,367 |
Debt instrument - carrying value, net of financing fees | 129,844 | $ 226,655 |
$120.0 million Loan from Affiliate | ||
Senior notes and credit facilities: | ||
Debt instrument - carrying value, net of financing fees | $ 78,306 | |
$462 million Senior Secured Credit Facility | ||
Senior notes and credit facilities: | ||
Debt instrument description | LIBOR |
Financial Instruments and Fai73
Financial Instruments and Fair Value Measurements (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Carrying amount | $ 2,983,761 | $ 6,731,744 | |
Impairment loss | 3,776,338 | 414,986 | $ 0 |
Drilling Units | |||
Carrying amount | $ 4,694,314 | $ 1,024,986 | |
Number of vessels | 8 | 2 | |
Impairment loss | $ 3,658,815 | $ 414,986 | |
Advances for drilling units under construction - Ocean Rig Amorgos | |||
Impairment loss | 92,371 | $ 0 | |
Cash flow hedge for interest capitalized on vessels impaired | |||
Impairment loss | $ 25,152 |
Common Stock and Additional P74
Common Stock and Additional Paid-in Capital - Non-Vested Shares (Table) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of non-vested shares | ||
Balance | 405,298 | 612,798 |
Granted | 186,702 | |
Forfeited | (155,298) | (63,950) |
Vested | (150,000) | (330,252) |
Balance | 100,000 | 405,298 |
Weighted average grant date fair value per non vested shares | ||
Balance | $ 10.8 | $ 13.49 |
Granted | 6.95 | |
Forfeited | 10.08 | 12.29 |
Vested | 12.43 | 13.33 |
Balance | $ 9.46 | $ 10.8 |
Number of vested shares | ||
Balance | 609,887 | 309,452 |
Granted and vested | 52,802 | |
Non vested shares granted in prior years and vested 2015 | 277,450 | |
Vested shares granted in prior years | 150,000 | |
Granted and vested shares in prior years, but cancelled during 2015 and 2016 respectively | (416,002) | (29,817) |
Balance | 343,885 | 609,887 |
Weighted average grant date fair value per vested shares | ||
Balance | $ 15.15 | $ 17.22 |
Granted and vested | 6.89 | |
Non vested shares granted in prior years and vested 2015 | 14.56 | |
Vested shares granted in prior years | 12.43 | |
Granted and vested shares in prior years, but cancelled during 2015 and 2016 respectively | 13.52 | 16.59 |
Balance | $ 15.94 | $ 15.15 |
Common Stock and Additional P75
Common Stock and Additional Paid In Capital Dividends-General (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 08, 2015 | |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 | |
Preferred stock shares authorized | 500,000,000 | 500,000,000 | |
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock par value | $ 0.01 | $ 0.01 | |
Installment 4 - FY 2014 | |||
Dividend Payable Date To Be Paid Day Month And Year | Mar. 23, 2015 | ||
Share price of dividend paid | $ 0.19 | ||
Installment 1 - FY 2015 | |||
Dividend Payable Date To Be Paid Day Month And Year | May 29, 2015 | ||
Share price of dividend paid | $ 0.19 |
Common Stock and Additional P76
Common Stock and Additional Paid-in Capital -Dividends - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 5 Months Ended | 7 Months Ended | 8 Months Ended | 10 Months Ended | 12 Months Ended | ||||||||
Apr. 05, 2016 | Mar. 31, 2014 | Apr. 29, 2015 | Jun. 08, 2015 | Jun. 04, 2015 | Aug. 13, 2015 | Aug. 05, 2015 | Aug. 19, 2014 | Nov. 04, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 30, 2014 | Nov. 18, 2014 | Mar. 21, 2012 | |
Stock Issued During Period Shares New Issues | 28,571,428 | ||||||||||||||
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Share price | $ 7 | ||||||||||||||
Net proceeds from common stock issuance | $ 194,134 | $ 0 | $ 192,714 | $ 0 | |||||||||||
Shares granted | 186,702 | ||||||||||||||
Granted and vested | 52,802 | ||||||||||||||
Shares forfeited due to employees' resignation | 235,576 | ||||||||||||||
Unrecognized compensation cost | $ 314 | $ 2,299 | |||||||||||||
Expected period of recognition for unrecognized compensation costs | 2 years | ||||||||||||||
Compensation cost allocated in "General and administrative expenses" | $ 1,506 | 3,676 | $ 3,576 | ||||||||||||
Shares authorized under Equity Plan | 2,000,000 | ||||||||||||||
DryShips Inc. | |||||||||||||||
Treasury Stock, Shares, Acquired | 56,079,533 | ||||||||||||||
Due from a related paty, non-current | $ 120,000 | ||||||||||||||
DryShips Inc. | Exchange of $120.0 million Exchangeable Promissory Note | |||||||||||||||
Debt facility, Amount exchanged | $ 40,000 | $ 80,000 | $ 120,000 | ||||||||||||
Treasury Stock, Shares, Acquired | 4,444,444 | 17,777,778 | 22,222,222 | ||||||||||||
Employees | Stock Compensation Plan | |||||||||||||||
Shares granted | 161,200 | 173,200 | 13,502 | 45,450 | |||||||||||
Vesting period | 3 years | 3 years | 3 years | 3 years | |||||||||||
Grant date fair value | $ 17.79 | $ 7.24 | $ 3.19 | $ 12.6 | |||||||||||
Chairman, President and Chief Executive Officer | |||||||||||||||
Stock Issued During Period Shares New Issues | 1,428,571 | ||||||||||||||
Common stock value purchased | $ 10,000 | ||||||||||||||
Consultancy Agreement CEO Services January 2013 | Azara Services S.A. | |||||||||||||||
Shares granted | 150,000 | 300,000 | |||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||
Grant date fair value | $ 18.37 | $ 9.46 |
Accumulated Other Comprehensi77
Accumulated Other Comprehensive Income / (Loss) (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total | $ 3,346 | $ (22,841) |
Accumulated Other Comprehensive Income/Loss | ||
Cash flow hedges realized loss | 0 | (26,187) |
Actuarial pension gain | 3,346 | 3,346 |
Total | $ 3,346 | $ (22,841) |
Interest and Finance Costs (T78
Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and Finance Costs [Abstract] | |||
Interest costs on long term debt | $ 235,182 | $ 276,510 | $ 261,137 |
Amortization and write off of financing fees (Note 2) | 21,040 | 24,033 | 42,995 |
Discount on receivable from drilling contract | (2,821) | 3,018 | 0 |
Capitalized borrowing costs (Note 2) | (28,265) | (26,055) | (37,342) |
Commissions, commitment fees and other financial expenses | 1,845 | 2,842 | 33,341 |
Total | $ 226,981 | $ 280,348 | $ 300,131 |
Income Taxes - Income Component
Income Taxes - Income Components (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic income/ (loss) (Marshall Islands/ Cayman Islands) | $ 0 | $ 219,900 | $ (161,913) |
Foreign income | 0 | 185,742 | 499,539 |
Total income before taxes, excluding impairment loss and gain from repurchases of senior notes | 516,134 | $ 405,642 | $ 337,626 |
January 1, 2016 - April 14, 2016 | Marshall Islands | |||
Domestic income/ (loss) (Marshall Islands/ Cayman Islands) | 126,244 | ||
Foreign income | 93,633 | ||
April 15, 2016 - December 31, 2016 | Cayman Islands | |||
Domestic income/ (loss) (Marshall Islands/ Cayman Islands) | (97,939) | ||
Foreign income | $ 394,196 |
Income Taxes - Tax Component (T
Income Taxes - Tax Component (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||
Current Tax expense | $ 106,315 | $ 99,816 | $ 77,823 |
Deferred Tax expense | 0 | 0 | 0 |
Income taxes | $ 106,315 | $ 99,816 | $ 77,823 |
Effective tax rate on income / (loss) excluding impairment loss and gain from repurchase of the senior secured notes | 20.60% | 24.60% | 23.10% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of total tax expense (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of total tax expense: | |||
Income tax | $ 106,315 | $ 94,331 | $ 70,441 |
Taxes on litigation matters subject to statutory rates, including interest and penalties | 0 | 5,485 | 7,382 |
Total | $ 106,315 | $ 99,816 | $ 77,823 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets And Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets | ||
Losses carried forward | $ 10,110 | $ 13,197 |
Total deferred tax assets | 10,110 | 13,197 |
Less: valuation allowance | (10,110) | (13,197) |
Total deferred tax assets, net | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Angola, Brazil, Norway, Congo and Senegal | ||||
Current tax expense percentage | 93.00% | |||
Angola, Brazil, Norway and Congo | ||||
Current tax expense percentage | 90.00% | |||
Angola | ||||
Current tax expense percentage | 64.00% | |||
Marshall Islands | ||||
Tax rate | 0.00% | 0.00% | 0.00% | |
Cayman Islands | ||||
Tax rate | 0.00% |
Earnings per share (Table) (Det
Earnings per share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings/ (loss) per share: | |||
Net income/(loss) | $ (3,241,518) | $ 80,014 | $ 259,803 |
Less: Allocation of undistributed earnings to non-vested stock | 0 | (1,175) | (772) |
Income / (Loss) (numerator) | $ (3,241,518) | $ 78,839 | $ 259,031 |
Weighted-average number of outstanding shares (denominator) | 96,950,847 | 138,757,176 | 131,837,227 |
Basic and diluted Earnings/ (loss) per share attributable to common stockholders | $ (33.43) | $ 0.57 | $ 1.96 |
Geographic information for of85
Geographic information for offshore drilling operations - Revenue per country (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Leasing And Service Revenues | $ 1,653,667 | $ 1,748,200 | $ 1,817,077 |
Angola | |||
Leasing And Service Revenues | 500,413 | 527,098 | 807,742 |
Brazil | |||
Leasing And Service Revenues | 517,885 | 581,438 | 581,635 |
Congo | |||
Leasing And Service Revenues | 241,953 | 157,235 | 0 |
Norway | |||
Leasing And Service Revenues | 74,925 | 231,189 | 220,044 |
Falklands | |||
Leasing And Service Revenues | 21,106 | 154,606 | 0 |
Senegal | |||
Leasing And Service Revenues | 289,162 | 52,214 | 0 |
Ivory Coast | |||
Leasing And Service Revenues | 1,164 | 33,723 | 97,232 |
South Africa | |||
Leasing And Service Revenues | 0 | 0 | 110,424 |
Other service revenues | |||
Leasing And Service Revenues | $ 7,059 | $ 10,697 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Obligations (Table) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,018 | $ 417,931 |
2,019 | 520,165 |
Total | 938,096 |
Drilling units building contracts | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
2,018 | 417,931 |
2,019 | 520,165 |
Total | $ 938,096 |
Commitments and Contingencies87
Commitments and Contingencies - Legal proceedings (Details) | Dec. 22, 2016GBP (£) |
Mayze Services Limited ("Mayze") | |
Legal Matters and Contingencies [Line Items] | |
Open legal cases claim | £ 5,230,074 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
7.25% Senior Unsecured Notes | |
Subsequent Event [Line Items] | |
Debt instrument cancellation date | Mar. 21, 2017 |
Debt instrument cancelled amount | $ 369,000 |
6.5% Senior Secured Notes | |
Subsequent Event [Line Items] | |
Debt instrument cancellation date | Mar. 21, 2017 |
Debt instrument cancelled amount | $ 340,300 |
Schedule I - Condensed Financ89
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. - Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ 718,684 | $ 734,747 | $ 528,933 | $ 605,467 |
Other current assets | 29,924 | 84,533 | ||
Total current assets | 1,079,941 | 1,238,102 | ||
NON-CURRENT ASSETS: | ||||
Total assets | 4,091,544 | 8,020,220 | ||
CURRENT LIABILITIES: | ||||
Total current liabilities | 812,011 | 401,464 | ||
NON-CURRENT LIABILITIES | ||||
Long term debt, net of current portion | 3,247,216 | 4,271,743 | ||
Total non-current liabilities | 3,268,783 | 4,343,991 | ||
STOCKHOLDERS' EQUITY: | ||||
Preferred stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2015 and 2016, nil issued and outstanding at December 31, 2015 and 2016, respectively | 0 | 0 | ||
Common stock, $0.01par value; 1,000,000,000 shares authorized, at December 31, 2015 and 2016,160,888,606 issued and outstanding at December 31, 2015 and 2016, respectively | 1,609 | 1,609 | ||
Treasury stock ; 22,222,222 shares at December 31, 2015 and $0.01 par value; 78,301,755 shares at December 31, 2016 | (783) | (222) | ||
Additional paid-in capital | 3,524,426 | 3,572,549 | ||
Accumulated other comprehensive loss | 3,346 | (22,841) | ||
Accumulated deficit | (3,517,848) | (276,330) | ||
Total stockholders' equity | 10,750 | 3,274,765 | 3,166,276 | 2,979,843 |
Total liabilities and stockholders' equity | 4,091,544 | 8,020,220 | ||
Ocean Rig UDW Inc | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | 26 | 35 | $ 60 | $ 58 |
Other current assets | 194 | 182 | ||
Total current assets | 220 | 217 | ||
NON-CURRENT ASSETS: | ||||
Investments in subsidiaries (Eliminated in consolidation) | 143,381 | 3,781,705 | ||
Total non-current assets | 143,381 | 3,781,705 | ||
Total assets | 143,601 | 3,781,922 | ||
CURRENT LIABILITIES: | ||||
Other current liabilities | 3,007 | 9,913 | ||
Total current liabilities | 3,007 | 9,913 | ||
NON-CURRENT LIABILITIES | ||||
Long term debt, net of current portion | 129,844 | 497,244 | ||
Total non-current liabilities | 129,844 | 497,244 | ||
STOCKHOLDERS' EQUITY: | ||||
Preferred stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2015 and 2016, nil issued and outstanding at December 31, 2015 and 2016, respectively | 0 | 0 | ||
Common stock, $0.01par value; 1,000,000,000 shares authorized, at December 31, 2015 and 2016,160,888,606 issued and outstanding at December 31, 2015 and 2016, respectively | 1,609 | 1,609 | ||
Treasury stock ; 22,222,222 shares at December 31, 2015 and $0.01 par value; 78,301,755 shares at December 31, 2016 | (783) | (222) | ||
Additional paid-in capital | 3,524,426 | 3,572,549 | ||
Accumulated other comprehensive loss | 3,346 | (22,841) | ||
Accumulated deficit | (3,517,848) | (276,330) | ||
Total stockholders' equity | 10,750 | 3,274,765 | ||
Total liabilities and stockholders' equity | $ 143,601 | $ 3,781,922 |
Schedule I - Condensed Financ90
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. - Balance Sheets Parentheticals (Details) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 08, 2015 |
Preferred stock par value | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized | 500,000,000 | 500,000,000 | |
Preferred stock shares issued | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock shares issued | 160,888,606 | 160,888,606 | |
Common stock shares outstanding | 160,888,606 | 160,888,606 | |
Treasury stock par value | $ 0.01 | $ 0.01 | |
Treasury stock, shares | 78,301,755 | 22,222,222 | |
Ocean Rig UDW Inc | |||
Preferred stock par value | $ 0.01 | $ 0.01 | |
Preferred stock shares authorized | 500,000,000 | 500,000,000 | |
Preferred stock shares issued | 0 | 0 | |
Preferred stock shares outstanding | 0 | 0 | |
Common stock par value | $ 0.01 | $ 0.01 | |
Common stock shares authorized | 1,000,000,000 | 1,000,000,000 | |
Common stock shares issued | 160,888,606 | 160,888,606 | |
Common stock shares outstanding | 160,888,606 | 160,888,606 | |
Treasury stock par value | $ 0.01 | $ 0.01 | |
Treasury stock, shares | 78,301,755 | 22,222,222 |
Schedule I - Condensed Financ91
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. - Statements of Operations (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
EXPENSES: | |||
General and administrative expenses | $ 103,961 | $ 100,314 | $ 131,745 |
Operating loss | (3,031,670) | 285,605 | 633,919 |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs | (226,981) | (280,348) | (300,131) |
Interest income | 3,449 | 9,811 | 12,227 |
Loss on interest rate swaps | (4,388) | (11,513) | (12,671) |
Other, net | (614) | (12,899) | 4,282 |
Total other (expenses), net | (103,533) | (105,775) | (296,293) |
Net income/(loss) | (3,241,518) | 80,014 | 259,803 |
Net Income Loss Available To Common Stockholders Basic And Diluted | $ (3,241,518) | $ 78,839 | $ 259,031 |
Earnings/(loss) per common share, basic and diluted | $ (33.43) | $ 0.57 | $ 1.96 |
Weighted average number of shares, basic and diluted | 96,950,847 | 138,757,176 | 131,837,227 |
Ocean Rig UDW Inc | |||
EXPENSES: | |||
General and administrative expenses | $ 17,995 | $ 6,924 | $ 7,983 |
Operating loss | (17,995) | (6,924) | (7,983) |
OTHER INCOME / (EXPENSES): | |||
Interest and finance costs | (37,905) | (65,988) | (82,109) |
Interest income | 0 | 0 | 1,383 |
Other, net | 177 | 5,041 | 6,224 |
Total other (expenses), net | (37,728) | (60,947) | (74,502) |
Equity/(loss) in earnings of subsidiaries (Eliminated in consolidation) | (3,185,795) | 147,885 | 342,288 |
Net income/(loss) | (3,241,518) | 80,014 | 259,803 |
Net Income Loss Available To Common Stockholders Basic And Diluted | $ (3,241,518) | $ 78,839 | $ 259,031 |
Earnings/(loss) per common share, basic and diluted | $ (33.43) | $ 0.57 | $ 1.96 |
Weighted average number of shares, basic and diluted | 96,950,847 | 138,757,176 | 131,837,227 |
Schedule I - Condensed Financ92
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. - Statements of Comprehensive Income / (loss) (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income/(loss) | $ (3,241,518) | $ 80,014 | $ 259,803 |
Other Comprehensive income / (loss): | |||
Reclassification of realized losses associated with capitalized interest to Consolidated Statement of Operations | 26,187 | 1,035 | 1,034 |
Actuarial gains/ (losses) | 0 | 62 | (1,518) |
Other Comprehensive income / (loss) | 26,187 | 1,097 | (484) |
Total Comprehensive income / (loss) | (3,215,331) | 81,111 | 259,319 |
Ocean Rig UDW Inc | |||
Net income/(loss) | (3,241,518) | 80,014 | 259,803 |
Other Comprehensive income / (loss): | |||
Reclassification of realized losses associated with capitalized interest to Consolidated Statement of Operations | 26,187 | 1,035 | 1,034 |
Actuarial gains/ (losses) | 0 | 62 | (1,518) |
Other Comprehensive income / (loss) | 26,187 | 1,097 | (484) |
Total Comprehensive income / (loss) | $ (3,215,331) | $ 81,111 | $ 259,319 |
Schedule I - Condensed Financ93
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. - Statements of Cash Flows (Table) (Details) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | ||
Jun. 08, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Cash Provided by Operating Activities | $ 763,129 | $ 593,012 | $ 469,817 | |
Cash Flows from Investing Activities: | ||||
Loan to parent | 0 | 0 | (120,000) | |
Proceeds from arrangement fees | 0 | 0 | 3,000 | |
Net Cash Provided by / (used in) Investing Activities | (392,547) | (643,717) | (814,984) | |
Cash Flows from Financing Activities: | ||||
Proceeds from senior notes | 0 | 462,000 | 2,250,000 | |
Payment of senior notes | (215,279) | (61,179) | (1,862,250) | |
Dividends paid | 0 | (50,281) | (75,194) | |
Payments for issuance of subsidiaries shares | 0 | 0 | (466) | |
Payment of financing fee | 0 | (6,314) | (43,457) | |
Net proceeds from common stock issuance | $ 194,134 | 0 | 192,714 | 0 |
Net Cash (used in)/provided by Financing Activities | (386,645) | 263,267 | 268,633 | |
Net increase/(decrease) in cash and cash equivalents | (16,063) | 205,814 | (76,534) | |
Cash and cash equivalents at beginning of year | 528,933 | 734,747 | 528,933 | 605,467 |
Cash and cash equivalents at end of year | 718,684 | 734,747 | 528,933 | |
Ocean Rig UDW Inc | ||||
Net Cash Provided by Operating Activities | (54,326) | 237,535 | (88,302) | |
Cash Flows from Investing Activities: | ||||
Investments in subsidiaries | 54,317 | (379,993) | 289,654 | |
Loan to parent | 0 | 0 | (120,000) | |
Proceeds from arrangement fees | 0 | 0 | 3,000 | |
Net Cash Provided by / (used in) Investing Activities | 54,317 | (379,993) | 172,654 | |
Cash Flows from Financing Activities: | ||||
Proceeds from senior notes | 0 | 0 | 500,000 | |
Payment of senior notes | 0 | 0 | (500,000) | |
Dividends paid | 0 | (50,281) | (75,194) | |
Payments for issuance of subsidiaries shares | 0 | 0 | (466) | |
Payment of financing fee | 0 | 0 | (8,690) | |
Net proceeds from common stock issuance | 0 | 192,714 | 0 | |
Net Cash (used in)/provided by Financing Activities | 0 | 142,433 | (84,350) | |
Net increase/(decrease) in cash and cash equivalents | (9) | (25) | 2 | |
Cash and cash equivalents at beginning of year | $ 60 | 35 | 60 | 58 |
Cash and cash equivalents at end of year | $ 26 | $ 35 | $ 60 |
Schedule I - Condensed Financ94
Schedule I - Condensed Financial Information of Ocean Rig UDW Inc. - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 18, 2014 | Jul. 12, 2013 | |
Debt Instrument - carrying amount | $ 3,949,239 | $ 4,410,974 | |||
Dividends paid | $ 0 | 50,281 | $ 75,194 | ||
6.5% Senior Secured Notes | |||||
Debt Instrument, Issuance Date | Sep. 20, 2012 | ||||
Debt Instrument - carrying amount | $ 459,723 | 607,742 | |||
Debt Instrument, Face Amount | $ 800,000 | ||||
Senior notes interest rate | 6.50% | ||||
$1.9 billion Secured Term Loan B Facility | |||||
Debt Instrument, Issuance Date | Jul. 12, 2013 | ||||
Debt Instrument - carrying amount | $ 1,838,250 | 1,857,250 | |||
Debt Instrument, Face Amount | $ 1,900,000 | $ 1,800,000 | |||
1.3 billion Senior Secured Term Loan B Facility | |||||
Debt Instrument, Issuance Date | Jul. 25, 2014 | ||||
Debt Instrument - carrying amount | $ 1,270,750 | 1,283,750 | |||
Debt Instrument, Face Amount | $ 1,300,000 | ||||
7.25% Senior Unsecured Notes | |||||
Debt Instrument, Issuance Date | Mar. 26, 2014 | ||||
Debt Instrument - carrying amount | $ 130,974 | 229,411 | |||
Debt Instrument, Face Amount | $ 500,000 | ||||
Senior notes interest rate | 7.25% | ||||
9.5% Senior Unsecured Notes | |||||
Debt Instrument, Face Amount | $ 500,000 | ||||
Senior notes interest rate | 9.50% | ||||
$462 million Senior Secured Credit Facility | |||||
Debt Instrument, Issuance Date | Feb. 13, 2015 | ||||
Debt Instrument - carrying amount | $ 249,542 | 432,821 | |||
Debt instrument description | LIBOR | ||||
Ocean Rig UDW Inc | |||||
Dividends paid | $ 0 | 50,281 | $ 75,194 | ||
Ocean Rig UDW Inc | 6.5% Senior Secured Notes | |||||
Debt Instrument - carrying amount | $ 459,723 | ||||
Ocean Rig UDW Inc | 7.25% Senior Unsecured Notes | |||||
Debt Instrument, Issuance Date | Mar. 26, 2014 | ||||
Debt Instrument, Face Amount | $ 500,000 | ||||
Senior notes interest rate | 7.25% | ||||
Ocean Rig UDW Inc | 9.5% Senior Unsecured Notes | |||||
Debt Instrument, Issuance Date | Apr. 27, 2011 | ||||
Debt Instrument, Face Amount | $ 500,000 | ||||
Senior notes interest rate | 9.50% | ||||
Ocean Rig UDW Inc | $120.0 million Loan from Affiliate | |||||
Debt instrument description | LIBOR | ||||
Due From Related Parties Non Current | $ 120,000 | ||||
Ocean Rig UDW Inc | $462 million Senior Secured Credit Facility | |||||
Debt Instrument, Face Amount | $ 462,000 | ||||
Ocean Rig UDW Inc | Three facilitites | |||||
Debt Instrument - carrying amount | 3,358,542 | ||||
Ocean Rig UDW Inc | Dryships Inc. | $1.9 billion Secured Term Loan B Facility | |||||
Debt Instrument, Face Amount | 1,900,000 | ||||
Ocean Rig UDW Inc | Dryships Inc. | 1.3 billion Senior Secured Term Loan B Facility | |||||
Debt Instrument, Face Amount | $ 1,300,000 | ||||
Exchange of $120.0 million Exchangeable Promissory Note | Ocean Rig UDW Inc | Dryships Inc. | |||||
Debt facility, Amount exchanged | $ 120,000 | ||||
Treasury Stock, Shares, Acquired | 22,222,222 |