Ocean Rig UDW 6-K 13 Sep 17 2017 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document And Entity Information [Abstract]
Document Type	6-K
Document Period End Date	Jun. 30, 2017
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	2,017
Document Fiscal Period Focus	Q2

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 941,623	$ 718,684
Restricted cash (Note 3)	36,758	34,274
Trade accounts receivable, net of allowance for doubtful receivables of $22,368 and $22,313 as at December 31, 2016 and June 30, 2017, respectively	237,476	297,059
Assets held for sale (Note 7)	59,008	0
Other current assets (Note 5)	29,017	29,924
Total current assets	1,303,882	1,079,941
FIXED ASSETS, NET:
Advances for drilling units under construction and related costs (Note 6)	562,909	545,469
Drilling units, machinery and equipment, net (Note 7)	2,324,599	2,438,292
Total fixed assets, net	2,887,508	2,983,761
OTHER NON-CURRENT ASSETS:
Restricted cash (Note 3)	0	20,008
Other non-current assets (Note 8)	4,828	7,834
Total non-current assets, net	4,828	27,842
Total assets	4,196,218	4,091,544
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs (Note 9)	159,825	640,557
Current portion of long-term debt, net of deferred financing costs, subject to compromise (Note 9)	3,640,699	0
Due to related parties (Note 4)	180	7,231
Accounts payable and other current liabilities	39,203	53,891
Accrued liabilities	161,170	86,750
Deferred revenue	15,736	23,582
Total current liabilities	4,016,813	812,011
NON-CURRENT LIABILITIES:
Long term debt, net of current portion and deferred financing costs (Note 9)	0	3,247,216
Deferred revenue	17,022	19,615
Other non-current liabilities	2,286	1,952
Total non-current liabilities	19,308	3,268,783
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value; 500,000,000 shares authorized at December 31, 2016 and June 30, 2017, nil issued and outstanding at December 31, 2016 and June 30, 2017, respectively	0	0
Common stock, $0.01 par value; 1,000,000,000 and 1,000,000,000,000 shares authorized, at December 31, 2016 and June 30, 2017 respectively, 160,888,606 shares issued and outstanding at December 31, 2016 and June 30, 2017 (Note 11)	1,609	1,609
Treasury stock; 78,301,755 shares at $0.01 par value at December 31, 2016 and June 30, 2017 (Note 4 and Note 11)	(783)	(783)
Additional paid-in capital	3,524,582	3,524,426
Accumulated other comprehensive income	3,346	3,346
Accumulated deficit	(3,368,657)	(3,517,848)
Total stockholders' equity	160,097	10,750
Total liabilities and stockholders' equity	$ 4,196,218	$ 4,091,544

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Consolidated Balance Sheets
Allowance for doubtful receivables	$ 22,313	$ 22,368
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	1,000,000,000,000	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	78,301,755

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Statement of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Revenues	$ 587,317	$ 960,563
EXPENSES:
Drilling units operating expenses	146,194	256,998
Depreciation and amortization	62,649	168,766
General and administrative expenses	31,091	45,805
Loss on sale of fixed assets	139	0
Legal settlements and other, net (Note 15)	0	(6,677)
Operating income	347,244	495,671
OTHER INCOME/ (EXPENSES):
Interest and finance costs (Note 12)	(124,357)	(115,978)
Interest income	3,148	1,286
Loss on interest rate swaps (Note 10)	0	(6,547)
Reorganization expenses (Note 3)	(41,043)	0
Gain from repurchase of senior Notes (Note 9)	0	125,001
Other, net	1,212	(10)
Total other income/ (expenses), net	(161,040)	3,752
INCOME BEFORE INCOME TAXES	186,204	499,423
Income taxes (Note 13)	(37,013)	(55,335)
NET INCOME ATTRIBUTABLE TO OCEAN RIG UDW INC.	149,191	444,088
NET INCOME ATTRIBUTABLE TO OCEAN RIG UDW INC. COMMON STOCKHOLDERS (Note 14)	$ 149,010	$ 442,791
EARNINGS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS, BASIC AND DILUTED (Note 14)	$ 1.81	$ 3.96
WEIGHTED AVERAGE NUMBER OF COMMON SHARES, BASIC AND DILUTED (Note 14)	82,485,348	111,726,952

Unaudited Interim Condensed Co5

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements of Comprehensive Income
Net income	$ 149,191	$ 444,088
Other Comprehensive income:
Reclassification of realized losses associated with capitalized interest to the Unaudited Interim Condensed Consolidated Statement of Operations (Note 10)	0	518
Total Other Comprehensive income	0	518
Total Comprehensive income	$ 149,191	$ 444,606

Unaudited Interim Condensed Co6

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements Of Cash Flows (Abstract)
Net Cash Provided by Operating Activities	$ 367,529	$ 448,835
Cash Flows Used in Investing Activities:
Advances for drilling units under construction and related costs	(17,440)	(26,060)
Drilling units machinery, equipment and other improvements/ upgrades	(7,147)	(78,221)
Sale of fixed assets	190	0
(Increase)/ Decrease in restricted cash	17,524	(4,155)
Net Cash Used in Investing Activities	(6,873)	(108,436)
Cash Flows Used in Financing Activities:
Principal payments and repayments of long-term debt and senior notes	(96,674)	(35,452)
Repurchase of common stock	0	(49,911)
Senior notes repurchase	0	(121,455)
Reorganization expenses	(41,043)	0
Net Cash Used in Financing Activities	(137,717)	(206,818)
Effect of exchange rate changes on cash	0	(1,586)
Net increase in cash and cash equivalents	222,939	131,995
Cash and cash equivalents at beginning of period	718,684	734,747
Cash and cash equivalents at end of period	$ 941,623	$ 866,742

Basis of Presentation and Gener

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2017
Basis of Presentation and General Information [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information: The accompanying unaudited interim condensed consolidated financial statements include the accounts of Ocean Rig UDW Inc. (in provisional liquidation), 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." 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. As of April 14, 2016, the corporate domicile of the Company moved from the Republic of the Marshall Islands to the Cayman Islands. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2016, filed with the SEC on March 22, 2017. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements. As of December 31, 2016 and June 30, 2017, the Company consolidated one VIE which supports our drilling operation in specific locations, for which it is deemed to be the primary beneficiary, i.e. it has a controlling financial interest in this entity. 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. The VIE's total assets and liabilities, as of June 30, 2017, were $19,520 and $90,566, respectively, while total liabilities exceeded total assets by $71,046. As of December 31, 2016 and June 30, 2017, the Company also consolidated one 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 assets and liabilities are analyzed as follows: December 31, 2016 June 30, 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 167 $ 17 Restricted cash 31,956 34,589 Trade accounts receivable, net 3,341 16,759 Other current assets 1,884 1,976 Total current assets 37,348 53,341 FIXED ASSETS, NET: Drilling units, machinery and equipment, net 675,420 658,998 Total fixed assets, net 675,420 658,998 OTHER NON-CURRENT ASSETS: Restricted cash 20,008 - Total non-current assets, net 20,008 - Total assets $ 732,776 $ 712,339 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs $ 164,218 $ 159,825 Accounts payable and other current liabilities 5,218 2,647 Accrued liabilities 1,791 2,948 Total current liabilities 171,227 165,420 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 and June 30, 2017 20 20 Additional paid-in capital 960 960 Retained earnings 477,622 545,939 Total shareholders' equity 478,602 546,919 Total liabilities and shareholders' equity $ 732,776 $ 712,339 In the opinion of the management, these unaudited interim condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2017, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2017.

Significant Accounting policies

Significant Accounting policies	6 Months Ended
	Jun. 30, 2017
Significant Accounting policies [Abstract]
Significant Accounting policies	2. Significant Accounting Policies: A discussion of the Company's significant accounting policies and estimates can be found in the Company's consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2016, filed with the SEC on March 22, 2017 (the “Consolidated Financial Statements for the year ended December 31, 2016”). There have been no material changes to these policies in the six-month period ended June 30, 2017, apart from the below. Reorganizations: The accompanying Interim Condensed Consolidated Financial Statements do not purport to reflect or provide for the consequences of the Chapter 15 proceedings. In particular, the financial statements do not purport to show (1) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (2) as to prepetition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (3) the effect on stockholders' equity accounts of any changes that may be made to the Company's capitalization; or (4) as to operations, the effect of any changes that may be made to the Company's business. Long lived assets held for sale: Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These long lived assets are not depreciated once they meet the criteria to be classified as held for sale. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell. Drilling units, machinery and equipment, net: R ecent accounting pronouncements: Accounting Changes and Error Corrections: Revenue from Contracts with Customers: Effective January 1, 2018, the Company will adopt the accounting standards update that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Leases: Effective no later than January 1, 2018, the Company will adopt the accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The update is effective for interim and annual periods beginning after December 15, 2018, including interim periods within those annual periods. Under the updated accounting standards, the Company has determined that the drilling contracts contain a lease component, and the adoption, therefore, may require that Company separately recognize revenues associated with the lease and services components. The Company evaluates the requirements to determine the effect such requirements may have on the condensed consolidated statements of financial position, operations and cash flows and on the disclosures contained in the notes to condensed consolidated financial statements.

Liquidity and Going Concern con

Liquidity and Going Concern considerations	6 Months Ended
	Jun. 30, 2017
Liquidity and Going Concern considerations [Abstract]
Liquidity and Going Concern considerations	3. Liquidity and Going Concern considerations: As at June 30, 2017, the Company had cash and cash equivalents of $941,623, current and non-current restricted cash of $36,758 and negative working capital of $2.7 billion (working capital is defined as current assets minus current liabilities, including the classification as current liabilities of the long-term debt subject to compromise discussed below). 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. In 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 amounting to $459,723, as of June 30, 2017. The prolonged market downturn in 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 one drilling contract during the six-month period ended June 30, 2017. It 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 the Drill Rigs Senior Notes due in October 2017 and cash generated from operations, would be sufficient to meet the maximum leverage ratio covenant requirement for the Term Loan B facilities. In addition, the current market conditions would 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 and as a result, together with its financial and legal advisors and key stakeholders began to consider a restructuring plan to address liquidity and comprehensive balance sheet deleveraging to be sustainable in the longer term. As a result, Ocean Rig UDW Inc. (in provisional liquidation) and its subsidiaries Drill Rigs Holdings Inc. (in provisional liquidation) (“DRH”), Drillships Financing Holding Inc. (in provisional liquidation) (“DFH”) and Drillships Ocean Ventures Inc. (in provisional liquidation) (“DOV”) (collectively, the “Scheme Companies”) entered into a Restructuring Support Agreement (the “RSA”) with creditors representing over 72% of the Company's outstanding consolidated indebtedness for a financial restructuring (the “Restructuring”) which became effective on March 23, 2017, and requires the Scheme Companies to apply to the Grand Court of the Cayman Islands before or as soon as practicable after, May 8, 2017, for permission to convene a meeting of creditors to vote on the Schemes. Pursuant to the RSA, the Company will not make any further payments of any kind on or relating to our existing financial indebtedness. On March 27, 2017, the Grand Court of the Cayman Islands, appointed Joint Provisional Liquidators (“JPLs”). By virtue of the appointment of the JPLs, provisional liquidation proceedings were commenced in the Cayman Islands (the “Provisional Liquidation Proceedings”) and the Scheme Companies are beneficiaries of a moratorium in the Cayman Islands. In addition, on March 27, 2017, the JPLs commenced Chapter 15 proceedings for the Scheme Companies under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. Under these proceedings, the Scheme Companies are seeking recognition in the United States of the Provisional Liquidation Proceedings in the Cayman Islands as foreign main proceedings under the U.S. Bankruptcy Code. Recognition of the Provisional Liquidation Proceedings as foreign main proceedings will result, inter alia, in the imposition of a stay of virtually all actions against the Scheme Companies and their property within the territorial jurisdiction of the United States for the duration of the Chapter 15 proceedings. On April 10, 2017, the Company received a notification from the Nasdaq Stock Market indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with the minimum bid requirement of the Nasdaq Listing Rules. Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until October 3, 2017. On May 8, 2017, the deadline under the RSA for completion of the financial restructuring by way of schemes of arrangement under section 86 of the Companies law (2016 Revision) of the Cayman Islands was automatically extended to October 31, 2017. On June 12, 2017, the Company announced a conditional exception from the NASDAQ delisting notice sent to the Company on March 30, 2017. This exception allows the Company's common stock to continue to trade on NASDAQ as the Company continues to implement a restructuring under its previously announced schemes of arrangement in the Cayman Islands. The Company must meet several requirements in order to satisfy the terms of the exception, including the consummation of the Company's restructuring becoming effective on or before September 25, 2017. On June 19, 2017, the Company announced the decision by Highland Capital Management LP not to pursue objections to recognition of Cayman proceedings under Chapter 15 by the U.S bankruptcy court. The Company also announced that creditors holding in excess of 90% of the affected claims of each Scheme Company have signed or acceded to the RSA and support the Schemes. Of the approximately $3.7 billion of affected debt under the UDW Scheme, as of June 19, 2017 creditors holding no less than 94.42% of such debt have signed or acceded to the RSA and support the restructuring. Of the approximately $1.9 billion of affected debt under the DFH Scheme, as of June 19, 2017 creditors holding no less than 98.87% of such debt have signed or acceded to the RSA and support the restructuring. Of the approximately $1.3 billion of affected debt under the DOV Scheme, as of June 19, 2017 creditors holding no less than 97.07% of such debt have signed or acceded to the RSA and support the restructuring. Of the approximately $460 million of affected debt under the DRH scheme, as of June 19, 2017, creditors holding no less than 92.43% of such debt have signed or acceded to the RSA. The Directions Hearing relating to the Company's restructuring was held on July 11, 12 and 13, 2017. On July 21, 2017, the Grand Court of the Cayman Islands directed that four separate meetings (the "Scheme Meetings") be convened of certain creditors of DFH, UDW, DRH and DOV (each in provisional liquidation) for the purpose of considering and, if thought fit, approving (with or without modification) a scheme of arrangement (together the "Schemes") in respect of each Company pursuant to section 86 of the Companies Law of the Cayman Islands proposed to be made between each of the Companies and their respective Scheme Creditors. On August 11, 2017, the Scheme Meetings of the Scheme Creditors of each of DFH, UDW, DRH and DOV (each in provisional liquidation) were held for the purpose of approving the schemes of arrangement proposed in respect of each of the Scheme Companies under Section 86 of the Companies Law 2016 Revision. The Scheme Companies announced that the resolutions at each of the Scheme Meetings were approved by the relevant majorities of Scheme Creditors being a majority in number representing at least 75% in value of those present and voting. In particular: (a) UDW Scheme: The UDW Scheme was approved at the UDW Scheme Meeting of UDW Scheme Creditors by 97.91% in value of those voting, (b) DFH Scheme: The DFH Scheme was approved at the DFH Scheme Meeting of DFH Scheme Creditors by 100% in value of those voting, (c) DOV Scheme: The DOV Scheme was approved at the DOV Scheme Meeting of DOV Scheme Creditors by 100% in value of those voting, (d) DRH Scheme: The DRH Scheme was approved at the DRH Scheme Meeting of DRH Scheme Creditors by 100% in value of those voting. On August 25, 2017, the U.S. Bankruptcy Court issued a memorandum opinion and an order granting recognition of the provisional liquidation and scheme of arrangement proceedings of the Company and its subsidiaries, DRH, DFH, and DOV (each in provisional liquidation) pending in the Grand Court of the Cayman Islands as foreign main proceedings, and of the JPLs as the foreign representatives of the Scheme Companies in the United States. If the Schemes are approved by the Cayman Court, the U.S. Bankruptcy Court will conduct a hearing on September 20, 2017, to consider the entry of an order giving full force and effect to the Schemes in the United States. If the Schemes are sanctioned, the Scheme Companies will be substantially deleveraged through an exchange of approximately $3.7 billion principal amount of debt for (i) new equity of the Company, (ii) approximately $288 million of cash, and (iii) $450 million of new secured debt. Such outstanding balances were classified under current liabilities as of June 30, 2017, due to the aforementioned proceedings under Chapter 15 of the Bankruptcy Code, which constitute an immediate event of default under the Secured Term Loan B Facilities and the Notes (Note 9). The sanction hearing for each of the Schemes by the Grand Court of Cayman was heard on September 4, 2017 (through to September 6, 2017). If the Schemes are approved by the Cayman Court, it is anticipated that the Restructuring Effective Date will occur towards the end of September 2017. If the sanction hearing by the Grand Court of Cayman, does not result in completion of the restructuring with a consensual solution among all stakeholders, the Company may be forced to seek other reorganization solutions 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 interim condensed consolidated financial statements. The interim condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Accordingly, the condensed 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	6 Months Ended
	Jun. 30, 2017
Transactions with Related Parties [Abstract]
Transactions with Related Parties	4. Transactions with Related Parties: The amounts included in the accompanying condensed consolidated balance sheets and condensed consolidated statements of operations are as follows: December 31, June 2016 2017 Balance Sheet Due to related parties $ 7,231 $ 180 Advances for drilling units under construction and related costs $ 1,569 $ - Drilling units, machinery and equipment, net $ 488 $ - Accrued liabilities $ 3,100 $ 2,770 Six-month period ended June 30, Statement of Operations 2016 2017 Revenues - commission fees $ 8,296 $ 6,344 Drilling units operating expenses $ 3,659 $ 405 General and administrative expenses $ 14,932 $ 7,906 Cardiff Drilling Inc.: Vivid Finance Limited: Basset Holdings Inc Basset is also the owner of 114,286 shares of the Company's common stock, as of June 30, 2017. 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 TMS Tankers Ltd.: TMS Offshore Services Ltd.:

Other Current Assets

Other Current Assets	6 Months Ended
	Jun. 30, 2017
Other Current Assets [Abstract]
Other Current Assets	5. Other Current Assets The amount of other current assets shown in the accompanying condensed consolidated balance sheets is analyzed as follows: December 31, 2016 June Inventories $ 12,988 $ 13,807 Deferred mobilization expenses 6,351 1,469 Prepayments and advances 10,500 12,597 Intangible assets, net - 1,124 Other 85 20 Total $ 29,924 $ 29,017

Advances for drilling units und

Advances for drilling units under construction and related costs	6 Months Ended
	Jun. 30, 2017
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 condensed 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 of the condensed consolidated financial statements for the year ended December 31, 2016. The movement or the advances for drilling units under construction for the six-month period ended June 30, 2017, was as follows: Balance December 31, 2016 $ 545,469 Advances for drilling units under construction and related costs 17,440 Balance June 30, 2017 $ 562,909 Up to June 30, 2017, 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, 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	6 Months Ended
	Jun. 30, 2017
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 condensed consolidated balance sheets are analyzed as follows: Cost Accumulated Depreciation Net Book Value Balance December 31, 2016 $ 3,691,939 (1,253,647 ) 2,438,292 Additions 7,572 - 7,572 Disposal of assets (1,042 ) 713 (329 ) Assets transferred as held for sale (600,576 ) 541,568 (59,008 ) Depreciation - (61,928 ) (61,928 ) Balance June 30, 2017 $ 3,097,893 (773,294 ) 2,324,599 On February 21, 2017, the Company's Board of Directors announced the availability for sale of the Leiv Eiriksson Eirik Raude As of June 30, 2017, all of the Company's drilling units, apart from the Ocean Rig Paros

Other non-current assets

Other non-current assets	6 Months Ended
	Jun. 30, 2017
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 condensed consolidated balance sheets is analyzed as follows: December 31, 2016 June Deferred mobilization expenses $ 5,564 $ 4,828 Intangible assets, net 1,845 Prepaid investments 425 - Total $ 7,834 $ 4,828

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2017
Long-term Debt [Abstract]
Long-term Debt	9. Long-term Debt: Current portion of long-term debt, net of deferred financing costs: December 31, 2016 June $1.3 billion Senior Secured Term Loan B Facility $ 1,270,750 $ - $1.9 billion Secured Term Loan B Facility 1,838,250 - $462 million Senior Secured Credit Facility 249,542 160,868 $500 million Senior Unsecured Notes 130,974 - $800 million Senior Secured Notes 459,723 - Less: Deferred financing costs (61,466 ) (1,043 ) Total debt 3,887,773 159,825 Less: Current portion (640,557 ) (159,825 ) Long-term portion $ 3,247,216 $ - Current portion of long-term debt, net of deferred financing costs subject to compromise: December 31, 2016 June $1.3 billion Senior Secured Term Loan B Facility $ - $ 1,267,500 $1.9 billion Secured Term Loan B Facility - 1,833,500 $500 million Senior Unsecured Notes - 130,974 $800 million Senior Secured Notes - 459,723 Less: Deferred financing costs - (50,998 ) Total debt - 3,640,699 Less: Current portion - (3,640,699) Long-term portion $ - $ - 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. As of June 30, 2016, one of the Company's wholly owned subsidiary, has purchased in the open market an aggregate principal amount of $369,026 of these notes and the outstanding balance reported above, of $130,974, is net of the notes repurchased. Effective March 21, 2017, the notes held by the Company's wholly owned subsidiary have been cancelled. During the six-month period ended June 30, 2016 the purchase of the notes, resulted in a gain of $57,160 and is included in "Gain from repurchase of senior notes" in the accompanying unaudited interim condensed 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. As of June 30, 2016, two of the Company's wholly owned subsidiaries purchased in the open market an aggregate principal amount of $340,277 of these notes and the outstanding balance reported above, of $459,723, is net of the notes repurchased. Effective March 21, 2017, the notes held by the two wholly owned subsidiaries of the Company have been cancelled. During the six-month periods ended June 30, 2016, the purchase of the notes, resulted in a gain of $67,841 and is included in "Gain from repurchase of senior notes" in the accompanying unaudited interim condensed consolidated statement 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, DFH (in provisional liquidation) 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 DFH (in provisional liquidation) and are secured by certain assets of, and by a pledge of the stock of, DFH and the subsidiary guarantors. On July 26, 2013, the Company through its wholly-owned subsidiaries DFH (in provisional liquidation) 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 the Company's 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 six-month periods ended June 30, 2016 and 2017, amounted to $129,791 and $136,118 respectively, of which $12,361 and $17,475 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 condensed consolidated statement of operations. The Company's weighted average interest rates on the above bank loans and notes were 6.12% and 6.45%, as of June 30, 2016, and 2017, 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. The annual principal payments required to be made after June 30, 2017, including balloon payments, totaling $3,852,565 due through June 2018, are as follows: June 30, 2018 3,852,565 Total principal payments 3,852,565 Less: Financing fees (52,041 ) Total debt $ 3,800,524

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
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 condensed consolidated balance sheets. Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in the accompanying unaudited interim condensed 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. During the year ended December 31, 2016, the Company terminated all interest rate swaps and there were no interest rate swaps outstanding as of June 30, 2017. During the six-month periods ended June 30, 2016 and 2017, the losses transferred from accumulated other comprehensive income in the accompanying unaudited interim condensed consolidated statements of operations were $518 and $nil, respectively. The effects of derivative instruments not designated or qualifying as hedging instruments on the unaudited interim condensed consolidated statements of operations is as follows: Amount of Loss Derivatives not designated as hedging instruments Location of Loss Recognized Six month period ended June 30, 2016 Six month period ended June 30, 2017 Interest rate swaps Loss on interest rate swaps $ (6,547 ) $ - The carrying amounts of cash and cash equivalents, restricted cash, trade accounts receivable, and accounts payable and other current liabilities and due to/due from related parties reported in the condensed consolidated balance sheets approximate their respective fair values because of the short-term nature of these accounts. Assets and liabilities held for sale are stated at the lower of their carrying amounts or fair values less costs to sell. 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, 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 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 June 30, 2017, was approximately $15,963, $130,736, $1,191,775 and $1,056,778, respectively. For the aforementioned senior notes and term loans their carrying value net of finance fees as at June 30, 2017, was $130,076, $459,040, $1,803,906 and $1,247,677, 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.

Common Stock and Additional Pai

Common Stock and Additional Paid-in Capital	6 Months Ended
	Jun. 30, 2017
Common Stock and Additional Paid-in Capital [Abstract]
Common Stock and Additional Paid-in Capital	11. Common Stock and Additional Paid-in Capital: General On April 24, 2017, the Company's Annual General Meeting of Shareholders (the “Meeting”), approved the increase in the Company's authorized share capital of one billion (1,000,000,000) common shares of a par value of US$0.01 each and five hundred million (500,000,000) preferred shares of a par value of US$0.01 each to one trillion (1,000,000,000,000) common shares of a par value of US $0.01 each and five hundred million (500,000,000) preferred shares of a par value of US$0.01 each. Following such Meeting and as of June 30, 2017, the Company's authorized capital stock consisted of 1,000,000,000,000 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. 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.

Interest and Finance Costs

Interest and Finance Costs	6 Months Ended
	Jun. 30, 2017
Interest and Finance Costs [Abstract]
Interest and Finance Costs	12. Interest and Finance Costs: The amounts in the accompanying unaudited interim condensed consolidated statements of operations are analyzed as follows: Six-month period ended June 30, 2016 2017 Interest costs on long term debt $ 118,759 $ 132,173 Amortization and write off of financing fees 11,032 9,424 Discount on receivable from drilling contract (1,816 ) (308 ) Capitalized borrowing costs (12,361 ) (17,474 ) Commissions, commitment fees and other financial expenses 364 542 Total $ 115,978 $ 124,357

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Income Taxes	13. Income Taxes: Ocean Rig operates through its various subsidiaries in a number of countries throughout the world. Income taxes have been provided based upon the tax laws and rates in the countries in which operations are conducted and income is earned. The countries in which the Company operates have taxation regimes with varying nominal rates, deductions, credits and other tax attributes. Consequently, there is not an expected relationship between the provision for/or benefit from income taxes and income or loss before income taxes.

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2017
Earnings per share:
Earnings per share	14. Earnings per share: Six-month period ended June 30, 2016 2017 Income (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Income (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net income $ 444,088 - - $ 149,191 - - Less: Non-vested common stock dividends declared and undistributed earnings (1,297 ) - - (181 ) - - Basic and diluted EPS Income attributable to common stockholders $ 442,791 111,726,952 3.96 $ 149,010 82,485,348 1.81 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 six-month periods ended June 30, 2016 and 2017. For the six-month period ended June 30, 2016 and 2017, non-vested participating restricted common stock were not included in the computation of diluted earnings per share because the effect is anti-dilutive. If Company's restructuring plan (Note 3) is completed, common stock or common stock equivalents will be issued thereby diluting currently equity interests.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies: 15.1 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. On August 31, 2017, a lawsuit was filed in the High Court of the Republic of the Marshall Islands (Civil Action No. 2017-198) by certain of the Company's creditors against, among others, two subsidiaries of the Company, two of the Company's executive officers, the Company's manager TMS Offshore Services Ltd. and other parties. The complaint alleges nine causes of action, including claims for avoidance and recovery of actual and/or constructive fraudulent conveyances under common law or 6 Del. Code §§ 1304(A)(1), 1305, 1307, and 1308; aiding and abetting fraudulent conveyances; and declaratory judgment under 30 MIRC § 202. We will respond to the complaint by the appropriate deadline to be set in the future. The Company and its management believe that the complaint is without merit and plan to vigorously defend ourselves against the allegations. 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. 15.2 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	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events: 16.1 16.2

Significant Accounting polici23

Significant Accounting policies (Policy)	6 Months Ended
	Jun. 30, 2017
Significant Accounting policies [Abstract]
Reorganizations	Reorganizations: The accompanying Interim Condensed Consolidated Financial Statements do not purport to reflect or provide for the consequences of the Chapter 15 proceedings. In particular, the financial statements do not purport to show (1) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (2) as to prepetition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (3) the effect on stockholders' equity accounts of any changes that may be made to the Company's capitalization; or (4) as to operations, the effect of any changes that may be made to the Company's business.
Long lived assets held for sale	Long lived assets held for sale: Long lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These long lived assets are not depreciated once they meet the criteria to be classified as held for sale. If circumstances arise that previously were considered unlikely and, as a result, the Company decides not to sell a long-lived asset previously classified as held for sale, the asset shall be reclassified as held and used. A long-lived asset that is reclassified shall be measured individually at the lower of its carrying amount before the asset or disposal group was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset or disposal group been continuously classified as held and used and its fair value at the date of the subsequent decision not to sell.
Drilling Units, Machinery and Equipment, net	Drilling units, machinery and equipment, net:
Recent accounting pronouncements	Accounting Changes and Error Corrections: Revenue from Contracts with Customers: Effective January 1, 2018, the Company will adopt the accounting standards update that requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The update is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Leases: Effective no later than January 1, 2018, the Company will adopt the accounting standards update that (a) requires lessees to recognize a right to use asset and a lease liability for virtually all leases, and (b) updates previous accounting standards for lessors to align certain requirements with the updates to lessee accounting standards and the revenue recognition accounting standards. The update is effective for interim and annual periods beginning after December 15, 2018, including interim periods within those annual periods. Under the updated accounting standards, the Company has determined that the drilling contracts contain a lease component, and the adoption, therefore, may require that Company separately recognize revenues associated with the lease and services components. The Company evaluates the requirements to determine the effect such requirements may have on the condensed consolidated statements of financial position, operations and cash flows and on the disclosures contained in the notes to condensed consolidated financial statements.

Basis of Presentation and Gen24

Basis of Presentation and General Infomation (Tables)	6 Months Ended
	Jun. 30, 2017
Drillship Alonissos Stock Trust
Balance Sheet of Variable Interest Entity	December 31, 2016 June 30, 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 167 $ 17 Restricted cash 31,956 34,589 Trade accounts receivable, net 3,341 16,759 Other current assets 1,884 1,976 Total current assets 37,348 53,341 FIXED ASSETS, NET: Drilling units, machinery and equipment, net 675,420 658,998 Total fixed assets, net 675,420 658,998 OTHER NON-CURRENT ASSETS: Restricted cash 20,008 - Total non-current assets, net 20,008 - Total assets $ 732,776 $ 712,339 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term debt, net of deferred financing costs $ 164,218 $ 159,825 Accounts payable and other current liabilities 5,218 2,647 Accrued liabilities 1,791 2,948 Total current liabilities 171,227 165,420 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 and June 30, 2017 20 20 Additional paid-in capital 960 960 Retained earnings 477,622 545,939 Total shareholders' equity 478,602 546,919 Total liabilities and shareholders' equity $ 732,776 $ 712,339

Transactions with Related Par25

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2017
Transactions with Related Parties [Abstract]
Schedule of related party transactions	December 31, June 2016 2017 Balance Sheet Due to related parties $ 7,231 $ 180 Advances for drilling units under construction and related costs $ 1,569 $ - Drilling units, machinery and equipment, net $ 488 $ - Accrued liabilities $ 3,100 $ 2,770 Six-month period ended June 30, Statement of Operations 2016 2017 Revenues - commission fees $ 8,296 $ 6,344 Drilling units operating expenses $ 3,659 $ 405 General and administrative expenses $ 14,932 $ 7,906

Other Current Assets (Tables)

Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Other Current Assets [Abstract]
Other Current Assets	December 31, 2016 June Inventories $ 12,988 $ 13,807 Deferred mobilization expenses 6,351 1,469 Prepayments and advances 10,500 12,597 Intangible assets, net - 1,124 Other 85 20 Total $ 29,924 $ 29,017

Advances for drilling units u27

Advances for drilling units under construction and related costs (Tables)	6 Months Ended
	Jun. 30, 2017
Advances For Drilling Unit Under Construction And Related Costs [Abstract]
Advances for drilling unit under construction and related costs	Balance December 31, 2016 $ 545,469 Advances for drilling units under construction and related costs 17,440 Balance June 30, 2017 $ 562,909

Drilling units, machinery and28

Drilling units, machinery and equipment, net (Tables)	6 Months Ended
	Jun. 30, 2017
Drilling Units, Machinery And Equipment, Net [Abstract]
Drilling units, machinery and equipment, net	Cost Accumulated Depreciation Net Book Value Balance December 31, 2016 $ 3,691,939 (1,253,647 ) 2,438,292 Additions 7,572 - 7,572 Disposal of assets (1,042 ) 713 (329 ) Assets transferred as held for sale (600,576 ) 541,568 (59,008 ) Depreciation - (61,928 ) (61,928 ) Balance June 30, 2017 $ 3,097,893 (773,294 ) 2,324,599

Other non-current assets (Table

Other non-current assets (Tables)	6 Months Ended
	Jun. 30, 2017
Other non-current assets [Abstract]
Other non-current assets	December 31, 2016 June Deferred mobilization expenses $ 5,564 $ 4,828 Intangible assets, net 1,845 Prepaid investments 425 - Total $ 7,834 $ 4,828

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Long-term Debt [Abstract]
Current portion of long-term debt, net of deferred financing costs	December 31, 2016 June $1.3 billion Senior Secured Term Loan B Facility $ 1,270,750 $ - $1.9 billion Secured Term Loan B Facility 1,838,250 - $462 million Senior Secured Credit Facility 249,542 160,868 $500 million Senior Unsecured Notes 130,974 - $800 million Senior Secured Notes 459,723 - Less: Deferred financing costs (61,466 ) (1,043 ) Total debt 3,887,773 159,825 Less: Current portion (640,557 ) (159,825 ) Long-term portion $ 3,247,216 $ -
Current portion of long-term debt, net of deferred financing costs subject to compromise	December 31, 2016 June $1.3 billion Senior Secured Term Loan B Facility $ - $ 1,267,500 $1.9 billion Secured Term Loan B Facility - 1,833,500 $500 million Senior Unsecured Notes - 130,974 $800 million Senior Secured Notes - 459,723 Less: Deferred financing costs - (50,998 ) Total debt - 3,640,699 Less: Current portion - (3,640,699) Long-term portion $ - $ -
Annual principal payments	June 30, 2018 3,852,565 Total principal payments 3,852,565 Less: Financing fees (52,041 ) Total debt $ 3,800,524

Financial Instruments and Fai31

Financial Instruments and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Financial Instruments and Fair Value Measurements [Abstract]
Fair Values of Derivative Instruments in the Statement of Financial Position and Statement of Operations	Amount of Loss Derivatives not designated as hedging instruments Location of Loss Recognized Six month period ended June 30, 2016 Six month period ended June 30, 2017 Interest rate swaps Loss on interest rate swaps $ (6,547 ) $ -

Interest and Finance Costs (Tab

Interest and Finance Costs (Tables)	6 Months Ended
	Jun. 30, 2017
Interest and Finance Costs [Abstract]
Interest And Finance Costs	Six-month period ended June 30, 2016 2017 Interest costs on long term debt $ 118,759 $ 132,173 Amortization and write off of financing fees 11,032 9,424 Discount on receivable from drilling contract (1,816 ) (308 ) Capitalized borrowing costs (12,361 ) (17,474 ) Commissions, commitment fees and other financial expenses 364 542 Total $ 115,978 $ 124,357

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings per share:
Earnings per share	Six-month period ended June 30, 2016 2017 Income (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Income (numerator) Weighted- average number of outstanding shares (denominator) Amount per share Net income $ 444,088 - - $ 149,191 - - Less: Non-vested common stock dividends declared and undistributed earnings (1,297 ) - - (181 ) - - Basic and diluted EPS Income attributable to common stockholders $ 442,791 111,726,952 3.96 $ 149,010 82,485,348 1.81

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
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

Basis of Presentation and Gen35

Basis of Presentation and General Information - Balance Sheet of additional VIE (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 941,623	$ 718,684	$ 866,742	$ 734,747
Restricted cash	36,758	34,274
Trade accounts receivable, net	237,476	297,059
Other current assets	29,017	29,924
Total current assets	1,303,882	1,079,941
FIXED ASSETS, NET:
Drilling units, machinery and equipment, net	2,324,599	2,438,292
Total fixed assets, net	2,887,508	2,983,761
OTHER NON-CURRENT ASSETS:
Restricted cash	0	20,008
Total non-current assets, net	4,828	27,842
Total assets	4,196,218	4,091,544
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	159,825	640,557
Accounts payable and other current liabilities	39,203	53,891
Accrued liabilities	161,170	86,750
Total current liabilities	4,016,813	812,011
NON-CURRENT LIABILITIES:
Long term debt, net of current portion and deferred financing costs	0	3,247,216
Total non-current liabilities	19,308	3,268,783
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 and June 30, 2017	1,609	1,609
Additional paid-in capital	3,524,582	3,524,426
Retained earnings	(3,368,657)	(3,517,848)
Total shareholders' equity	160,097	10,750
Total liabilities and shareholders' equity	4,196,218	4,091,544
Drillship Alonissos Stock Trust
CURRENT ASSETS:
Cash and cash equivalents	17	167
Restricted cash	34,589	31,956
Trade accounts receivable, net	16,759	3,341
Other current assets	1,976	1,884
Total current assets	53,341	37,348
FIXED ASSETS, NET:
Drilling units, machinery and equipment, net	658,998	675,420
Total fixed assets, net	658,998	675,420
OTHER NON-CURRENT ASSETS:
Restricted cash	0	20,008
Total non-current assets, net	0	20,008
Total assets	712,339	732,776
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs	159,825	164,218
Accounts payable and other current liabilities	2,647	5,218
Accrued liabilities	2,948	1,791
Total current liabilities	165,420	171,227
NON-CURRENT LIABILITIES:
Long term debt, net of current portion and deferred financing costs	0	82,947
Total non-current liabilities	0	82,947
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock, $20 par value; 1,000 shares authorized and issued at December 31, 2016 and June 30, 2017	20	20
Additional paid-in capital	960	960
Retained earnings	545,939	477,622
Total shareholders' equity	546,919	478,602
Total liabilities and shareholders' equity	$ 712,339	$ 732,776

Basis of Presentation and Gen36

Basis of Presentation and General Information - Balance Sheet of additional VIE (Parentheticals) (Details) - $ / shares	Jun. 30, 2017	Dec. 31, 2016	Jun. 08, 2015
Common stock par value	$ 0.01	$ 0.01	$ 0.01
Common stock shares authorized	1,000,000,000,000	1,000,000,000
Common stock shares issued	160,888,606	160,888,606
Drillship Alonissos Stock Trust
Common stock par value	$ 20	$ 20
Common stock shares authorized	1,000	1,000
Common stock shares issued	1,000	1,000

Basis of Presentation and Gen37

Basis of Presentation and General Information (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Apr. 05, 2016	Feb. 13, 2015
$462 million Senior Secured Credit Facility
Original Amount	$ 462,000			$ 475,000
VIE Supportive to the drilling operation
VIE, total assets	19,520	$ 23,227
VIE, total liabillities	90,566	86,119
VIE, net assets	$ (71,046)	$ (62,892)
DryShips
Ownership percentage			0.00%

Significant Accounting polici38

Significant Accounting policies (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Net income/(loss)	$ 149,191	$ 444,088
Earnings/(loss) per common share, basic and diluted	$ 1.81	$ 3.96
Effect of the change in accounting estimate
Net income/(loss)	$ (6,682)
Earnings/(loss) per common share, basic and diluted	$ (0.08)

Liquidity and Going Concern C39

Liquidity and Going Concern Considerations (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)$ / shares	Jun. 30, 2016USD ($)	Aug. 11, 2017	Jun. 19, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 12, 2013USD ($)
Debt Instrument [Line Items]
Number of terminated drilling contracts	1				5
Number of postponed drilling units	6
Outstanding balance	$ 3,852,565
Latest date the outstanding repayment has to be repaid	Jul. 31, 2021
Cash and cash equivalents	$ 941,623	$ 866,742			$ 718,684	$ 734,747
Current and non-current restricted cash	36,758
Working capital deficit	(2,700,000)
Repayment of debt	$ 96,674	$ 35,452
NASDAQ
Debt Instrument [Line Items]
Consecutive business days below minimum requirement	30 days
Grace period to regain compliance	180 days or until October 3, 2017
Minimum | NASDAQ
Debt Instrument [Line Items]
Closing bid price | $ / shares	$ 1
$1.9 billion Secured Term Loan B Facility
Debt Instrument [Line Items]
Face amount	$ 1,900,000						$ 1,800,000
$1.9 billion Secured Term Loan B Facility | Subject to compromise
Debt Instrument [Line Items]
Outstanding balance	1,833,500
$1.3 billion Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Face amount	1,300,000
$1.3 billion Senior Secured Term Loan B Facility | Subject to compromise
Debt Instrument [Line Items]
Outstanding balance	1,267,500
6.5% Senior Secured Notes
Debt Instrument [Line Items]
Face amount	$ 800,000
Latest date the outstanding repayment has to be repaid	Oct. 31, 2017
Senior notes interest rate	6.50%
6.5% Senior Secured Notes | Subject to compromise
Debt Instrument [Line Items]
Outstanding balance	$ 459,723
Scheme Companies | Upon sanction
Debt Instrument [Line Items]
Principal amount of debt exchanged	3,700,000
Repayment of debt	288,000
Scheme Companies | New secured debt | Upon sanction
Debt Instrument [Line Items]
Face amount	$ 450,000
Scheme Companies | Restructuring Support Agreement (the "RSA") | Minimum
Debt Instrument [Line Items]
Percentage of Company's outstanding indebtness represented by the creditors	72.00%			90.00%
Percentage represented in Scheme Companies Meetings			75.00%
UDW Scheme | Restructuring Support Agreement (the "RSA")
Debt Instrument [Line Items]
Percentage of Company's outstanding indebtness represented by the creditors				94.42%
Face amount				$ 3,700,000
Percentage represented in Scheme Companies Meetings			97.91%
DFH Scheme | Restructuring Support Agreement (the "RSA") | $1.9 billion Secured Term Loan B Facility
Debt Instrument [Line Items]
Percentage of Company's outstanding indebtness represented by the creditors				98.87%
Face amount				$ 1,900,000
Percentage represented in Scheme Companies Meetings			100.00%
DOV Scheme | Restructuring Support Agreement (the "RSA") | $1.3 billion Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Percentage of Company's outstanding indebtness represented by the creditors				97.07%
Face amount				$ 1,300,000
Percentage represented in Scheme Companies Meetings			100.00%
DRH Scheme | Restructuring Support Agreement (the "RSA") | $462 million Senior Secured Credit Facility
Debt Instrument [Line Items]
Percentage of Company's outstanding indebtness represented by the creditors				92.43%
Face amount				$ 460,000
Percentage represented in Scheme Companies Meetings			100.00%

Transactions with Related Par40

Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Due to related parties	$ 180	$ 7,231
Advances for drilling units under construction and related costs	562,909	545,469
Drilling units, machinery and equipment, net	2,324,599	2,438,292
Accrued liabilities	161,170	86,750
Related Party
Due to related parties	180	7,231
Advances for drilling units under construction and related costs	0	1,569
Drilling units, machinery and equipment, net	0	488
Accrued liabilities	$ 2,770	$ 3,100

Transactions with Related Par41

Transactions with Related Parties - Statement of Operations (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
General and administrative expenses:
Drilling units operating expenses	$ 146,194	$ 256,998
General and administrative expenses	31,091	45,805
Related Party
General and administrative expenses:
Revenues - commission fees	6,344	8,296
Drilling units operating expenses	405	3,659
General and administrative expenses	$ 7,906	$ 14,932

Transactions with Related Par42

Transactions with Related Parties - Cardiff Drilling, Vivid, Basset, Steel, Azara, Dryships (Details) - USD ($)	Jan. 01, 2017	Apr. 05, 2016	Jun. 04, 2015	Jun. 30, 2017	Aug. 13, 2015	Jul. 29, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016	Nov. 18, 2014
DryShips
Related Party Transaction [Line Items]
Ownership percentage		0.00%
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
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	0.50%
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 Par43

Transactions with Related Parties - CEO & Members of BoD (Details) - USD ($) $ in Thousands	5 Months Ended
	Jun. 08, 2015	Jun. 30, 2017
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	Jun. 30, 2017	Dec. 31, 2016
Other Current Assets [Abstract]
Inventories	$ 13,807	$ 12,988
Deferred mobilization expenses	1,469	6,351
Prepayments and advances	12,597	10,500
Intangible assets, net	1,124	0
Other	20	85
Total	$ 29,017	$ 29,924

Advances for drilling units u45

Advances for drilling units under construction and related costs (Table) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Property, Plant and Equipment [Line Items]
Balance December 31, 2016	$ 545,469
Balance June 30, 2017	562,909
Advances for drilling units under construction and related costs
Property, Plant and Equipment [Line Items]
Balance December 31, 2016	545,469
Advances for drilling units under construction and related costs	17,440
Balance June 30, 2017	$ 562,909

Advances for drilling units u46

Advances for drilling units under construction and related costs (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Advances for drilling units under construction	$ 562,909	$ 545,469
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 and47

Drilling units, machinery and equipment, net (Table) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Property, Plant and Equipment [Line Items]
Balance December 31, 2016	$ 2,438,292
Balance June 30, 2017	2,324,599
Drilling units, machinery and equipment | Cost
Property, Plant and Equipment [Line Items]
Balance December 31, 2016	3,691,939
Additions	7,572
Disposal of assets	(1,042)
Assets transferred as held for sale	(600,576)
Balance June 30, 2017	3,097,893
Drilling units, machinery and equipment | Accumulated Depreciation
Property, Plant and Equipment [Line Items]
Balance December 31, 2016	(1,253,647)
Disposal of assets	713
Assets transferred as held for sale	541,568
Depreciation	(61,928)
Balance June 30, 2017	(773,294)
Drilling units, machinery and equipment | Net Book Value
Property, Plant and Equipment [Line Items]
Balance December 31, 2016	2,438,292
Additions	7,572
Disposal of assets	(329)
Assets transferred as held for sale	(59,008)
Depreciation	(61,928)
Balance June 30, 2017	$ 2,324,599

Drilling units, machinery and48

Drilling units, machinery and equipment, net (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)	Feb. 13, 2015USD ($)
Debt Instrument, Collateral	As of June 30, 2017, all of the Company's 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.
Leiv Eiriksson and Eirik Raude | Classified as held for sale
Number of vessels	2
6.5% Senior Secured Notes
Senior notes interest rate	6.50%
$462 million Senior Secured Credit Facility
Original Amount	$ 462,000	$ 475,000

Other non-current assets (Tab49

Other non-current assets (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Other non-current assets [Abstract]
Deferred mobilization expenses	$ 4,828	$ 5,564
Intangible assets, net	0	1,845
Prepaid investments	0	425
Total	$ 4,828	$ 7,834

Long-term Debt (Table) (Details

Long-term Debt (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total principal payments	$ 3,852,565
Less: Deferred financing costs	(52,041)
Total debt	3,800,524
Less: Current portion	(159,825)	$ (640,557)
Long-term portion	0	3,247,216
Current portion of long-term debt, net of deferred financing costs
Debt Instrument [Line Items]
Less: Deferred financing costs	(1,043)	(61,466)
Total debt	159,825	3,887,773
Less: Current portion	(159,825)	(640,557)
Long-term portion	0	3,247,216
Current portion of long-term debt, net of deferred financing costs | $1.3 billion Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Total principal payments	0	1,270,750
Current portion of long-term debt, net of deferred financing costs | $1.9 billion Secured Term Loan B Facility
Debt Instrument [Line Items]
Total principal payments	0	1,838,250
Current portion of long-term debt, net of deferred financing costs | $800 million Senior Secured Notes
Debt Instrument [Line Items]
Total principal payments	0	459,723
Current portion of long-term debt, net of deferred financing costs | $462 million Senior Secured Credit Facility
Debt Instrument [Line Items]
Total principal payments	160,868	249,542
Current portion of long-term debt, net of deferred financing costs | $500 million Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal payments	$ 0	$ 130,974

Long-term Debt - Liabilities Su

Long-term Debt - Liabilities Subject To Compromise (Table) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total principal payments	$ 3,852,565
Less: Deferred financing costs	(52,041)
Total debt	3,640,699	$ 0
Less: Current portion	(159,825)	(640,557)
Long-term portion	0	$ 3,247,216
Current portion of long-term debt, net of deferred financing costs subject to compromise
Debt Instrument [Line Items]
Less: Deferred financing costs	(50,998)
Total debt	3,640,699
Less: Current portion	(3,640,699)
Long-term portion	0
Current portion of long-term debt, net of deferred financing costs subject to compromise | $1.3 billion Senior Secured Term Loan B Facility
Debt Instrument [Line Items]
Total principal payments	1,267,500
Current portion of long-term debt, net of deferred financing costs subject to compromise | $1.9 billion Secured Term Loan B Facility
Debt Instrument [Line Items]
Total principal payments	1,833,500
Current portion of long-term debt, net of deferred financing costs subject to compromise | $800 million Senior Secured Notes
Debt Instrument [Line Items]
Total principal payments	459,723
Current portion of long-term debt, net of deferred financing costs subject to compromise | $500 million Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal payments	$ 130,974

Long-term Debt - Principal Paym

Long-term Debt - Principal Payments (Table) (Details) $ in Thousands	Jun. 30, 2017USD ($)
Long-term Debt, by Maturity [Abstract]
June 30, 2018	$ 3,852,565
Total principal payments	3,852,565
Less: Financing fees	(52,041)
Total debt	$ 3,800,524

Long-term Debt - Senior Notes (

Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	6 Months Ended
	Mar. 26, 2014	May 13, 2014	Jun. 30, 2017	Jun. 30, 2016
Debt Instrument [Line Items]
Repayment of debt			$ 96,674	$ 35,452
Debt instrument frequency of periodic payment			quarterly and monthly basis
Gain from repurchase of senior notes			$ 0	125,001
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				369,026
Debt instrument frequency of periodic payment			semi-annual
Gain from repurchase of senior notes				57,160
7.25% Senior Unsecured Notes | Redemption upon a change of control of 50% or more
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%
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%
Debt Instrument, Repurchased Face Amount				340,277
Debt instrument frequency of periodic payment			semi-annual
Gain from repurchase of senior notes				$ 67,841
6.5% Senior Secured Notes | Redemption upon a change of control of 50% or more
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%

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
	Mar. 03, 2015	Jun. 30, 2017	Jun. 30, 2016	Jul. 12, 2013	Jul. 25, 2014	Aug. 31, 2016	Aug. 22, 2016	Feb. 13, 2015	Feb. 28, 2013
Debt Instrument [Line Items]
Repayment of debt		$ 96,674	$ 35,452
$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
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
$1.9 billion Secured Term Loan B Facility
Debt Instrument [Line Items]
Debt Instrument, Issuance Date		Jul. 12, 2013
Debt Instrument, Face Amount		$ 1,900,000		$ 1,800,000
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.
$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	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Debt [Abstract]
Interest expense	$ 136,118	$ 129,791
Capitalized interest	$ 17,475	$ 12,361
Weighted average interest rate	6.45%	6.12%
Debt Instrument Frequency Of Periodic Payment	quarterly and monthly basis
Debt Instrument, Maturity Date Range, Start	Jun. 1, 2018
Debt Instrument, Maturity Date Range, End	Jul. 31, 2021

Financial Instruments and Fai56

Financial Instruments and Fair Value Measurements - Derivatives Not Designated as Hedging Instruments on the Consolidated Statement of Operations (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Loss on interest rate swaps	$ 0	$ (6,547)
Interest rate swaps | Derivatives not designated as Hedging Instruments
Derivative [Line Items]
Loss on interest rate swaps	$ 0	$ (6,547)

Financial Instruments and Fai57

Financial Instruments and Fair Value Measurements - Interest Rate Swaps (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016
Interest rate swaps and cap floor agreements:
Reclassification of realized losses associated with capitalized interest to the Unaudited Interim Condensed Consolidated Statement of Operations (Note 10)	$ 0	$ 518
Interest Rate Swaps
Interest rate swaps and cap floor agreements:
Number of interest rate swap held	0
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 Fai58

Financial Instruments and Fair Value Measurements - Senior Notes and Credit Facilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Senior notes and credit facilities:
Debt instrument - carrying value, net of financing fees	$ 3,800,524
$462 million Senior Secured Credit Facility
Senior notes and credit facilities:
Debt instrument description	LIBOR
7.25% Senior Unsecured Notes
Senior notes and credit facilities:
Debt instrument - estimated fair value	$ 15,963	$ 51,080
Debt instrument - carrying value, net of financing fees	130,076	129,844
Drill Rigs Senior Notes
Senior notes and credit facilities:
Debt instrument - estimated fair value	130,736	201,129
Debt instrument - carrying value, net of financing fees	459,040	457,745
$1.9 billion Secured Term Loan B Facility
Senior notes and credit facilities:
Debt instrument - estimated fair value	1,191,775	1,156,958
Debt instrument - carrying value, net of financing fees	1,803,906	1,804,272
$1.3 billion Senior Secured Term Loan B Facility
Senior notes and credit facilities:
Debt instrument - estimated fair value	1,056,778	1,002,304
Debt instrument - carrying value, net of financing fees	$ 1,247,677	$ 1,248,747

Common Stock and Additional P59

Common Stock and Additional Paid In Capital - Dividends - General (Details) - $ / shares	Jun. 30, 2017	Dec. 31, 2016	Jun. 08, 2015
Common stock shares authorized	1,000,000,000,000	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

Common Stock and Additional P60

Common Stock and Additional Paid-in Capital - Dividends - Treasury Stock (Details) - DryShips Inc. - USD ($) $ in Thousands	3 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Apr. 05, 2016	Jun. 04, 2015	Aug. 13, 2015	Dec. 31, 2015
Treasury Stock, Shares, Acquired	56,079,533
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

Interest and Finance Costs (T61

Interest and Finance Costs (Table) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Interest and Finance Costs [Abstract]
Interest costs on long term debt	$ 132,173	$ 118,759
Amortization and write off of financing fees	9,424	11,032
Discount on receivable from drilling contract	(308)	(1,816)
Capitalized borrowing costs	(17,474)	(12,361)
Commissions, commitment fees and other financial expenses	542	364
Total	$ 124,357	$ 115,978

Earnings per share (Table) (Det

Earnings per share (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Earnings per share:
Net income	$ 149,191	$ 444,088
Less: Non-vested common stock dividends declared and undistributed earnings	(181)	(1,297)
Income (numerator)	$ 149,010	$ 442,791
Weighted-average number of outstanding shares (denominator)	82,485,348	111,726,952
Basic and diluted EPS Income attributable to common stockholders	$ 1.81	$ 3.96

Commitments and Contingencies -

Commitments and Contingencies - Purchase Obligations (Table) (Details) $ in Thousands	Jun. 30, 2017USD ($)
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 Contingencies64

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)	Sep. 05, 2017	Aug. 11, 2017	Jul. 17, 2017
Lundin Norway AS | Exercised
Subsequent Event [Line Items]
Option's number for extension of drilling unit contracts	4		3
Lundin Norway AS | Un-declared
Subsequent Event [Line Items]
Additional options for the extension of drilling unit contracts	6
Restructuring Support Agreement (the "RSA") | Scheme Companies | Minimum
Subsequent Event [Line Items]
Percentage represented in Scheme Companies Meetings		75.00%