Ocean Rig UDW Prices Offering At $7 A Share

(RTTNews) - Ocean Rig UDW Inc (ORIG), an offshore drilling contractor, on Wednesday said it priced the offering of about 28.57 million shares of its common stock, par value $0.01 per share, at a price of $7.00 per share. The offering is expected to close on June 8.

As part of the offering, George Economou, the company's chairman and CEO, is purchasing $10 million, or about 1.43 million shares in the offering at the public offering price, a number of common shares that maintains his direct ownership in Ocean Rig, representing about five percent of its common stock.

The company said it plans to use the net proceeds from the offering for working capital and general corporate purposes, including the acquisition of drilling rigs.