Advertisement
Rig operating expenses and total depreciation and amortization increased to $160.1 million and $56.5 million, respectively, for the three-month period ended September 30, 2012, from $84.6 million and $43.1 million, respectively, for the three-month period ended September 30, 2011. Total general and administrative expenses increased to $20.4 million in the third quarter of 2012 from $10.6 million during the comparative period in 2011.
Fleet List
The table below describes our fleet profile as of November 14, 2012:
Drilling Rigs / Drillships:Unit Year built Redelivery Operating area Backlog ($m) ----------- ----------- ---------------- -------------Leiv Eiriksson 2001 Q4 - 12 Falkland Islands $17Leiv Eiriksson 2001 Q1 - 16 North Sea $653Eirik Raude 2002 Q1 - 13 West Africa $75Ocean Rig Corcovado 2011 Q2 - 15 Brazil $420Ocean Rig Olympia 2011 Q3 - 15 Angola $580Ocean Rig Poseidon 2011 Q2 - 13 Africa $85Ocean Rig Poseidon 2011 Q2 - 16 Angola $781Ocean Rig Mykonos 2011 Q1 - 15 Brazil $390NewbuildingsOcean Rig Mylos 2013 Q3 - 16 Brazil $677Ocean Rig Skyros 2013 N/A N/A N/AOcean Rig Athena 2013 Q1 - 17 Angola $745Newbuilding TBN 2015 N/A N/A N/A ------------- Total $4,423 -------------
(1) Adjusted EBITDA is a non-GAAP measure; please see later in this press release for a reconciliation to net income.
Ocean Rig UDW Inc. Financial Statements Unaudited Condensed Consolidated Statements of Operations(Expressed in Thousands of U.S. Dollars except for share and per share Three Months Ended Nine Months Ended data) September 30, September 30, -------------------------- -------------------------- 2011 2012 2011 2012 ------------ ------------ ------------ ------------REVENUES:Revenues from drilling contracts $ 226,036 $ 285,662 $ 461,991 $ 712,152 ------------ ------------ ------------ ------------EXPENSES:Drilling rig operating expenses 84,639 160,098 188,777 390,490Depreciation and amortization 43,095 56,538 108,003 168,025General and administrative expenses and other 10,566 20,369 32,324 60,252Legal settlements and other - (1,870) - 4,524 ------------ ------------ ------------ ------------Operating income 87,736 50,527 132,887 88,861OTHER INCOME/(EXPENSES):Interest and finance costs, net of interest income (17,020) (29,222) (24,600) (86,048)Loss on interest rate swaps (15,542) (21,174) (34,158) (32,114)Other, net 1,738 (1,335) 2,994 582Income taxes (7,778) (10,975) (17,556) (32,603) ------------ ------------ ------------ ------------Total other expenses (38,602) (62,706) (73,320) (150,183) ------------ ------------ ------------ ------------Net income/ (loss) $ 49,134 $ (12,179) $ 59,567 $ (61,322) ============ ============ ============ ============Earnings/ (loss) per common share, basic and diluted $ 0.37 $ (0.09) $ 0.45 $ (0.47)Weighted average number of shares, basic and diluted 131,696,928 131,696,928 131,696,928 131,696,928 Ocean Rig UDW Inc. Unaudited Condensed Consolidated Balance Sheets(Expressed in Thousands of U.S. Dollars) December 31, 2011 September 30, 2012 ------------------ ------------------ASSETS Cash and restricted cash (current and non-current) $ 432,978 $ 668,163 Other current assets 188,471 220,664 Advances for drillships under construction 754,925 835,033 Drilling rigs, drillships, machinery and equipment, net 4,538,838 4,438,376 Other non-current assets 100,143 83,143 ------------------ ------------------ Total assets 6,015,355 6,245,379 ================== ==================LIABILITIES AND STOCKHOLDERS' EQUITY Total debt 2,735,765 2,895,331 Total other liabilities 281,134 374,860 Total stockholders' equity 2,998,456 2,975,188 ------------------ ------------------ Total liabilities and stockholders' equity $ 6,015,355 $ 6,245,379 ================== ==================
