Ocean Rig UDW Inc. 1st Quarter Ended March 31, 2012 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG May 30, 2012
Financial Highlights OCEAN RIG UDW INC.
Q1 2012 Results Reported Net Loss: 46.3 million or 0.35 per share Plus Legal Settlement: 6.4 million or 0.05 per share Adjusted Net Loss: 39.9 million or 0.30 per share OCEAN RIG UDW INC. 3
Q1 2012 Transitioning to New Contracts Eirik Raude recorded 32 days of idle time due to preparations to commence the Anadarko contract Leiv Eiriksson recorded 26 days of idle time due to BOP upgrades and preparations to commence the…
Significant Investment in Our People George Economou 35 years of experience in the maritime/offshore industry Chief Executive Officer Founded Dryships and took it public in February 2005 Frank Tollefsen 28 years of experience in the…
Healthy Liquidity & Capital Structure March 31, Ownership on March 31st, 2012 (in million) 2012 Shares Outstanding 131.7 million Cash 126.6 Free float shares 34.4 million Restricted cash 180.3 % of free float shares 26.1 %…
Minimal Construction Cost No material construction costs until 2H 2013 Already invested in excess of 720 million of our own funds in our 2013 newbuilds Remaining construction costs to be funded primarily with debt financing Upgrades…
Conservative Debt Profile Our aggressive loan amortization schedule increases stakeholder value ( in millions) Scheduled Debt Repayments 700 ( in millions) 600 Ocean Rig Bank Debt Outstanding as of 3/30/2012(1) 400 million…
Removal of All Cross-Default Clauses* with DryShips Inc. Ocean Rig UDW allowed to pay dividends of up to 50% of Net Income (1) Subsidiaries allowed to pay (upstream) dividends to parent Ocean Rig UDW (1) Cash sweep at…
Company Update OCEAN RIG UDW INC.
Recent Highlights On May 15, 2012 the Ocean Rig Corcovado completed the acceptance testing as required by Petroleo Brazilieiro S.A., and has commenced revenue-generating drilling operations in Brazil. On May 14 and May 9, 2012,…
Strong Contract Backlog Provides Cash Flow Visibility 2.9 billion Revenue Backlog, has increased threefold Unit Year built Redelivery Operating area Backlog (m) Leiv Eiriksson 2001 Q4 12 Falklands 118 Leiv Eiriksson 2001 Q1 16…
High Leverage to Strong Market Fundamentals Taking advantage of tight 2012 market to secure lucrative contracts 4 premium drillships and 1 harsh environment rig open in 2013 Assets employed by Oil Majors and National Oil Companies…
Industry Overview OCEAN RIG UDW INC.
Demand Drivers We count demand for 10 UDW rigs from Angola and 15 from US GoM for 2012-14 start up Further demand from East & West Africa, North Sea, Mediterranean, Malaysia, China, Australia Brazil domestic newbuild program way…
2012 Sold Out 2012 Name Contractor Operator Area Type J F M A M J J A S O N D La Muralla IV IPC Asia Pacific SS Catarina Petroserv Asia Pacific SS Ocean Endeavor Diamond Offshore Mediterranean SS GSF Explorer Transocean…
2013 Limited UDW Unit Supply 2012 2013 Name Contractor Operator Area Type J F M A M J J A S O N D J F M A M J J A S O N D Eirik Raude Ocean Rig Anadarko West Africa SS Deepsea Metro I Odfjell Drilling BG Group East & South Africa DS…
Strong Upward Momentum in Dayrates Rates bottomed out in Q3 2010 in the low 400,000 per Historical dayrate development for day range and are now trading up deepwater drilling units by water depth Dayrates for recent longer term…
Looking Forward OCEAN RIG UDW INC.
Strategically Positioned Owned & operated ultra-deepwater fleet(1) Owned & operated drillships 35 25 30 20 25 6th largest fleet 5th largest of vessels of vessels 15 20 15 10 10 5 5 0 0 Ensco Saipem ONGC…
Company Strategy 2012 Achievements Built significant backlog with creditworthy counterparties 2.9 billion Worked with our lenders to optimize our debt structure Expanded operations and increased off-shore and on-shore personnel…
Appendix OCEAN RIG UDW INC.
Income Statement (Expressed in Thousands of U.S. Dollars Three Months Ended except for share and per share data) March 31, 2011 2012 REVENUES: Revenues from drilling contracts 109,326 162,999 EXPENSES: Drilling rig operating…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2011 March 31, 2012 ASSETS CURRENT ASSETS: Cash and cash equivalents 250,878 126,589 Restricted cash 57,060 55,264 Other current assets 188,471 242,660 Total…
Fleet Status Report Date: April 27th, 2012 Estimated Water Estimated Contract Year Depth Contract Expiration Day Rate Rig Design Built Feet Location Customer Start Date Date US000's Comments Eirik Raude Semisubmersible, 2002…
Our Ultra Deepwater Fleet Two harsh environment semis Four 6th generation drillships Three 7th generation NB drillships Two of only 15 drilling units worldwide equipped to Of 30 UDW drilling units delivered in 2011 only 10 had…
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