Ocean Rig UDW Inc. Investor Day NASDAQ: OCEAN RIG UDW INC. ORIG December 2014
Highlights OCEAN RIG UDW INC.
Fleet growth & capital invested TBN 1 728 mil. Multibillion dollar OCR OCR OCR OCR TBN 2 investment since Mykonos 784 mil Athena 679 mil. Apollo 683 mil. Santorini 644mil. 728 mil. 2008 has led to a OCR Poseidon OCR…
Pure-play ultra-deepwater driller with premium assets Harsh environment UDW semis Sister drillships provide benefits from standardization Optimized for development drilling 5th generation semisubmersibles Four 6th and five 7th generation…
Solid multi-year fleet employment profile Average contract remaining fixed period of 2.7 years, 4.2 years with options 100%, 87%, 64% calendar days under contract in 2014, 2015, and 2016 respectively 5.5 billion revenue backlog 2014…
Solid backlog insulates ORIG from market softness Ocean Rigs fleet is fully contracted in 2014 and 87% contracted in 2015 For 2015 and 2016, our uncontracted units would only need to earn a dayrate of 112,000 and 341,000…
Industry Overview OCEAN RIG UDW INC.
Supply of uncontracted newbuilds decreasing in 2016 and beyond 28 out of a total 77 UDW capable newbuilds are currently uncontracted No new ordering activity in 2H 2014 Only 15 mid and deepwater newbuilds in total (of which 5 are…
Modern and advanced UDW rigs outperform older units Modern units have more deck space Modern units have space for more people Variable deck load (000s short tons) Accommodation Capacity 20.0 200 186 216 17.9 22.8 18.0 180 16.0 160…
Older units unable to secure new contracts more stacking Floaters Utilization by generation Forward contract coverage 100% 90% 88% 80% 70% 68% 60% 58% 50% 52% 40% 38% 30% 21% 30% 20% 11% 9% 10% 5% 0% Next 12m 2yrs 3yrs 4yrs…
Stacking of older units has accelerated Incremental stacked rigs Stacked units by decade built Stacked units Stacked units 18 Over half of these units have 15 undergone significant upgrades in the late 90s early 00s 11 9 8 8 7…
Stacking/scrapping of older units will lead to Supply & Demand balance In strong markets (2011/2012) contract fixtures (measured in rig years) over total active floater fleet is close to 1.0x ratio In weak markets (2013/2014) new…
Appendix OCEAN RIG UDW INC.
Pure-play 1 ultra-deepwater driller with premium assets Owned & operated ultra-deepwater fleet(1) Owned & operated drillships 40 35 35 30 30 5th largest fleet 4th largest 25 of floaters of units 25 20 20 15 15 10 10 5…
Improved debt maturity profile Weighted average maturity of 5.5 years No near-term maturities; next significant maturity in Q4 2017 DFHI Term Loan 7.25% Unsecured 6.50% Secured DOV Term B-1 Notes Notes Loan B (1) Amount…
Growth capital expenditure program 516 million equity invested for our newbuildings Funded From Equity Total Delivered Remaining Cost (1) (as of September 30, Delivery Cost ( million) 2014) 2015 2016 2017 OCR Apollo 683 236 447…
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