Ocean Rig UDW Inc. Announces Management Changes
29 Dezembro 2017 - 7:13PM
Ocean Rig UDW Inc. (NASDAQ:ORIG) (the “Company” or “Ocean Rig”), a
global provider of offshore deepwater drilling services, announced
today the following management changes:
- Mr. Pankaj Khanna has been appointed as President and Chief
Executive Officer of the Company effective January 1, 2018. Mr.
Khanna is 47 years old with 29 years of varied experience in the
maritime & offshore industry. He last served as Chief Executive
Officer of Pioneer Marine Inc, a drybulk company that he founded in
2013. Prior to his position at Pioneer Marine Inc., Mr. Khanna
served as Chief Marketing Officer at Ocean Rig UDW Inc. from
January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief
Operating Officer of DryShips, Inc. from March 2009 to October 2,
2012. Prior to joining DryShips, he served in C-Suite roles at
Excel Maritime Carriers Ltd and Alba Maritime Services S.A. He has
also served as Vice President of Strategic Development at Teekay
Corporation, from 2001 to 2007. Prior to this, he served as a
Senior Analyst at SSY Shipbrokers and worked on cargo ships as a
deck officer. Mr. Khanna graduated from Blackpool and the Fylde
College, Fleetwood Nautical Campus and also received a
post-graduate diploma in International Trade and Transport from
London Metropolitan University.
- Mr. Iraklis Sbarounis has been appointed Chief Financial
Officer of the Company effective January 1, 2018. Mr. Sbarounis
will also continue to serve as a Director and Secretary of the
Company. Prior to his current positions, he held the position of
Vice President Business Development at the Company. Prior to
joining Ocean Rig, Mr. Sbarounis held various positions with
shipping entities controlled by Mr. George Economou, dealing with
commercial, investment, and corporate finance matters, on the
shipping and offshore sectors. He started his career in investment
banking with BNP Paribas. Mr Sbarounis holds a B.S. degree in
Management Science from the Massachusetts Institute of Technology
(MIT) and a M.Sc. degree in Finance and Economics from the London
School of Economics and Political Science (LSE).
- Mr. David Cusiter has been appointed as Chief Operations
Officer of the Company effective November 25, 2017. Mr. Cusiter has
been in the offshore industry for 28 years. He joined Ocean Rig in
1996 as Chief Engineer and took over the positions of Technical
Section Leader, Technical Superintendent, Project Manager, Project
& Engineering Manager, Technical Manager, VP Technical, VP
Engineering & Projects, VP New Buildings & Special
Projects. Mr. Cusiter holds a Higher National Diploma (HND) in
Marine Engineering (Glasgow Nautical College).
- Mr. Josselin Gere will remain as Vice President Marketing and
Contracts and will report directly to the Chief Executive
Officer.
- Mr. Anthony Argyropoulos shall remain as Special Advisor
Capital Markets to the Chief Executive Officer.
- Mr. Anthony Kandylidis has been appointed Executive Vice
Chairman of the Company effective January 1, 2018 and remains a
Director of the Company.
- The position of Executive Vice President will be discontinued
effective March 31, 2018 and the functions will be consolidated in
the responsibilities of the Chief Operations Officer.
George Economou, Chairman of the Company
commented:
“We are pleased to announce the strengthening of
our management team in our efforts to streamline our operations and
bring focus to the development of Ocean Rig post-restructuring. The
team under the guidance of Mr. Kandylidis and myself will focus on
navigating the Company through the next chapter of our history as
we enter 2018 with optimism and in a prime position due to our
strong balance sheet and modern fleet to take advantage of
opportunities as they arise. We will continue to focus on
maximizing shareholder value through this cycle.”
About Ocean Rig UDW
Inc.
Ocean Rig is an international offshore drilling
contractor providing oilfield services for offshore oil and gas
exploration, development and production drilling, and specializing
in the ultra-deepwater and harsh-environment segment of the
offshore drilling industry.
Ocean Rig’s common stock is listed on the NASDAQ
Global Select Market where it trades under the symbol “ORIG.”
Our registered office is c/o Maples Corporate
Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104,
Cayman Islands. Visit the Company’s website at
www.ocean-rig.com.
Forward-Looking Statements
Matters discussed in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor
legislation.
Forward-looking statements relate to Ocean Rig’s
expectations, beliefs, intentions or strategies regarding the
future. These statements may be identified by the use of
words like “anticipate,” “believe,” “estimate,” “expect,” “intend,”
“may,” “plan,” “project,” “should,” “seek,” and similar
expressions. Forward-looking statements reflect Ocean Rig’s
current views and assumptions with respect to future events and are
subject to risks and uncertainties.
The forward-looking statements in this release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation,
management’s examination of historical operating trends, data
contained in Ocean Rig’s records and other data available from
third parties. Although Ocean Rig believes that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond Ocean Rig’s control, Ocean Rig cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections described in the forward-looking statements contained
herein. Actual and future results and trends could differ
materially from those set forth in such statements.
Important factors that, in Ocean Rig's view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include factors related
to (i) the offshore drilling market, including supply and demand,
utilization, day rates and customer drilling programs, commodity
prices, effects of new rigs and drillships on the market and
effects of declines in oil and gas prices and downturns in the
global economy and the market outlook for our various geographical
operating sectors and classes of rigs and drillships; (ii) hazards
inherent in the drilling industry and marine operations causing
personal injury or loss of life, severe damage to or destruction of
property and equipment, pollution or environmental damage, claims
by third parties or customers and suspension of operations; (iii)
newbuildings, upgrades, and shipyard and other capital projects;
(iv) changes in laws and governmental regulations, particularly
with respect to environmental matters; (v) the availability of
competing offshore drilling vessels; (vi) political and other
uncertainties, including risks of terrorist acts, war and civil
disturbances; piracy; significant governmental influence over many
aspects of local economies, seizure; nationalization or
expropriation of property or equipment; repudiation, nullification,
modification or renegotiation of contracts; limitations on
insurance coverage, such as war risk coverage, in certain areas;
political unrest; foreign and U.S. monetary policy and foreign
currency fluctuations and devaluations; the inability to repatriate
income or capital; complications associated with repairing and
replacing equipment in remote locations; import-export quotas, wage
and price controls imposition of trade barriers; regulatory or
financial requirements to comply with foreign bureaucratic actions;
changing taxation policies; and other forms of government
regulation and economic conditions that are beyond our control;
(vii) the performance of our rigs; (viii) our new capital
structure; (ix) our ability to procure or have access to financing
and our ability comply with covenants in documents governing our
debt; (x) our substantial leverage, including our ability to
generate sufficient cash flow to service our existing debt and the
incurrence of substantial indebtedness in the future; (xi) our
ability to successfully employ our drilling units, our customer
contracts, including contract backlog, contract commencements and
contract terminations; (xii) our capital expenditures, including
the timing and cost of completion of capital projects; (xiii) our
revenues and expenses; (xiv) complications associated with
repairing and replacing equipment in remote locations; and (xv)
regulatory or financial requirements to comply with foreign
bureaucratic actions, including potential limitations on drilling
activities; (xvi) any litigation or adverse actions that may arise
from our recently completed financial restructuring. Due to such
uncertainties and risks, investors are cautioned not to place undue
reliance upon such forward-looking statements.
Risks and uncertainties are further described in
reports filed by Ocean Rig with the U.S. Securities and Exchange
Commission, including the Company’s most recently filed Annual
Report on Form 20-F.
CONTACT DETAILS
Investor Relations / Media:Nicolas
BornozisCapital Link, Inc. (New York)Tel. 212-661-7566E-mail:
oceanrig@capitallink.com
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