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Ocean Rig posts smaller loss YOY in Q3

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Ocean Rig posts smaller loss YOY in Q3

Ocean Rig UDW Inc. on Nov. 13 reported a third-quarter net loss of $31.5 million, or 34 cents per share, compared to the net loss of $234 million, or $26.36 per share, recorded during the third quarter of 2017.

The offshore drilling contractor reported third-quarter revenues of $74.07 million, down from the $200.85 million seen during the corresponding period a year ago.

The company also posted a third-quarter operating loss of $22.66 million, compared to the $978.68 million loss posted a year ago.

The total estimated backlog as of Sept. 30 was pegged at $694.5 million compared to the backlog of $1 billion noted Nov. 10, 2017.