Rig Contractor Ocean RIG Files for Bankruptcy Protection in U.S


International offshore driller Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court late Monday, hit by cancellations as major oil producing customers withdrew from deep water projects amid falling oil prices, Reuters reported. The Cayman Islands holding company, which spent heavily on new drill ships earlier in the decade, said lower oil prices will continue to weigh on client demand during 2017. More than half of its drilling units are currently inactive. In a filing with the U.S. Bankruptcy Court in New York, Ocean Rig UDW President Antonios Kandylidis said the company had reached an agreement with a group of lenders to convert $3.7 billion of debt into new equity. Kandylidis said the Chapter 15 filing aims to protect the restructuring deal from distressed debt investors who had hoped to make money after buying the company's bonds during a steep oil price decline last year. Read more.