Ocean Rig UDW Turns To Profit In Q3

(RTTNews) - Ocean Rig UDW Inc.(ORIG) reported third-quarter 2014 net income attributable common stockholders of $103.95 million, or $0.79 per share, compared to a net loss of $21.5 million, or $0.16 per share last year.

The latest-quarter results included a non-cash write offs and breakage costs associated with the full refinancing of the $1.35 billion Senior Secured Credit Facility totaling $22.0 million or $0.17 per share. Excluding the items, the Company would have reported net income of $126.2 million, or $0.96 per share.

Revenues from drilling contracts increased to $515.5 million, as compared to $328.5 million for the same period in 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.69 per share and revenues of $490.58 million for the quarter. Analysts' estimates typically exclude special items.