AlixPartners, the global advisory firm, announced that it recently completed the successful financial restructuring of Ocean Rig UDW and certain of its subsidiaries.

Ocean Rig is an international offshore drilling contractor providing oilfield services covering exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore oil and gas industry. The restructuring of the approximately $3.8 billion financial indebtedness was implemented through the appointment of joint provisional liquidators, Simon Appell of AlixPartners and Eleanor Fisher of Kalo Advisers, over four holding companies in the Ocean Rig group, followed by four Cayman Islands schemes of arrangement and Chapter 15 recognition in the United States. The restructuring provides the Ocean Rig group with a vastly deleveraged capital structure and allows the group to face the ongoing challenging market conditions with renewed optimism.

This complex and cutting-edge cross-border restructuring, the largest ever by value in the Cayman Islands using schemes of arrangement, involved coordinating with several legal and financial advisers in the UK, the US, Cayman Islands, Marshall Islands and Greece.