Ocean Rig UDW Inc. announced that due to favorable loan market conditions, the company's wholly owned subsidiaries, Drillships Ocean Ventures Inc. and Drillships Ventures Projects Inc., intend to increase the amount of their proposed senior secured term loan to $1.3 billion and not to proceed with their proposed senior secured notes offering. The company had previously announced that Drillships Ocean Ventures Inc. and Drillships Ventures Projects Inc. intended to consummate a new $800.0 million senior secured term loan and to concurrently offer $500.0 million in aggregate principal amount of senior secured notes due 2022.

The company intends to use the net proceeds from the senior secured term loan, if completed, together with cash on hand, to repay all of the outstanding amounts under its $1.35 billion senior secured term loan facility.

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. The company owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, one of which is scheduled to be delivered to the company during 2015, one of which is scheduled to be delivered to the Company during 2016 and 2 of which are scheduled to be delivered during 2017.