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Ocean Rig weighs bankruptcy

Greek rig company Ocean Rig is the first in the industry to publicly deliberate bankruptcy following the extremely difficult offshore markets, the company writes in its second quarter interim report. Recovery in the offshore market may not occur for several years, projects Ocean Rig.

Photo: POLFOTO/AP/Daniella Beccaria

Rig company Ocean Rig feels so much pressure from weak offshore markets that the company airs the possibility of bankruptcy in relation to the release of the second quarter interim report.

The company, which accounts for a fleet of rigs, semi-submersible rigs, and drilling vessels, booked net earnings in the second quarter of this year worth USD 156.1 million.

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