"Nicosia, Cyprus – April 25, 2016 - Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig” or the “Company”), a global provider of offshore deepwater drilling services, announced today that one of its subsidiaries has acquired the 6th generation ultra deepwater drillship Cerrado, being sold through an auction, for a purchase price of $65 million, "
OR release
Cerrado was previously owned by the now bankrupt Schahin Group that paid 682 million dollars for it in 2011. This could be a great investment for ORIG. Or a mediocre investment. Or a failed one. The future price of oil will largely determine the outcome.
