Rig contractor Ocean RIG UDW Inc. filed for chapter 15 protection in a U.S. court amid a deep and prolonged downturn in the industry, Reuters reported yesterday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. The company said on Tuesday it entered into an agreement with creditors representing over 72 percent of Ocean RIG's outstanding consolidated indebtedness for a financial restructuring. Ocean RIG's chief executive, George Economou, said last year that the company would consider alternatives, including a possible reorganization under U.S. bankruptcy laws.
