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Ocean Rig UDW Inc. (NASDAQ:ORIG) had a loss and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Ocean Rig UDW Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.21 in the quarter versus EPS of $0.28 in the year-earlier quarter.
Revenue: Was the same at $237.7 million as the year-earlier quarter.
Actual vs. Wall St. Expectations: Ocean Rig UDW Inc. reported adjusted EPS loss of $0.21 per share. By that measure, the company beat the mean analyst estimate of $-0.34. It beat the average revenue estimate of $232.9 million.
Quoting Management: George Economou, Chairman and Chief Executive Officer of the Company commented: “During the fourth quarter of 2012, our drilling units operated at acceptable levels of efficiency but our results were adversely impacted by the scheduled drydock of the Eirik Raude which was completed in the fourth quarter of 2012. All-in-all, in 2012 we experienced various delays mobilizing to drilling locations and acceptance testing took longer than projected for our long-term contracts in Brazil. In addition, we had several short term contracts that resulted in more frequent mobilization and certain of our rigs traveled long distances between drilling locations. Despite the mobilization delays and the Eirik Raude’s 10 year class survey, we achieved an 89% utilization rate over available drilling days fleet wide and a 91% utilization rate over available drilling days for our four operating drillships.”
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