Ocean Rig UDW Reports Profit In Q1 - Quick Facts

(RTTNews) - Ocean Rig UDW Inc. (ORIG), an international contractor of offshore deepwater drilling services, reported first quarter net income of $41.1 million, or $0.31 per share, compared to a net loss of $1.5 million, or $0.01 per share, for the three-month period ended March 31, 2014. Adjusted EBITDA was $219.0 million for the first quarter of 2015, compared to $172.2 million for the same period in 2014.

Revenues from drilling contracts increased to $402.1 million for the three-month period ended March 31, 2015, compared to $360.8 million for the same period in 2014. Analysts polled by Thomson Reuters expected revenue of $396.44 million for the quarter.