Ocean Rig Partners LP, an MLP formed by Ocean Rig to own three deepwater rigs near Angola, filed on Tuesday with the SEC to raise up to $305 million in an initial public offering. Ocean Rig Partners will use IPO proceeds to purchase its vessels from Ocean Rig (ORIG), a subsidiary of DryShips (DRYS).
The year's other offshore drilling IPO, Transocean Partners LLC (RIGP), closed below its IPO price for the first time since its July offering on Monday, but recovered into positive territory on Tuesday.
The Nicosia, Cyprus-based company, which was founded in 2014 and booked $224 million in sales for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol ORLP. Ocean Rig Partners LP initially filed confidentially on April 18, 2014. Barclays, BofA Merrill Lynch, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
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