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Rough waters: Ocean Rig Partners LP withdraws $305 million IPO

November 2, 2016

Ocean Rig Partners LP, an MLP formed by Ocean Rig to own three deepwater rigs near Angola, withdrew its plans for an initial public offering on Wednesday. It originally filed in October 2014 with a proposed deal size of $305 million.

The Nicosia, Cyprus-based company was founded in 2014 and booked $224 million in sales for the 12 months ended June 30, 2014. It had planned to list on the Nasdaq under the symbol ORLP. Barclays, BofA Merrill Lynch, Credit Suisse and Deutsche Bank were set to be the joint bookrunners on the deal.