On Tuesday, Shares of Ocean Rig UDW Inc (NASDAQ:ORIG), lost -6.08% to $1.39.
DryShips Inc. is an owner of drybulk carriers and offshore support vessels that operate worldwide. DryShips also owns about 40% of the outstanding shares of Ocean Rig UDW Inc. (NASDAQ: ORIG), an international drilling contractor. DryShips owns a fleet of 23 drybulk carriers, comprising 3 Capesize and 20 Panamax with a combined deadweight tonnage of about 2.1 million tons, and 6 offshore supply vessels, comprising 2 platform supply and 4 oil spill recovery vessels.
DryShips Inc. (NASDAQ: DRYS), or the Company, an international owner of drybulk carriers and offshore support vessels, recently declared that the independent members of its Board of Directors have approved the exercise of the Company’s right under its formerly declared Secured Revolving Facility Agreement with Sifnos Shareholders Inc. (“Sifnos”), a company controlled by Mr. George Economou. Specifically, the Company has elected to convert $10,000,000 of the outstanding principal amount of the loan into 100,000,000 preferred shares of the Company. Each preferred share will have five votes and will be mandatorily converted into common shares of the Company on a one to one basis within three months after the issuance thereof on a date selected by the Company.
Ziad Nakhleh, Chief Financial Officer of the Company, commented:
“We are happy to have strengthened our balance sheet by $10 million in line with the current trading price of our stock in this difficult environment for drybulk companies. In addition, to avoid being delisted from the NASDAQ during the first half of 2016, the Company believes it will be necessary to effect a reverse stock split of its common shares. The issuance of the preferred stock, together with the continued support of Sifnos, which has expressed its support of the Company’s intention to maintain its NASDAQ listing, will assist us in obtaining the required shareholder approval to effect a reverse stock split.”
Ocean Rig UDW Inc., an offshore drilling contractor, provides oilfield services for offshore oil and gas exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.
Shares of Ecopetrol SA (ADR) (NYSE:EC), inclined 7.69% to $7.00, during its last trading session.
Ecopetrol, reports that its Board of Directors approved the Ecopetrol Group 2016 Investment Plan for US$4.8 billion .
The approved investment budget is in line with the new corporate strategy, and is attuned to the challenging situation of the international oil market. Accordingly, investments budgeted for 2016 will be 40% less than those that were planned for 2015.
The plan focuses on achieving greater efficiencies and profitability in all of the Ecopetrol Group’s areas, with an emphasis on capital discipline, cost reduction and efficiency.
Progress achieved in the Business Transformation Program will yield optimizations and projected savings of US$760 million in 2015.
Ecopetrol S.A., an integrated oil company, engages in the exploration, development, and production of crude oil and natural gas primarily in Colombia, Peru, Brazil, Angola, and the United States Gulf Coast. The company operates through three segments: Exploration and Production; Transportation and Logistics; Refining, Petrochemicals, and Biofuels.
Finally, Manulife Financial Corporation (USA) (NYSE:MFC), ended its last trade with 1.76% gain, and closed at $15.07.
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth administration services through its extensive network of employees, agents and distribution partners.
John Hancock Retirement Plan Services, declared the launch of new and improved participant websites for all product lines. The redesigned websites put powerful retirement plan administration tools in the hands of John Hancock participants, in all John Hancock plans and on all devices.
The new websites foster improved participant interactions, delivering a fully transactional, engaging and intuitive experience. With input from advisors, plan sponsors, and participants, the websites offer one-click navigation, tailored education, and tools to assist participants take data driven and participant-smart actions on the path to retirement. Participants in all of John Hancock’s plans, across all market segments, now have a more user-friendly interface, easy access to tools, fewer clicks needed to take action, and a simplified navigation experience.
“Improving the participant’s online experience is part of our constant commitment to put the needs of the participant first,” said Patrick Murphy, president, John Hancock Retirement Plan Services. “To maximize the impact of our aim visualization and education tools, we employed intuitive, uncluttered web designs that incorporate best practices in online financial decision making.”
Manulife Financial Corporation, together with its auxiliaries, provides financial protection and wealth administration products and services to individual, corporate, and business customers primarily in Asia, Canada, and the United States. It offers various individual life and health insurance, and individual and group long-term care insurance products through insurance agents, brokers, banks, financial planners, and direct marketing.
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