NEW YORK (May 18, 2018) – AlixPartners is pleased to announce its recent engagement at Ocean Rig UDW Inc. has been awarded “Restructuring Deal of the Year in the Energy Sector” by the judging panel for M&A Advisor’s 10th Annual International M&A Awards.
In considering award recipients, the independent judging panel of industry experts evaluated nominations representing more than 250 individual companies from across the world—a wide and varied group with deals valued from $10 million to tens of billions of dollars and covering a range of industry sectors.
Ocean Rig is an Athens, Greece-based international offshore drilling contractor providing oilfield services covering exploration, development, and production drilling. It specializes in the ultra-deepwater and harsh-environment segments of the offshore oil and gas industry.
The restructuring was a complex and cutting-edge cross-border undertaking. With Ocean Rig’s approximately $3.8 billion of financial indebtedness, it was the largest ever by value undertaken in the Cayman Islands using schemes of arrangement, and it involved coordinating with adviser and stakeholder groups in the UK, the US, the Cayman Islands, the Marshall Islands, and Greece. The AlixPartners team was led by Simon Appell, who acted in the role of joint provisional liquidator, and was supported by Chris Duffy, Thiveni Samaraweera, Ian Partridge, Rob Waters, Anthony Barsoum, and Stéphanie Clark, all of whom operate from AlixPartners’ London office.
Commenting on the award, Lisa Donahue, the global leader of AlixPartners’ Turnaround & Restructuring practice, said, “This high-profile award is a reflection of both AlixPartners’ deep sector credentials in energy and of our ability to deliver innovative solutions in complex cross-border restructuring assignments. I’m delighted for the team involved, and the award is a worthy recognition of the technical skill and excellent stakeholder management they brought to this highly challenging assignment.”
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