Ocean Rig Q1 net income $288 million, $2.07 per share
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Fleet utilization was approximately 96.3%.
Included in the first quarter 2016 results are: non-cash gains associated with the purchase of the 7.25% Senior Unsecured Notes due 2019 and the 6.5% Senior Secured Notes due 2017 totaling $125.0 million, or $0.90 per share.
Excluding the above items, Ocean Rig would have reported net income of $163 million, or $1.17 per share. The company reported Adjusted EBITDA of $343 million for the first quarter of 2016.
George Economou, chairman and chief executive officer, commented: "Despite the current market conditions and our recent contract terminations, we are pleased to report another solid quarter, with a fleet utilization of approximately 96.3% and further reductions in corporate and operating expenses.
"Our performance is a testament to the superior operating results associated with modern assets and the collective efforts of our operating team." ■