13D Filing: Avenue Capital Management II, L.P. and Ocean Rig UDW Inc. (ORIG)

Item 1.

Security and Issuer.

This Amendment No.1 (this “Amendment”) to Schedule 13D relates to the common shares, par value $0.01 per share (the “Common Shares”), of Ocean Rig UDW Inc., a Cayman Islands corporation (the “Issuer”), whose principal executive offices are located at c/o Ocean Rig Cayman Management Services SEZC Limited, 3rd Floor Flagship Building, Harbour Drive, Grand Cayman, Cayman Islands, and amends the initial statement on Schedule 13D filed on September 29, 2017 (the “Original Filing”). Each item below amends and supplements the information disclosed under the corresponding item of the Original Filing. Except as indicated herein, the information set forth in the Original Filing remains unchanged in all material respects. Unless otherwise indicated, all capitalized terms used herein but not defined shall have the same meanings as set forth in the Original Filing.

Item 4.

Purpose of Transaction.

The Reporting Persons intend to recommend that the Issuer hire advisers to review opportunities to maximize shareholder value, including changes to capital structure, utilization of significant assets, and possible strategic transactions. The Reporting Persons may also develop plans and/or make proposals with respect to, or with respect to potential changes in, the operations, management, the organizational documents, Board composition, ownership, capital or corporate structure, dividend policy, strategy and plans of the Issuer, utilization of significant assets, potential strategic transactions involving the Issuer or certain of the Issuer’s businesses or assets.  Such plans or proposals may relate to or result in one or more of the actions set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D.  The Reporting Persons intend to have discussions with the Issuer’s management, manager, board of directors, other shareholders or third parties, including, potential advisers, potential acquirers and financing sources, relating to the Issuer and the plans or proposals set forth above, or may change their intention with respect to any and all matters referred to in this Item 4.  The Reporting Persons may have such discussions alone or together with one or more of the foregoing persons. The Reporting Persons intend to have discussions with affiliates of Elliott Associates, L.P., Elliott International Capital Advisors Inc. and BlueMountain Capital Management, LLC (collectively, the “Other Parties”), regarding such opportunities to enhance shareholder value and may have discussions with the persons listed above together with the Other Parties. The Reporting Persons may exchange information with the Issuer and any of the foregoing persons pursuant to appropriate confidentiality or similar agreements.

The Reporting Persons may be deemed to have formed a “group” within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended with the Other Parties. Collectively, the group may be deemed to have beneficial ownership of the Common Shares of the Issuer beneficially owned by each of the group members. Each of the Reporting Persons disclaims beneficial ownership of any Common Shares of the Issuer beneficially owned by the Other Parties.  The Other Parties separately report their beneficial ownership of the Issuer’s Common Shares on Schedules 13D with the Securities and Exchange Commission and reference is hereby made to those filings for the beneficial ownership of each party and any changes thereto.

Name	Number of Shares	Percentage of Shares (%)
Avenue Capital Management II	6,327,143	7.0
GenPar	6,327,143	7.0
Marc Lasry	6,954,094	7.7
Avenue Energy Opportunities Partners, LLC	5,104,948	4.2
Avenue Energy Opportunities Fund, L.P.	5,104,948	4.2
Avenue Investments, L.P.	1,311,615	1.4
Avenue PPF Opportunities Fund GenPar, LLC	166,588	.2
Avenue PPF Opportunities Fund, L.P.	166,588	.2
Avenue SO Capital Partners II, LLC	1,055,607	1.2
Avenue Special Opportunities Fund II, L.P.	1,055,607	1.2
Avenue Europe International Management, L.P.	592,638	.7
Avenue ASRS Europe Opportunities Fund, L.P.	81,564	.1
GL Europe ASRS Investments S.a.r.l.	81,564	.1
Avenue Europe Special Situations Fund III (Euro), L.P.	98,290	.1
GL Europe Luxembourg III (EUR) Investments S.a.r.l.	98,290	.1
Avenue Europe Special Situation Fund III (US), L.P.	355,899	.4
GL Europe Luxembourg III (US) Investments S.a.r.l.	355,899	.4
Avenue Europe Opportunities Master Fund, L.P.	91,198	.1
GL Europe Luxembourg S.a.r.l.	91,198	.1

Item 7.

Material to Be Filed as Exhibits.

Exhibit 1:

Power of Attorney for Marc Lasry, dated February 11, 2010 (incorporated by reference to Exhibit 24 to the filing on Schedule 13G/A relating to beneficial ownership of shares of common stock, par value $0.01 per share, of Spectrum Brand Holdings, Inc., filed with the SEC on June 25, 2010).