October 16, 2017 / 10:12 PM / a year ago

UPDATE 1-Elliott urges Ocean Rig to hire advisers to review opportunities

(Adds BlueMountain's statement, shares)

Oct 16 (Reuters) - Ocean Rig UDW's top investor Elliott Management on Monday urged the offshore driller to hire advisers to review opportunities including possible strategic deals.

Elliott said it planned to rope in Ocean Rig's second-biggest investor, BlueMountain Capital, in the efforts. (bit.ly/2yuqv9N)

The activist hedge fund disclosed a 20.4 stake in the company earlier this month, while BlueMountain held a 10.86 percent stake as per Thomson Reuters data.

Ocean Rig completed restructuring its business in September after filing for Chapter 15 bankruptcy protection in March, weighed down by major oil companies withdrawing from deep water projects amid plunging oil prices.

Ocean Rig's stock had gained nearly 10 percent since the company completed the restructuring on Sept. 22. (Reporting by John Benny in Bengaluru; Editing by Sriraj Kalluvila)

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