Ocean Rig is seeking to raise around $500 million in a bond sale. The senior unsecured notes, which will be will be sold to Norwegian investors and eligible counterparties, will mature in 2016.

The company will use the proceeds from the offering to finance its new building drillships program and for general corporate purposes. Ocean Rig is a majority-owned subsidiary of Greek dry cargo transporter and oil driller, DryShips.

Click here for the release from Market Wire.