And unlike drillers like Seadrill, Ltd., which has pretty heavy exposure to newbuilds that will have to be paid for over the next several years, Ocean Rig UDW only has three new ships on order, and they aren't scheduled for delivery until mid-2016, early 2018, and early 2019. However, the company hasn't been free cash flow positive since mid-2013, and has used debt and share offerings to generate cash. As long as oil prices stay down, there is a very real risk that day rates -- the amount the company can charge oil companies for the use of its vessels -- could continue to decline, and as we've seen with Seadrill, contract cancellation and re-negotiations at lower day rates are possibilities as well. In summary, Ocean Rig UDW's fleet looks to be solidly under contract, but the company's consistent negative free cash flow, and the use of share offerings to cover the shortfall, could continue to weigh on shareholder returns, and this could be compounded by a protracted cheap oil environment.