George Economou’s Ocean Rig has its antenna up for deals but is wary of repeating the mistakes seen in dry bulk in 2013 when fresh money flowed in anticipating a recovery which stalled.

Ocean Rig has restructured under Chapter 11 and emerged with what new chief executive Pankaj Khanna says is the longest runway in the drilling market.

Ocean Rig is backed by investors including Elliot Management, BlueMountain Capital, and Avenue Capital, which have recommended that the company hire financial advisers to explore strategic alternatives, including a possible sale.