Ocean Rig UDW Inc ORIG 1.71% stock is down 19.4 percent on Wednesday after reporting disappointing Q4 earnings, sending the stock closer to sub-$1 territory. The company commentary didn’t particularly inspire confidence for investors either. Management said that “prospects for the industry remain bleak” and “are likely to remain so at least until 2018.”

Although Ocean Rig’s comments were more bearish than the outlook described by other offshore drillers, the company’s earnings have impacted other names in the space as well. DryShips Inc. DRYS 1865.27%, which crossed into penny stock territory long ago, is also down around 19 percent in Wednesday’s session. DryShips holds a large stake in Ocean Rig.

Earlier this week, Barclays analyst David Anderson said…

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