Ocean Rig’s ultra deepwater drillship OCEAN RIG OLYMPIA
Nicosia, Cyprus – Ocean Rig UDW Inc. (NASDAQ:ORIG) a global deepwater drilling contractor, announced yesterday that it has signed definitive documentation, following the previously announced Letter of Award, for its ultra deepwater drillship “Ocean Rig Olympia”, with Total E&P Angola.
The contract is for a three-year period for drilling offshore West Africa, with an estimated contract value of approximately $652 million. The contract is expected to commence in direct continuation of the Ocean Rig Olympia’s existing contract in West Africa. Total E&P Angola has the option to extend the contract for two periods of one year each, with the first option exercisable within one year from the commencement date under the drilling contract, and the second option exercisable within one year after the date of exercise of the first option.
Mr. George Economou, Chairman & CEO of the Company commented:
“We are pleased to build on the relationship with Total E&P which started with the Leiv Eiriksson contract for operations in the North Sea. With five high specification rigs open in 2013 we are well positioned to leverage the prevalent strong day rate environment for the deep water market.”
Ocean Rig owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to be delivered to the company during 2013.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 108,981 members that receive our newsletter.
Have a news tip? Let us know.
Almost every day since the expansion of Canada’s Trans Mountain pipeline was completed in May, a tanker laden with oil sands crude shipped through the line has passed under Vancouver’s Lions Gate Bridge en route to refineries around the Pacific.
The Charybdis, America’s first domestically-built wind turbine installation vessel, has commenced sea trials in Brownsville, Texas, marking a significant milestone for the U.S. offshore wind industry. The vessel, now 96%...
UK-based Bibby Marine has contracted with Spanish shipyard Armon to build the world’s first fully-electric Commissioning Service Operation Vessel (eCSOV), marking a significant milestone in maritime decarbonization. The vessel will...
Maritime and offshore news trusted by our 108,981 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
