How One Lone Oil Rig Embodies the Brazil Boom That Never Was

Ocean Rig Mylos. Photo: Shutterstock/

  By Sabrina Valle and Peter Millard (Bloomberg) -- Oil majors had big plans for Brazil, but you can’t tell by looking at the country’s offshore drilling these days. After crude was first struck in the pre-salt formation in the seas off Rio de Janeiro, producers including BP Plc and Total SA were ready to flock to Brazil with billions of dollars in investments. … [Read more...]

DryShips Sells 17 Vessels for Huge Loss

File photo (c) Shutterstock/Lukasz Z

  Athens-based dry bulk shipping company DryShips, Inc. announced Monday agreements to sell 17 vessels and says its remaining fleet is now held for sale, which will lead to impairment losses that could reach close to $800 million. The firm sales agreements were entered into with private entities controlled by DryShips' Chairman and CEO George Economou. The 17 … [Read more...]

Ocean Rig Drillships Secure Work Offshore Angola


NASDAQ-listed deepwater driller Ocean Rig says it has secured contracts with ENI for two of its ultra-deepwater drillships for work offshore Angola. Ocean Rig says that it has extended the contract for its drillship Ocean Rig Poseidon for a further one year until the second quarter of 2017 with total contract backlog now standing at about $367 million. In addition, Ocean Rig … [Read more...]

Ocean Rig Poseidon Extended off Angola, Additional Contract Awarded

ocean rig poseidon tanzania offshore drilling drillship deepwater

Ocean Rig, the deep water drilling specialist reports today they have reached an agreement with ENI Angola S.p.A to extend the contract of the Ocean Rig Poseidon for a further year. This rig is now contracted into 2Q 2017, however it comes with an immediate change to its dayrate according to Ocean Rig, one that ties it to the price of oil. In addition to contract … [Read more...]

Petrobras Extends Ultra Deepwater Ocean Rig Contracts


RIO DE JANEIRO, Oct 20 (Reuters) - Cyprus-based Ocean Rig UDW Inc said on Monday that it signed a $1.1 billion three-year contract with Brazil's state-run oil company, Petroleo Brasileiro SA, to extend a lease on two ultra-deepwater drilling ships. Petrobras, as the Brazilian oil company is known, will get the ships, the Ocean Rig Corcovado and Ocean Rig Mykonos, for 1,095 … [Read more...]

Eirik Raude Wins Drilling Contract Off Falkland Islands

eirik raude

Ocean Rig, the NASDAQ-listed deepwater driller announced today the winning of a 6-well (minimum), $165 million drilling contract offshore the Falkland Islands with an undisclosed client. The rig is currently in South Africa under contract with Total. The company notes the 6-wells will take approximately 260 days to complete once started in Q1 2015. The Eirik Raude is a … [Read more...]

Ocean Rig Orders Ninth Drillship from Samsung Heavy

Ocean Rig's Ocean Rig Mylos, a 7th generation drillship based on the SAIPEM 10000 design. Image credit: Ocean Rig

International deepwater drilling contractor Ocean Rig UDW (NASDAQ: ORIG) on Tuesday announced that it has signed a contract to construct a ninth ultra deepwater drillship at Samsung Heavy Industries for approximately $600 million. The 7th generation drillship is a sister ship to the three drillships (Ocean Rig Skyros, Ocean Rig Athena, Ocean Rig Apollo) currently under … [Read more...]