Ocean Rig Drillships Secure Work Offshore Angola

Mike Schuler
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May 18, 2015

Photo: Ocean Rig

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 has also entered into a new contract for the drillship Ocean Rig Olympia to drill offshore Angola commencing in the third quarter of 2015. The contract is for a minimum of 8 months with a total contract backlog of about $91 million.

Commenting on the contracts, George Economou, Ocean Rig’s Chairman and Chief Executive Officer said: “We are pleased to expand our strong relationship with ENI and our presence in Angola. This is a clear testament of our ability to provide a first class service to our clients.”

Ocean Rig currently owns and operates 10 ultra-deepwater drilling units, including 2 UDW semi-submersibles and 8 UDW drillships. The company also has 3 newbuild UDW drillships on order with delivery anticipated for 2016, 2018 and 2019.

With the contracts from ENI, all 10 current rigs are now secured under contract through at least 2015.

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