Ocean Rig Poseidon Extended off Angola, Additional Contract Awarded

ocean rig poseidon tanzania offshore drilling drillship deepwater
Ocean Rig Poseidon, file photo courtesy of Statoil/Heine Melkevi

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 extension, Ocean Rig says they have entered into an agreement with ENI to employ “one or more of Ocean Rig’s available drillships in West Africa” beginning in Q1 2015 for an 8 month contract.

As a result of these agreements, Ocean Rig says their total contract backlog has increased by approximately $187.0 million.

We have reached out to Ocean Rig for clarification on how the Poseidon’s day rate is tied to the price of oil, but have not heard back yet.