Ocean Rig’s Skyros Drillship Awarded Contract

Saipem 10K drillship
Saipem 10k drillship, image: Saipem

Deepwater drilling contractor Ocean Rig UDW Inc. (NASDAQ: ORIG) announced today that it has received a 5-well contract for its ultra deepwater drillship Ocean Rig Skyros currently under construction at Samsung Heavy Industries.  The contract was signed with an undisclosed oil major and is for 5 wells or a minimum of 275 days of drilling offshore West Africa.  The value of the contract is approximately $190 million and will commence upon delivery of the drillship in October 2013.

The Ocean Rig Skyros is a Saipem 10K design, dual activity drillship.

As a result of this Letter of Award, Ocean Rig’s total contracted backlog (including LOAs) stands at about $5.0 billion.