Ocean Rig wins Total drilling contract

OE Staff
Tuesday, July 23, 2013

Ocean Rig UDW Inc. signed a contract with Total E&P Angola, for its ultra deepwater drillship, Ocean Rig Skyros. The contract is for five wells or a minimum of 275 days for drilling offshore

West Africa, with an estimated backlog of about US $190 million, and is expected to commence upon delivery of the drillship from the shipyard, in October 2013.

Ocean Rig was also awarded a contract for Ocean Rig Skyros, from an undisclosed major oil company. The contract durations is for six years for drilling offshore West Africa, with an estimated backlog of about $1.3 billion. The contract is subject to completion of definitive documentation and receipt of regulatory approvals, and expected to commence in direct continuation of

the previous contract before 1Q 2015.

As a result of this contract, Ocean Rig’s total contracted backlog stands at about $6.1 billion, primarily with investment grade or strong counterparties.

Categories: Offshore Drilling

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