Total contracts Ocean Rig drillship

June 5, 2014

Ocean Rig UDW Inc., a subsidiary of Athens-based DryShips Inc., announced that it signed a six-year contract with Total E&P Angola for drilling operations in Block 32 offshore Angola, using the ultra-deepwater drillship  Ocean Rig Skyros. The contract is expected to commence 3Q 2015 and has an estimated backlog of US$1.3 billion.

Total operates the Angola ultra-deepwater Block 32 with 30% stake, which includes the Kaombo development project. Twelve oil discoveries have been made at the block, and Total says plans for the project include the production from oil fields Gindungo, Gengibre, Canela, Mostarda, Louro, Salsa and Caril in the central and southeastern sections of Block 32, in water depths ranging from 1400-1900m.

Total's partners in Block 32 include Sonangol Pesquisa & Produção (20%), China Sonangol International Holding (20%), Esso Exploration and Production Angola (15%), Marathon Oil (10%), and Petrogal (5%).

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