Ocean Rig UDW: Olympia Contract Novated

(Press Release)
Thursday, December 15, 2011
Ocean Rig UDW (NASDAQ: ORIG) announced that the remainder of the existing drilling contract with Vanco for the 6th generation drillship Ocean Rig Olympia has been novated to a Europe based operator for drilling offshore West Africa. The remaining duration provides for  120 days of work, for a contract value of approximately $60m. George Economou, Chairman and CEO said: “Flexibility is a key maxim of good customer service and the novation agreement for the remaining term of this contract is a winwin solution for all parties involved. We would like to thank Vanco for a fruitful contract.”

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