Ocean Rig: Three Year Drilling Contract

Monday, February 06, 2012
Ocean Rig UDW Inc. (NASDAQ:ORIG) signed a new drilling contract for its semisubmersible drilling rig “Leiv Eiriksson” with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf. The maximum 
total revenue backlog is estimated at $653 million for a minimum period of 1070 days. The new contract is a well-based contract for 15 wells and will commence in the fourth quarter of 2012 or the first quarter of 2013. The contract includes three options of 6 wells each that have to be exercised well in advance of the expiry of the firm period. George Economou, Chairman and Chief Executive Officer of Ocean Rig UDW Inc commented “We are pleased to announce this long-term contract with a strong consortium for work on the Norwegian Continental Shelf, taking advantage of the Leiv Eiriksson’s harsh weather capabilities. This contract substantially enhances our backlog and is evidence of the strengthening market for high specification ultra deepwater rigs. We have two further high specification ultra deepwater capable units open in 2012, the Eirik Raude and Ocean Rig Olympia, and we are focused on securing long-term contracts for them. 
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Navy Awards Contract for Passenger Terminal Renovation in Hawaii

Naval Facilities Engineering Command (NAVFAC) Hawaii awarded a $20.5 million firm-fixed-price task order under a multiple award construction contract April 27 to Insight Pacific LLC,

Damen Launches First of Two Ro-Pax Ferries

Eighty-meter ice class Ro-Pax ferry MV Veteran was recently launched by Damen Shipyards Galaţi in Romania, the builder announced today.   The vessel represents the first of a two-vessel contract,

U.S. Renews Security Pledge to Japan

U.S. Secretary of State John Kerry told Japanese leaders on Monday that Washington's treaty commitments to Japan's security remain "iron-clad" and cover all territories under Tokyo's administration,

Offshore

Deadly Fire on Pemex Oil Platform to Cost up to $780m

Losses associated with a deadly explosion on an offshore oil platform owned by Mexican state-run company Pemex will total as much as $780 million, a source close to the discussions said on Tuesday.

Groups Seek US SEC Probe of Shell Arctic Drilling Risk Disclosures

An environmental group and a law clinic petitioned the U.S. Securities and Exchange Commission to investigate whether Royal Dutch Shell has adequately disclosed

De Beers Confirms Kleven Newbuild Contract

Norwegian shipbuilder Kleven announced its contract with De Beers Marine Namibia, part of De Beers Group, for the building of a specialized vessel for deep water mineral exploration,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1259 sec (8 req/sec)