DryShips Takes Delivery of First Newbuilding Drillship

Tuesday, January 04, 2011

DryShips Inc. (NASDAQ: DRYS) announced that its 78% owned subsidiary Ocean Rig UDW Inc. took delivery of its newbuilding drillship, the Ocean Rig Corcovado. The Ocean Rig Corcovado is the first to be delivered of the four sister drillship vessels that are being constructed at Samsung Heavy Industries. The construction of all vessels is progressing well and according to schedule. The vessels are sixth generation advanced capability ultra-deep water drillships, each with a drilling capability of 10,000 feet. The naming ceremony of the first two vessels, Ocean Rig Corcovado and Ocean Rig Olympia, was held in December 2010, at Samsung shipyard.

George Economou, Chairman and Chief Executive Officer of DryShips, commented: "The delivery of our first newbuilding drillship represents a new milestone in the realization of our business strategy in the ultra deep water drilling sector. With Ocean Rig UDW's successful private placement offering we have positioned Ocean Rig to be a pure play in the ultra deepwater drilling sector with contracts and a balance sheet that is self-sustaining.

"By the end of 2011, Ocean Rig, an experienced ultra deep water operator, will have an operational fleet of four state of the art ultra deepwater drillships, plus options to build another four, and two ultra deep water semisubmersible drilling rigs, representing one of the largest ultra deepwater fleets and only pure play entity in the sector.

"The current environment for the ultra deepwater market has improved from the summer low levels we experienced and we believe that rates have turned a corner after bottoming in the third quarter 2010. We believe that the ultra deep water drilling sector has strong fundamentals, as deepwater drilling is the most viable source of new oil supplies. There are positive signs of discovery and long term potential in established and new areas around the world."
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

World’s First LNG-Ready Ultra Large Container Ship Named

The race is on in global maritime circles to be the “world’s first” in every aspect of environmental friendliness, particularly in regards to the incorporation of LNG as fuel onboard commercial ships.

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Offshore

Wärtsilä Integrated Solutions for Maersk's AHTS Vessels

A new series of six Anchor Handling Tug Supply vessels to be built at the Kleven Verft AS in Norway for the Danish based Maersk Supply Service A/S - part of the A.

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Woodside to Pick up Moroccan Acreage

Woodside advises that it has entered into a contract for an exclusive Reconnaissance Licence (RL) with the Office National des Hydrocarbures et des Mines, the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1083 sec (9 req/sec)