Ocean Rig Updates on Financing, Newbuildings & Contracts

SeaDiscovery.com
Wednesday, September 04, 2013

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced the following:

$1.35 billion Bank Facility

The Company announced that it has signed a supplemental agreement to amend certain provisions in its $1.35b Senior Secured Facility dated February 28, 2013.

George Economou, Chairman and Chief Executive Officer of the Company commented:
“We are pleased that our syndicate of commercial banks and export credit agencies agreed to our request to amend certain provisions in their facility. These amendments will harmonize our restricted payment provisions and certain financial covenants with those of our other secured term loan facilities and notes.”

Delivery of the Ocean Rig Mylos
The Company announced that on August 20, 2013, it successfully took delivery of its newbuilding drillship the Ocean Rig Mylos. The Ocean Rig Mylos is the first in the series of three 7th Generation Ultra Deepwater Drillships the Company expects to take delivery in 2013. The drillship is currently mobilizing to offshore Brazil and is expected to commence drilling operations under the 3-year drilling contract with Repsol Sinopec Brasil S.A. by November 2013.

Order of 7th Generation Ultra Deepwater Drillship

The Company announced that it has signed a contract to construct a 7th generation ultra deepwater drillship at Samsung Heavy Industries. This 7th Generation drillship is a sister ship to the three (Ocean Rig Skyros, Ocean Rig Athena, Ocean Rig Apollo) drillships currently under construction at Samsung, and is scheduled to be delivered to the Company in December 2015.

Contract Extension for the Eirik Raude
Ocean Rig also say that Lukoil has exercised its options for an additional two-well program under the previously announced Contract Award for the Company’s semi-submersible drilling rig Eirik Raude. The revised drilling contract is for a firm six-well program and the rig is now expected to be available for employment the earliest by December 2014.

 

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