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Lundin Extends Contract for Ocean Rig

Maritime Activity Reports, Inc.

July 17, 2017

 Ocean Rig UDW, contractor of offshore deepwater drilling services, has announced that Lundin Norway AS, has declared their third option to extend the existing contract of the Leiv Eiriksson. 

 
In addition, Ocean Rig has granted Lundin 2 additional options to drill further wells in the future.
 
As a result of these developments, the rig now has firm employment until at least the end of September of 2017 and should Lundin exercise its additional seven one-well options, currently un-declared, the rig could be employed until the first quarter of 2019.
 
The total expected revenue backlog, including all the optional wells, is expected to be $85 million.
 
George Economou, Chairman and CEO of Ocean Rig, commented: "We are grateful for the support of our major customer in Norway and subject to the successful restructuring look forward to extending this relationship in the long-term."
 
Ocean Rig is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry.
 
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