‘Ocean Rig Apollo’ to Drill for Total in Congo

Ocean Rig UDW has announced it has secured a drilling contract for its under-construction drillship Ocean Rig Apollo.

The company, in its 2Q release, announced that definite documentation for the deal was signed with Total E&P Congo on July 30,2013.

The contract is for a three-year drilling campaign offshore West Africa, with an estimated backlog of approximately $677 million, and is expected to commence in the first quarter of 2015.

The Ocean Rig Appollo is the 7th Generation Deep Water Drillship of SAIPEM 10000 design. The vessel, being built in South Korea by Samsung Heavy Industries, is scheduled for delivery in January 2015.

George Economou, Chairman and Chief Executive Officer of the Company said: “We believe that the ultra-deepwater (“UDW”) drilling market for high quality assets will remain strong in the foreseeable future as indicated by the high level of demand we are continuing to witness. After multiple large offshore discoveries, the industry moves into the development stage of the well cycle, which is expected to result in more technically complex projects and longer term contracts. We are excited about the future employment prospects of our high quality homogeneous fleet and believe we are optimally positioned in the UDW market.”

Back to profit

Ocean Rig today reported a net income of $38.8 million, or $0.29 basic and diluted earnings per share, for the three-month period ended June 30, 2013, as compared to a net loss of $2.8 million, or $0.02 basic and diluted losses per share, for the three-month period ended June 30, 2012.