Ocean Rig Secures New Contracts for Skyros Newbuild

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, announced today that the company has signed definitive documentation with Total E&P Angola, following the previously announced Letter of  Award, for its ultra deepwater drillship “Ocean Rig Skyros”.

The contract is for 5 wells or a minimum of 275 days for drilling offshore West Africa, with an estimated backlog of approximately $190 million, and is expected to commence upon  delivery of the drillship from the shipyard, in October 2013.

Furthermore, Ocean Rig has received a Letter of Award for its ultra deepwater drillship “Ocean Rig Skyros”, from a major oil company. The Letter of Award is for a 6 year contract for drilling offshore West Africa, with an estimated backlog of approximately $1.3  billion. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the previous contract before the first quarter of 2015.

The Ocean Rig Skyros is expected to be delivered from Samsung Heavy Industries in October 2013.

Ocean Rig, July 23, 2013