Total E&P Angola Hires Ocean Rig Olympia Drillship

Ocean Rig UDW Inc., an international drilling contractor  specializing in ultra-deepwater and harsh-environment segment of the offshore drilling industry yesterday reported the signing of definitive documentation, following the previously announced Letter of Award, for its ultra deepwater drillship “Ocean Rig Olympia”, with Total E&P Angola.

The contract is for a three-year period for drilling offshore West Africa, with an estimated backlog of approximately $652 million.

The contract is expected to commence in direct continuation of the Ocean Rig Olympia’s existing contract in West Africa. The customer has the option to extend the contract for two periods of one year each, with the first option exercisable within one year from the commencement date under the drilling contract, and the second option exercisable within one year after the date of exercise of the first option.

Mr. George Economou, Chairman & CEO of the Company commented:

“We are pleased to build on the relationship with Total E&P which started with the Leiv Eiriksson contract for operations in the North Sea. With five high specification rigs open in 2013 we are well positioned to leverage the prevalent strong day  rate environment for the deep water market.

Ocean Rig Olympia was delivered to Ocean rig in April 2011from the SHI Shipyard in Korea.  Ocean Rig’s drillships are based upon the Saipem 10K design. They are a successful and well proven design complete with full dual derrick enhancements to ensure optimal operational efficiency. The company owns and operates the two drilling rigs Leiv Eiriksson and Eirik Raude and the four drill ships Ocean Rig Corcovado, Ocean Rig Olympia, Ocean Rig Poseidon and Ocean Rig Mykonos. All six units are constructed for Ultra Deep Waters and Harsh Environment.

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Offshore Energy Today Staff, May 11, 2012