George Economou-led Ocean Rig has announced today that Eni has terminated the contract for drillship Ocean Rig Olympia.
The release said Eni has reassessed its drilling activities “due to the dramatic fall of the crude oil price and the volatile market context” and so taken the decision to exercise its right of termination.
Ocean Rig did not provide any details on the terms of the cancellation for the 2011-built vessel.
Eni signed for the drillship in May 2015 to drill offshore Angola, with operations commencing in the third quarter of 2015 for a minimum of 8 months. The contract was worth around $91m in total.
In October, Ocean Rig said that after the Angola contract Olympia has no further prospects for employment and will likely be laid up and its five-year special periodic survey postponed.