Ocean Rig delays drillship delivery from Samsung Heavy

Ocean Rig delays drillship delivery from Samsung Heavy

George Economou’s Ocean Rig has reached an agreement with South Korean yard Samsung Heavy Industries to delay the delivery of newbuild drillship Ocean Rig Crete to September 2020.

Ocean Rig will make a $22.25m payment to the yard this month against the remaining yard installments, and has the option to bring delivery forward at any time.

Pankaj Khanna, president and CEO of Ocean Rig, commented: “We are pleased to have reached an agreement to postpone the delivery of the Ocean Rig Crete to September 2020. We appreciate the support of Samsung Heavy Industries and the continuing strategic partnership involving the construction of eleven drillships. With oil prices increasing to above $70 per barrel, the terms agreed with Samsung Heavy Industries provide substantial optionality and leverage to a market that is expected to be significantly improved when the Ocean Rig Crete is delivered to us.”

In April, Ocean Rig postponed delivery of drillship Ocean Rig Santorini and in February cancelled its order for another.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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