Ocean Rig postpones drillship delivery at Samsung Heavy Industries

Ocean Rig postpones drillship delivery at Samsung Heavy Industries

George Economou’s offshore driller Ocean Rig has reached an agreement with South Korean shipbuilder Samsung Heavy Industries to postpone delivery of its newbuilding drillship Ocean Rig Santorini.

Under the agreement, the parties have agreed to postpone the delivery of the rig from June this year to September 2019, while Ocean Rig has options to further delay the delivery.

“With oil prices increasing to above $70 per barrel, the agreed terms provide substantial optionality and leverage to a market that is expected to be improving when the rig delivers,” said Pankaj Khanna, president and CEO of Ocean Rig.

In February, Ocean Rig cancelled a $702m drillship contract at Samsung Heavy Industries. Currently it has two newbuildings under construction at the yard.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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