Ocean Rig wins new drillship contract, extends semi-sub contract

Ocean Rig wins new drillship contract, extends semi-sub contract

Offshore driller Ocean Rig has added around $20m to its backlog after signing a new contract for one of its drillships and securing and securing an extension for a semi-submersible rig.

Statoil has awarded drillship Ocean Rig Poseidon a new drilling contract for a one-well drilling program offshore Tanzania. The contract is expected to commence in the first quarter of 2018.

Additionally, Lundin Norway has declared a fifth option on semi-submersible Leiv Eiriksson giving it employment through to March 2018. Ocean Rig has also granted Lundin two additional options giving it seven in total, which if exercised could see their employed through to mid-2019.

George Economou, chairman and CEO of Ocean Rig, commented: “We are excited that following the successful completion of our restructuring we have secured additional work for our rigs. Our strong balance sheet has increased our eligibility to participate in tendering activities for our clients and allows us to offer competitive solutions to selectively pursue the opportunities that make the most business sense.”

Ocean Rig has been undergoing a restructuring under Chapter 15, with an approved restructuring deal expected to come into force next month.

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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