Ocean Rig UDW Inc, a global provider of offshore deepwater drilling services, today announced that it has signed a new drilling contract for its semisubmersible drilling rig “Leiv Eiriksson” with a consortium coordinated by Rig Management Norway for drilling on the Norwegian Continental Shelf.
The maximum total revenue backlog is estimated at $653 million for a minimum period of 1070
days. The new contract is a well-based contract for 15 wells and will commence in the
fourth quarter of 2012 or the first quarter of 2013.The contract includes three options
of 6 wells each that have to be exercised well in advance of the expiry of the firm
period.
George Economou, Chairman and Chief Executive Officer of Ocean Rig UDW Inc
commented “We are pleased to announce this long-term contract with a strong
consortium for work on the Norwegian Continental Shelf, taking advantage of the
Leiv Eiriksson’s harsh weather capabilities. This contract substantially enhances our
backlog and is evidence of the strengthening market for high specification ultra
deepwater rigs. We have two further high specification ultra deepwater capable units
open in 2012, the Eirik Raude and Ocean Rig Olympia, and we are focused on
securing long-term contracts for them.