Ocean Rig UDW Inc. Announces Additional Well Contracts for the Eirik Raude
News Release
Ocean Rig UDW Inc. (Corporate Head Office)
October 13, 2011
Nicosia, Cyprus – October 12, 2011 – Ocean Rig UDW Inc. (NASDAQ: ORIG) (the
“Company” or “Ocean Rig”), a global provider of offshore deepwater drilling
services, today announced that it has entered into drilling contracts for three
additional wells offshore West Africa, with two independent oil operators based in the
UK and the USA respectively, for the semi-submersible rig Eirik Raude. The total
revenue backlog, excluding mobilization cost, to complete the three wells program is
estimated at $96 million for a period of approximately 175 days. The new contracts
will commence in direct continuation after the completion of the existing Tullow
contract around mid-October.
George Economou, Chairman and CEO commented:
“We continue to execute on our strategy increasing our backlog. With two high-spec
harsh weather UDW semi-submersibles available for employment in 2012 we are
uniquely positioned to secure long-term contracts in a strengthening rate
environment.”
“Company” or “Ocean Rig”), a global provider of offshore deepwater drilling
services, today announced that it has entered into drilling contracts for three
additional wells offshore West Africa, with two independent oil operators based in the
UK and the USA respectively, for the semi-submersible rig Eirik Raude. The total
revenue backlog, excluding mobilization cost, to complete the three wells program is
estimated at $96 million for a period of approximately 175 days. The new contracts
will commence in direct continuation after the completion of the existing Tullow
contract around mid-October.
George Economou, Chairman and CEO commented:
“We continue to execute on our strategy increasing our backlog. With two high-spec
harsh weather UDW semi-submersibles available for employment in 2012 we are
uniquely positioned to secure long-term contracts in a strengthening rate
environment.”