Ocean Rig UDW Inc. Announces Novation of Remaining Ocean Rig Olympia Contract
News Release
Ocean Rig UDW Inc. (Corporate Head Office)
December 15, 2011
Nicosia, Cyprus – December 15, 2011 – Ocean Rig UDW Inc. (NASDAQ: ORIG) (the
“Company” or “Ocean Rig”), a global provider of offshore deepwater drilling services, today
announced that the remainder of the existing drilling contract with Vanco for the 6th
generation drillship Ocean Rig Olympia has been novated to a Europe based operator for
drilling offshore West Africa. The remaining duration provides for 120 days of work, for a
contract value of approximately $60 million.
George Economou, Chairman and CEO commented: “Flexibility is a key maxim of good
customer service and the novation agreement for the remaining term of this contract is a winwin
solution for all parties involved. We would like to thank Vanco for a fruitful contract.”
About Ocean Rig
Ocean Rig is an international offshore drilling contractor providing oilfield services for
offshore oil and gas exploration, development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore drilling industry. The
company owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra
deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to
be delivered to the company during 2013.
“Company” or “Ocean Rig”), a global provider of offshore deepwater drilling services, today
announced that the remainder of the existing drilling contract with Vanco for the 6th
generation drillship Ocean Rig Olympia has been novated to a Europe based operator for
drilling offshore West Africa. The remaining duration provides for 120 days of work, for a
contract value of approximately $60 million.
George Economou, Chairman and CEO commented: “Flexibility is a key maxim of good
customer service and the novation agreement for the remaining term of this contract is a winwin
solution for all parties involved. We would like to thank Vanco for a fruitful contract.”
About Ocean Rig
Ocean Rig is an international offshore drilling contractor providing oilfield services for
offshore oil and gas exploration, development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore drilling industry. The
company owns and operates 9 offshore ultra deepwater drilling units, comprising of 2 ultra
deepwater semisubmersible drilling rigs and 7 ultra deepwater drillships, 3 of which remain to
be delivered to the company during 2013.