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Ocean Rig UDW Inc. Announces Signing of Three Year Drilling Contract for the Ocean Rig Mylos and Extension of the Expiry Date for its Newbuilding Options
Nicosia, Cyprus – September 5, 2012
Ocean Rig UDW Inc. (NASDAQ:ORIG) (the
“Company” or “Ocean Rig”), a global provider of offshore deepwater drilling
services, announced today that it has signed definitive documentation, following the
previously announced Letter of Intent, for the Ocean Rig Mylos, a 7th generation
drillship, with Repsol Sinopec Brasil S.A. The Ocean Rig Mylos is currently being
constructed at Samsung Heavy Industries shipyard and is scheduled for delivery in
July 2013. It is the first in a series of three 7th generation drillships Ocean Rig expects
to take delivery of during the second half of 2013 from Samsung. The drilling
contract is for a 3-year period, commencing upon delivery of the drillship from the
shipyard, for drilling offshore Brazil, with an estimated revenue backlog of
approximately $700 million. Under the contract, Repsol also has options to extend the
contract for up to two years beyond the initial three-year contract period.
The company further announced that it has agreed with Samsung Heavy Industries to
extend, at no additional cost, the deadline of exercising its options to construct up to
three additional ultra-deepwater drillships, to March 31, 2013.
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.
Visit the Company’s website at www.ocean-rig.com.
Ocean Rig press release
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