On October 15, 2018, the drilling unit Ocean Rig Poseidon efficiently accomplished its program with Chariot Oil & Gas and has now commenced its contract with ENI Angola S.p.A. (“ENI”) for drilling offshore Angola. This contract has been entered into following the beforehand introduced LOI. ENI has exercised its two non-compulsory wells making it a agency four-well program that’s anticipated to be accomplished within the second quarter of 2019.
Mr. Pankaj Khanna, President and Chief Executive Officer of the Company, commented: “The market has been creating as projected with an rising stage of demand that has not been skilled since 2013, earlier than the collapse in oil costs. Given the sturdy constructive cashflow of our prospects, we anticipate new and suspended offshore initiatives to attain FID in 2019 and past that will lead in greater demand for drilling within the coming years and a restoration in rig day charges. As we’ve beforehand introduced, our and Transocean’s Special Meetings the place every of our respective shareholders will vote on our proposed merger with Transocean are every scheduled for November 29, 2018. Assuming a constructive vote by each our and Transocean’s shareholders, we anticipate the merger to shut in December.” (Source: Ocean Rig)
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