Ocean Rig, a global contractor of offshore deepwater drilling companies, introduced that its subsidiary that’s social gathering to the shipbuilding contract for the development of its eighth era enhanced built-in design newbuilding drillship, the Ocean Rig Crete, reached an settlement with Samsung Heavy Industries (SHI) to postpone the supply of the Ocean Rig Crete to September 2020. Under the settlement reached with SHI the anticipated supply date shall be September 30, 2020 however could also be introduced ahead on the choice of the Company. As a part of the settlement, the Company will make a $22.25 million cost to the yard inside July 2018 towards the remaining yard installments. Mr. Pankaj Khanna, President and Chief Executive Officer of the Company, commented: “We are happy to have reached an settlement to postpone the supply of the Ocean Rig Crete to September 2020. We admire the help of Samsung Heavy Industries and the persevering with strategic partnership involving the development of 11 drillships. With oil costs rising to above $70 per barrel, the phrases agreed with Samsung Heavy Industries present substantial optionality and leverage to a market that’s anticipated to be considerably improved when the Ocean Rig Crete is delivered to us. As a reminder, the Ocean Rig Crete is an eighth era enhanced built-in design drillship, is among the most technologically superior drillships on the planet with a 2.eight million pound hook load, 2 BOPs and 6 mud pumps and could also be outfitted to drill in water depths of as much as four,000 meters.” (Source and Image: Ocean Rig)

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