Ocean Rig UDW Inc., a world contractor of offshore deepwater drilling providers, right now introduced sure updates with respect to its rig employment standing:
• The Company has entered into a brand new drilling contract with Chariot Oil & Gas Limited for a one-well drilling program, for drilling offshore Namibia. The contract is anticipated to begin in direct continuation of the beforehand introduced program with Tullow Namibia Limited within the third quarter of 2018 and will probably be carried out by the Ocean Rig Poseidon.
• The Company has entered right into a Letter of Intent (LOI) with a European Major Oil Company for a agency two-wells program plus two optionally available wells, for drilling offshore West Africa. The contract is anticipated to begin in direct continuation of this system with Chariot Oil & Gas Limited within the fourth quarter of 2018 and will probably be carried out by the Ocean Rig Poseidon, and is topic to the negotiation and execution of definitive documentation and different approvals.
• Lundin Norway AS (“Lundin”) declared their seventh choice to increase the prevailing contract of the Leiv Eiriksson, which is now anticipated to have agency employment secured till December 2018. If Lundin workouts its remaining 5 one-well choices, the rig may probably be employed till the third quarter of 2019.
• The beforehand introduced discussions with Total E&P Angola Block 32 for the Ocean Rig Skyros contract have now been concluded and resulted in an modification to the prevailing drilling contract that features a provision that the day fee will stay fastened for the remaining length of the contract at roughly $573,000/day.
Mr. Pankaj Khanna, President and Chief Executive Officer of the Company, commented: “We are happy with the progress of the floater market and count on additional developments within the coming months that will enhance the utilization of the Company’s drilling items into 2019. The conclusion of the Skyros discussions removes any uncertainties with respect to the Company’s estimated contract backlog and solidifies our strategic relationship with Total. We at present see increased ranges of inquiry out there that we count on will translate into increased utilization within the coming months for the general floater fleet.” (Source and picture: Ocean Rig UDW/Ocean Rig Poseidon offshore Tanzania)

The submit OCEAN RIG UDW BAGS FOUR NEW DRILLING CONTRACTS AND EXTENSIONS appeared first on Energy Global News.

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