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Ocean Rig To Postpone Delivery of Newbuilding Drillship Ocean Rig Santorini

Source: www.gulfoilandgas.com 4/23/2018, Location: Europe

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Ocean Rig UDW Inc., an international contractor of offshore deepwater drilling services, announced that its subsidiary that is party to the shipbuilding contract for the construction of its 7th generation newbuilding drillship the Ocean Rig Santorini reached an agreement with Samsung Heavy Industries (“SHI”) to postpone the delivery of such newbuilding drillship to September 2019.

Under the agreement reached with SHI the expected delivery date will be September 30, 2019 but may be brought forward at the option of the Company. The remaining yard installments are expected to total $372 million of which $360 million will be financed by non-recourse seller’s credit that matures in June of 2023.

Mr. Pankaj Khanna, President and Chief Executive Officer of the Company, commented:
“We are pleased to have reached an agreement to postpone the delivery of the Santorini to September 2019. Samsung Heavy Industries is a strategic partner of Ocean Rig, having built all 9 of our existing drillships and we thank them for the continuing partnership. With oil prices increasing to above $70 per barrel, the agreed terms provide substantial optionality and leverage to a market that is expected to be improving when the rig delivers. As a reminder, the Ocean Rig Santorini is a 7th generation drillship, a sistership to our other 7th generation drillships, is one of the most technologically advanced drillships in the world, is fully equipped to drill in water depths of up to 12,000 feet, with 2 BOPs and 5 mud pumps, and has a full dual derrick with 2.5mlbs hookload capacity.”

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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

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