Ocean Rig, Energean to establish deepwater venture

Ocean Rig and Energean Oil & Gas are to jointly participate in new bid rounds offshore Greece and elsewhere, in water depths of more than 1,000 m (3,281 ft).

Offshore staff

ATHENS, GreeceOcean Rig and Energean Oil & Gas are to jointly participate in new bid rounds offshore Greece and elsewhere, in water depths of more than 1,000 m (3,281 ft).

They have agreed to form a 50/50 joint venture named OceanEnergean. This will combine Energean Oil & Gas’ experience in the exploration, development, and operation of oil and gas fields with Ocean Rig’s international experience indeepwater drilling.

The goal is to create an operator to bid for new blocks in the Mediterranean Sea, the Black Sea, and offshore Africa, as well as off western Greece and Crete, when new bid rounds open.

Energean is Greece’s sole offshore oil and gas producer. Ocean Rig operates a fleet of deepwater drilling rigs.

11/15/2013

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