Petrobras contracts Ocean Rig for Black Sea drilling program

Ocean Rig ASA has received a Letter of Award from Petrobras for a three-year employment contract for exploration drilling in the Black Sea.

Offshore staff

ATHENS, Greece -- Ocean Rig ASA has received a Letter of Award from Petrobras for a three-year employment contract for exploration drilling in the Black Sea.

The three-year term includes mobilization, disassembly, and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to begin in direct continuation from the company's current contract with Shell. The contract value is approximately $630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure, and an incentive bonus of 8%.

03/26/2009

More in Drilling & Completion