Ocean Rig commits to third drillship

Ocean Rig UDW has exercised a third newbuild option with Samsung Heavy Industries for a seventh generation ultra-deepwater drillship.

Offshore staff

ATHENS, Greece – Ocean Rig UDW has exercised a third newbuild option with Samsung Heavy Industries for a seventh generation ultra-deepwater drillship.

This will be a sister vessel to two previously-exercised options agreed in April. The drillships’ specifications include:
 • Capability to drill in 12,000 ft (3,657 m) water depth
 • A seven-ram BOP
 • A dual mud system
 • Enhanced riser handling and storage system
 • Ballast water treatment system.

According to Dryships, the majority owner of Ocean Rig UDW, the total cost of this latest drillship is $608 million, of which around $242 million has already been paid to the yard in cash. The remainder is payable upon delivery, scheduled for November 2013.

Earlier this month, DryShips successfully amended its $495-million secured term loan facility to help it finance the remaining costs of the drillship Ocean Rig Mykonos, contracted by Petrobras for three years offshore Brazil.

06/30/2011

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