DryShips Signs Firm Contracts with Cairn Energy
The total contract value including mobilization for the Leiv Eiriksson is approximately $95m. The mobilization period will start in direct continuation from the agreed release date from Petrobras. The total contract value including mobilization and winterization of the Ocean Rig Corcovado is approximately $142m.
The company also said that its 78 percent owned subsidiary Ocean Rig UDW successfully took delivery of its new building drillship, the Ocean Rig Corcovado.
The Ocean Rig Corcovado is the first to be delivered of the four sister drillship vessels that are being constructed at Samsung Heavy Industries. The construction of all vessels is progressing well and according to schedule. The vessels are sixth generation advanced capability ultra-deep water drillships, each with a drilling capability of 10,000 feet.
George Economou, chairman and CEO of DryShips, said: â€œWe are pleased to announce the signing of two new contracts with Cairn Energy for the OceanRig Corcovado and the Leiv Eiriksson. We were able to offer the customer a package solution due to the highly specialized nature of our semi-submersibles and also the state of the art drillships.
â€œThe delivery of our first new building drillship represents a new milestone in the realization of our business strategy in the ultra deep water drilling sector. With Ocean Rig UDW's successful private placement offering we have positioned Ocean Rig to be a pure play in the ultra deepwater drilling sector with contracts and a balance sheet that is self-sustaining.â€
Will the new contracts enhance DryShips' market share?
Have your say and discuss with your peers on the InfoGrok community.
Participate by posting your comments now.