Ocean Rig Skyros Gets LoA for 5 Well Drilling Campaign Off West Africa

Ocean Rig UDW Inc. (the “Company” or “Ocean Rig”), a global provider of offshore deepwater drilling services, announced that it has received a Letter of Award for its ultra deepwater drillship “Ocean Rig Skyros”, from a major oil company.

The Letter of Award is for 5 wells or a minimum of 275 days contract for drilling offshore West Africa, with an estimated backlog of approximately 190 million. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals.

The contract is expected to commence upon delivery of the drillship from the shipyard, in October 2013. As a result of this LOA, total contracted backlog (including LOAs) stands at about $5.0 billion.

Press Release, June 17, 2013; Image: Ocean Rig