Ocean Rig, Energean Set Up JV Company (Greece)

Ocean Rig and Energean Oil & Gas join forces to participate in the new bid rounds for exploration and exploitation of hydrocarbons, in Greece and abroad, for sea depths exceeding 1000 meters.

The two companies agreed to set up a new Joint Venture under the name “OceanEnergean”, with each company holding 50% of the share capital. The new entity will combine the long presence of Energean Oil & Gas in the exploration, development and operation of oil and gas fields with Ocean Rig’s international experience in deep drilling. The objective is to create an operator that will bid for new blocks in the Mediterranean, the Black Sea and Africa as well as in Western Greece and Crete, when the new bid rounds open.

The joined forces of the only Greek company producing oil and natural gas in the country with one of the world’s largest international ultra deep-water drilling companies creates a powerful international operator that can explore and produce hydrocarbons in marine depths exceeding 1000 meters.

Referring to the establishment of OceanEnergean,   George Economou, Chairman & CEO of Ocean Rig UDW Inc. stated: “Ocean Rig is investing in the prospect of the hydrocarbons sector. Energean Oil & Gas not only managed to revive the production in the Gulf of Kavala but also has a significant international presence in Egypt, while also being present in new areas such as Ioannina and Katakolon in Greece. Taking into consideration the long experience and the remarkable international collaborations already developed, Energean Oil & Gas has been selected as a key partner that will allow us to broaden our activities beyond drilling, in the exploration and production of hydrocarbons internationally”.

Mathios Rigas, Chairman and CEO of Energean Oil & Gas stated: “Energean Oil & Gas remains committed to the creation and development of the first Greek E&P company with presence in the Greek and International hydrocarbons exploration and production sector. Through this new JV we aim to take the lead in the opening of the market in Greece, but will also bid for new areas for exploration and production internationally. Ocean Rig is another strategic partner among our partnerships with leading international companies from the Energy industry, such as Schlumberger, our Strategic Technical Partner, BP, with a 6 year off take agreement, and Israeli Ratio for the areas of Thermaikos and Orphanos. With the combined experience of Ocean Rig in deep drilling and Energean in operations in environmentally sensitive areas, OceanEnergean would be a strong, recognizable international business entity and an important guarantee for the successful expansion of our activities in research and exploitation of oil and gas in the deep waters.”

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Press Release, November 05, 2013