Vanco Contract for Ocean Rig Drillship Novated

Ocean Rig UDW on Thursday announced that the remainder of the existing drilling contract with Vanco for the 6th generation drillship Ocean Rig Olympia has been novated to a Europe based operator for drilling offshore West Africa. The remaining duration provides for 120 days of work, for a contract value of approximately $60 million.

George Economou, Chairman and CEO commented:"Flexibility is a key maxim of good customer service and the novation agreement for the remaining term of this contract is a win-win solution for all parties involved. We would like to thank Vanco for a fruitful contract."

According to RigLogix, the drillship has been drilling the Independence-1X well offshore Cote d'Ivoire since late October. Work is scheduled to wrap up early next month.

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