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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