Ocean Rig Finalizes Contract with Petrobras for Leiv Eiriksson

Leif Eriksson, semisub
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DryShips announced today that on April 8, 2009, pursuant to the previously announced letter of award, its wholly owned subsidiary Ocean Rig ASA signed a 3-year employment contract with Petrobras for exploration drilling in the Black Sea for its semi-submersible rig, the Leiv Eiriksson.

The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is approximately US $630 million, including an estimated 60 days of mobilization, disassembly and reassembly of the derrick structure, and an incentive bonus of 8%.

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