Ocean Rig Receives 6-Well LOI for Leiv Eiriksson
Ocean Rig has signed a Letter of Intent with a major oil company for use of the Leiv Eiriksson on a six well firm contract, to commence in direct continuation from the completion of its current contract with ExxonMobil. In addition the oil company has a one-year option to use the rig. The firm work will take place offshore Angola and possibly offshore Congo.
The six well program will have an expected duration of eight months, with a corresponding estimated contract value of US $68 million. The option expires on September 1, 2005. Until such time, Ocean Rig can continue to market the rig for alternative opportunities. The one-year option, if exercised, would have an additional estimated contract value of US $136 million.
Manages 14 Offshore Rigs
- Avenue Capital Urges Ocean Rig To Hire Advisers (Oct 17)
- Rig Contractor Ocean RIG Files For Bankruptcy Protection In US (Mar 28)
- Ocean Rig Acquires an Ultra Deepwater Drillship for $65M (Apr 27)