OCEAN RIG ASA
|Friday, June 16, 2000
Ocean Rig ASA has entered into a master agreement with Pride Foramer, an affiliate of Pride International, Inc., covering operations of Ocean Rig's drilling units offshore Angola. The agreement also covers operations of units owned by the Sonangol EP/Ocean Rig Joint Venture Company as set out in the Memorandum of Understanding signed in February of this year. The master agreement was also co-signed by Sonangol EP. The goal of this joint venture is to build, own and market drilling rigs for ultra deepwater operations offshore Angola and internationally. Ocean Rig will have 51 percent ownership and Sonangol will have 49 percent ownership. One of the conditions of the MOU is the establishment of operations in Angola.