Eirik Raude Receives LOI from Repsol

Ocean Rig has received a letter of intent from Repsol YPF Cuba S.A. to drill one well in the economic exclusive zone (EEZ) of Cuba. The well is located in approximately 5,400 feet of water. The LOI with Repsol also includes and an option for one additional well. The agreed dayrate is US $195,000 per day.

The contract is subject to finalization of detailed terms and conditions.