Ocean Rig gains one, loses four drilling contracts

Offshore staff

STAVANGER, Norway – Lundin Norway has contracted Ocean Rig’s semisubmersible Leiv Eiriksson to drill a minimum of three wells offshore Norway, starting this summer.

The value of the contract is around $23.6 million.

However, three other operators have terminated contracts with Ocean Rig over the past few weeks.

On March 7, the contractor initiated arbitration proceedings against Total E&P Angola following termination of a contract for the Ocean Rig Olympia.

It has taken similar action against Premier Oil following the latter’s decision to prematurely end its multi-well contract for the semisub Eirik Raude offshore the Falkland Islands.

Last month, Total E&P Congo also served notice that it would end the Ocean Rig Apollo’s contract, while in January, Eni Angola terminated the drilling contract for the Ocean Rig Olympia.

In this latter case, Ocean Rig says discussions are under way on an amicable settlement.

03/14/2016

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