Ocean Rig inks $135MM four-well drillship contract offshore West Africa

Source DryShips

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and offshore contract drilling oil services, announced that its fully owned subsidiary Ocean Rig UDW Inc. has received a Letter of Award from an American exploration company for a four well contract for exploration drilling offshore West Africa for a period of about 300 days, commencing in the first or second quarter of 2011.

The contract value is approximately US $135 million. The contract is subject to final documentation.

George Economou, Chairman and CEO of DryShips Inc. and interim CEO of Ocean Rig UDW Inc., said: “We are pleased to secure employment for one of our first two drillships that will be delivered from Samsung during the first quarter 2011. This will serve as a catalyst to securing bank financing on preferred terms. We continue to see strong interest for our state-of-the-art sixth generation drillships operated by our experienced ultra-deepwater operator Ocean Rig.”

DryShips owns a fleet of 39 drybulk carriers (including newbuildings), comprising 7 Capesize, 30 Panamax and 2 Supramax, with a combined deadweight tonnage of over 3.5 million tons and 6 offshore oil deepwater drilling units, comprising of 2 ultra-deepwater semisubmersible drilling rigs and 4 ultra-deepwater newbuilding drillships.



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