Ocean Rig delays drillship delivery from Samsung Heavy

Ocean Rig has reached an agreement with Samsung Heavy Industries to postpone the delivery of Ocean Rig Crete to September 2020.

As part of the agreement, Ocean Rig will make a US$22.25 million payment to the yard within July 2018 against the remaining yard instalments.

“With oil prices increasing to above $70 per barrel, the terms agreed with Samsung Heavy Industries provide substantial optionality and leverage to a market that is expected to be significantly improved when the Ocean Rig Crete is delivered to us,” Pankaj Khanna, Ocean Rig President and CEO, said.

Ocean Rig Crete is an integrated design drillship with a 1,300-tonne hook load, two BOPs and six mud pumps, and may be equipped to drill in water depths of up to 4,000 metres.