Lundin extends contract for Ocean Rig semi-sub

Oil company Lundin Norway has declared its third option to extend the existing contract of the Ocean Rig-owned semi-submersible rig, Leiv Eiriksson.

In addition, Ocean Rig has granted Lundin two additional options to drill further wells in the future, the driller said on Monday.

As a result of these developments, the rig now has firm employment until at least the end of September of 2017 and should Lundin exercise its additional seven one-well options, currently un-declared, the rig could be employed until the first quarter of 2019, the rig owner noted.

The total expected revenue backlog, including all the optional wells, is expected to be $85 million.

George Economou, Chairman and CEO of Ocean Rig, commented: “We are grateful for the support of our major customer in Norway and subject to the successful restructuring look forward to extending this relationship in the long-term.”

To remind, the driller at the end of March filed for Chapter 15 bankruptcy protection in a United States court amid a prolonged downturn in the offshore drilling market.

Earlier on Monday, Lundin was granted a drilling permit for another Alta appraisal well to be drilled with the Leiv Eiriksson rig.

The 2001-built semi-sub has been working for Lundin offshore Norway since last year. Before the contract started, the rig prepared for Barents Sea operations at Westcon Yards in Ølen, Norway.

Offshore Energy Today Staff

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