Ocean Rig postpones 8th gen drillship delivery till 2020

Illustration: Image by Ocean Rig

Ultra-deepwater drilling specialist Ocean Rig is delaying the delivery of an 8th generation newbuilding drillship.

The company on Friday informed it agreed with Samsung Heavy Industry to postpone the delivery of the Ocean Rig Crete, an 8th generation enhanced integrated design newbuilding drillship to September 2020.

According to the latest available rig fleet status report, the rig was to be delivered in the first quarter of 2019, however, this is no longer the case.

While the expected delivery date will be September 30, 2020, the date but may be brought forward at the option of Ocean Rig. As part of the agreement, Ocean Rig will make a $22.25 million payment to the yard within July 2018 against the remaining yard installments.

Pankaj Khanna, President and Chief Executive Officer of the Company, said the company appreciated the support of Samsung Heavy Industries and the continuing strategic partnership involving the construction of eleven drillships.

He said: “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. As a reminder, the Ocean Rig Crete is an 8th generation enhanced integrated design drillship, is one of the most technologically advanced drillships in the world with a 2.8 million pound hook load, 2 BOPs and 6 mud pumps and may be equipped to drill in water depths of up to 4,000 meters.”

 

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply