Ocean Rig has signed a Letter of Intent with BP’s Angola Business Unit for two wells and two optional wells in continuation, to be drilled on Block 31 offshore Angola. The contract will start not later than October 1st, 2004.
The estimated duration of the two firm wells is 150 days with a corresponding net contract value of approximately $ 32 million. The estimated duration of the two optional wells is 130 days with a corresponding net contract value of approximately $ 27 million. The optional wells can be exercised on or before October 15th, 2004.
Ocean Rig owns and operates two of the world’s largest and most modern drilling-rigs, built for ultra deep waters and extreme weather conditions. The units are currently operating offshore Angola and West of Shetland.