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Eni extends contract with Ocean Rig Poseidon

Ocean Rig has announced an agreement with Eni Angola to extend the contract for the Ocean Rig Poseidon drillship for one year, until Q2 2017.

As part of the contract extension, Ocean Rig has agreed to adjust the existing dayrate of the Ocean Rig Poseidon contract in exchange for Eni agreeing to enter into two contracts for the employment of one or more of Ocean Rig’s available drillships in West Africa starting in Q1 2015 for a period of approximately eight months.

“We are pleased to extend our relationship with Eni,” Ocean Rig Chairman and CEO George Economou said. “This transaction is the natural consequence of the good cooperation, performance and flexibility shown by both parties to enter into a mutually beneficial arrangement. Assuming the consummation of this agreement, Ocean Rig’s revenue backlog now stands at approximately $5.4 billion, which provides us with the necessary flexibility to navigate the more challenging markets in 2015.”

As a result of this agreement, the total contract backlog of Ocean Rig has increased by approximately $187 million. The agreement remains subject to customary closing conditions, including the approval by national authorities, which is expected to be obtained before the end of Q1 2015.

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