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ORIG seals drill deal

George Economou’s Ocean Rig has firmed up a six-month contract for one of its semisubmersible drilling rigs.
Ocean Rig Eirik Raude

The Eirik Raude

Ocean Rig

The Nasdaq-quoted contractor says the $112m deal between the Eirik Raude (built 2002) and unnamed oil major for drilling offshore Ireland is set to commence in the second quarter of 2013.

When Ocean Rig first landed a letter of intent, the one-well programme was scheduled to start in the first quarter upon conclusion of a contract in West Africa.

In September, Michael Webber of Wells Fargo Securities said the price tag implied a gross daily rate of $622,000 or $567,000 assuming mobilisation costs of around $10m.

Headquartered in Cyprus, Ocean Rig oversees a fleet of ten drilling rigs and drillships. Three are due for delivery this year and one is scheduled to hit the water in 2014.

Offshore

Aaron Kelley in Stamford

 14 January 2013, 15:17 GMT