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A Ocean Rig Announces New Business Amid Increased Demand. Namibia Will Be the New Offshore Challenge After Signing Drilling Contract.
A Ocean Rig Announces New Business amid improving market demand in the offshore floating platforms sector, the company’s CEO stated on Monday, revealing new contracts for its fleet. The Ocean drillship announced on Monday that it has signed a new drilling contract with Chariot Oil & Gas for a one-well drilling program, for offshore drilling in Namibia using the Ocean Rig Poseidon drillship.
The Contract
The contract is expected to start as a direct continuation of the previously announced program with Tullow in the third quarter of 2018. Additionally, Ocean Rig reported that it has entered into a Letter of Intent (“LOI”) with a major European oil company for a program of two firm wells plus two optional wells for offshore drilling in West Africa.
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The contract is expected to begin as a direct continuation of the program with Chariot Oil & Gas Limited in the fourth quarter of 2018 and will also be carried out by the Ocean Rig Poseidon. Ocean Rig, which did not disclose any information on dayrates, stated that the contract was subject to negotiation and execution of definitive documentation and other approvals. Furthermore, Swedish operator Lundin Petroleum, through its subsidiary Lundin Norway, announced its seventh option to extend the existing contract for the semi-submersible rig Leiv Eiriksson.
Leiv Eiriksson is expected to have firm employment secured until December 2018. If Lundin exercises the remaining five options for one well, the rig could be employed until the third quarter of 2019. Ocean Rig did not comment on the daily rate of the rig, which previously had a daily rate of around $150,000. Last but not least, Ocean Rig stated that the previously announced discussions with Total E & P Angola Block 32 for the drilling contract of the Ocean Rig Skyros have now been concluded.
The Outcome
The outcome is an amendment to the existing drilling contract that includes a clause that the daily rate will remain fixed for the remainder of the contract at approximately US $573,000/day. The agreement with Total is the most significant, as it keeps the rig working on a substantial day rate for a longer duration. While Ocean Rig did not mention the duration of the contract with the Ocean Rig Skyros this time, information found on its website shows that the rig is scheduled to operate for Total until mid-2021.
Strategic Relationship
Pankaj Khanna, Chairman and CEO of the Company, commented, “We are pleased with the progress in the floating market and look forward to new developments in the coming months that may increase the utilization of the company’s drilling units in 2019. The conclusion of the Skyros discussions eliminates any uncertainties regarding the company’s estimated order book and solidifies our strategic relationship with Total. “Currently, we are seeing higher levels of inquiries in the market that we expect will translate into greater utilization in the coming months for the global fleet of floaters.”
While demand may be rising, levels are still far from strong. This was recently demonstrated by Ocean Rig, which in June decided to postpone the delivery of an 8th generation drillship. The drilling company agreed with Samsung Heavy Industry to delay the delivery of the Ocean Rig Crete from the first quarter of 2019 to September 2020, with the option to advance the date at Ocean Rig’s discretion.
According to Bassoe Analytics, Ocean Rig has only two drilling rigs – Leiv Eiriksson and Ocean Rig Skyros. In addition to these rigs, Ocean Rig has 11 more rigs, of which two are under construction, six cold stacked, and three warm stacked (including the Poseidon). As mentioned earlier, the Poseidon is set to begin drilling for Tullow, after which it will drill for Chariot in Namibia.
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