{"id":131173,"date":"2015-10-08T14:03:44","date_gmt":"2015-10-08T11:03:44","guid":{"rendered":"https:\/\/maritimes.gr\/ocean-rig-udw-inc-announces-fleet-update\/"},"modified":"2015-10-08T14:03:44","modified_gmt":"2015-10-08T11:03:44","slug":"ocean-rig-udw-inc-announces-fleet-update","status":"publish","type":"post","link":"https:\/\/maritimes.gr\/en\/ocean-rig-udw-inc-announces-fleet-update\/","title":{"rendered":"OCEAN RIG UDW INC. ANNOUNCES FLEET UPDATE"},"content":{"rendered":"<p><img decoding=\"async\" class=\" size-full wp-image-131171\" src=\"https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51.jpg\" alt=\"\" width=\"900\" height=\"379\" srcset=\"https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51-200x84.jpg 200w, https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51-300x126.jpg 300w, https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51-400x168.jpg 400w, https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51-600x253.jpg 600w, https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51-768x323.jpg 768w, https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51-800x337.jpg 800w, https:\/\/maritimes.gr\/wp-content\/uploads\/2015\/10\/867186205a53e21b2e88e23a100fda51.jpg 900w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/>Nicosia, Cyprus \u2013 October 7, 2015 \u2013 Ocean Rig UDW Inc. (NASDAQ:ORIG) (the \u201cCompany\u201d or \u201cOcean Rig\u201d), a global provider of offshore deepwater drilling services, announced today the following fleet update: \uf0b7&nbsp; <\/p>\n<p><UL id=yui_3_16_0_1_1444298376477_18113><br \/>\n<LI id=yui_3_16_0_1_1444298376477_18112>The Ocean Rig Olympia has successfully started its new contract in Angola as of August 15, 2015. The rig is expected to move to the Ivory Coast for one well in the fourth quarter of 2015 and return to Angola to complete its remaining contract until June 2016. Currently, there are no prospects for further employment and if no employment is found the rig will be cold stacked and the respective SPS will be postponed.<\/LI><\/UL><br \/>\n<UL id=yui_3_16_0_1_1444298376477_18182><br \/>\n<LI id=yui_3_16_0_1_1444298376477_18181>The Ocean Rig Skyros has successfully started its new six year contract in Angola as of October 1, 2015.<\/LI><\/UL><br \/>\n<UL id=yui_3_16_0_1_1444298376477_18176><br \/>\n<LI id=yui_3_16_0_1_1444298376477_18175>The Eirik Raude is currently completing its third well in a six-well program in the Falklands and is now expected to remain employed in the Falkland Islands into January of 2016. Currently, there are no further prospects of employment for the rig in the Falkland Islands and if no employment is found the rig will be cold stacked and the Company will consider all its options including disposing or scrapping the unit.<\/LI><\/UL><br \/>\n<UL id=yui_3_16_0_1_1444298376477_18178><br \/>\n<LI id=yui_3_16_0_1_1444298376477_18177>The Leiv Eiriksson is in the process of completing its current well in Norway. As of the date of this press release, there is no further program for the unit under its current contract which is expected to expire in March 2016. Currently, there are few further prospects of employment for the rig and if no employment is found the rig will be cold stacked and the Company will consider all its options including disposing or scrapping the unit.<\/LI><\/UL><br \/>\n<UL id=yui_3_16_0_1_1444298376477_18186><br \/>\n<LI id=yui_3_16_0_1_1444298376477_18185>The Ocean Rig Mylos is in the process of completing its current well in Brazil. On September 25, 2015 we received notice of material breach under the contract which entitles our client to terminate the contract if such breach is not remedied within 75 days. We believe that such notice is totally without merit and we intend to vigorously defend our rights under the contract.<\/LI><\/UL><br \/>\n<P>Mr. George Economou, Chairman and CEO, commented:<\/P><br \/>\n<P id=yui_3_16_0_1_1444298376477_18187>\u201cThe market continues to remain challenging due to the massive spending cuts initiated by the oil companies. In this environment, cash preservation and liquidity remain our number one priority and we will adjust our available capacity to the new market conditions. For rigs that we cannot secure long-term employment that are coming up for their 5-year SPS we will cold stack the units and in the case of the semisubmersible rigs seriously consider all our options including disposal or scrapping.\u201d<\/P><br \/>\n<P id=yui_3_16_0_1_1444298376477_18189><B id=yui_3_16_0_1_1444298376477_18190>About Ocean Rig UDW Inc.<BR><\/B>Ocean Rig is an international offshore drilling contractor providing oilfield services for offshoreoil and gas exploration, development and production drilling, and specializing in the ultradeepwater and harsh-environment segment of the offshore drilling industry. The Company owns and operates 13 offshore ultra deepwater drilling units, comprising of 2 ultra deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, 1 of which is scheduled to be delivered to the Company during 2017, 1 of which is scheduled to be delivered during 2018 and 1 of which is scheduled to be delivered during 2019.<\/P><br \/>\n<P id=yui_3_16_0_1_1444298376477_18203>Ocean Rig\u2019s common stock is listed on the NASDAQ Global Select Market where it trades under the symbol \u2015ORIG.<\/P><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nicosia, Cyprus \u2013 October 7, 2015 \u2013 Ocean Rig UDW Inc. (NASDAQ:ORIG) (the \u201cCompany\u201d or  [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":131171,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273],"tags":[],"class_list":["post-131173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OCEAN RIG UDW INC. ANNOUNCES FLEET UPDATE - Maritimes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maritimes.gr\/en\/ocean-rig-udw-inc-announces-fleet-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OCEAN RIG UDW INC. 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