DryShips has announced that its wholly-owned subsidiary Ocean Rig has received a letter of award from Brazilian oil producer Petrobras for a three-year period employment contract for exploration drilling in the Black Sea.
According to the company, the three-year term includes mobilization, disassembly and reassembly of the derrick structure for transit through the Bosporus Strait. The contract is expected to commence in direct continuation from the current contract with Anglo-Dutch oil major Shell.
It said that, the contract value is approximately $630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure and an incentive bonus of 8%.
George Economou, chairman and CEO of DryShips, said: “We are pleased to be part of this exploration project with Petrobras and see this as a good opportunity to expand our relationship with Petrobras. This will enhance the cash flow stability and visibility of our ultra deep water drilling unit.”
Based in Greece, DryShips is an owner and operator of drybulk carriers that
operates worldwide. The company owns a fleet of 42 drybulk carriers comprising 7 Capesize, 28 Panamax, 2 Supramax and 5 newbuilding drybulk vessels with a combined deadweight tonnage of about 3.4 million tons, 2 ultra deep water semisubmersible drilling rigs and 2 ultra deep water newbuilding drillships.
