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Ocean Rig to postpone delivery of newbuild drillship

Published 04/23/2018, 03:42 PM
© Reuters.  Ocean Rig to postpone delivery of newbuild drillship
ORIG
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005930
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  • Ocean RIg UDW (ORIG -2.3%) is lower after saying it is postponing delivery of its newbuild Ocean Rig Santorini drillship until September 2019.
  • Under terms of its original agreement with Samsung (KS:005930) Heavy Industries, ORIG had been scheduled to take delivery of three 7th-generation drillships in 2017, 2018 and 2019, although the companies in 2016 agreed to push back completion of the first two vessels until June 2018 and January 2019, respectively.
  • ORIG now says ~$372M remains due on the Santorini, adding that the Sept. 30, 2019, expected delivery still may be brought forward at the company's option.
  • Now read: Ocean Rig: Potential Opportunity Under


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