Ocean Rig Crete (Samsung Heavy Industries Company (SHI)) (Drillship)

Ocean Rig delays delivery of two newbuild drillships

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12 May 2015

Ocean Rig UDW Inc (“Ocean Rig”) today released its financial results for Q1 2015. The company posted a profit of USD41.1 million for the first three months of 2015, recovering from last year’s USD1.5 million first quarter loss. However, Ocean Rig’s Chairman and Chief Executive officer George Economou warned that “the market remains challenging with limited visibility of new contracts and is likely to remain through the near term”. With reference to this the company took the decision to delay the delivery of the Ocean Rig Crete and Ocean Rig Amorgos newbuild drillships until Q1 2018 and Q1 2019. Both units had previously been ordered to be delivered in 2017.

Source: http://cdn.capitallink.com/files/docs/companies/ocean_rig/press/2015/oceanrig051115.pdf


More News for Operator: Samsung Heavy Industries Company (SHI)

22 Jan 2013

Pacific Drilling orders eighth ultra-deepwater drillship from Samsung

Pacific Drilling announced that the company has exercised an option for the construction of its eighth ultra-deepwater drillship to be constructed at South Korea’s Samsung Heavy Industries. The option which Pacific Drilling extended twice originally in September 2012 and again in December 2012, was secured at a total construction cost of US$620 million for the asset which will be built to the same specifications as the Pacific Sharav and Pacific Meltem units, including dual gradient drilling equipment. The unit is scheduled to be delivered by Samsung on the 16th March 2015, and allows Pacific Drilling to continue to grow its fleet because of the strong global demand for deepwater drilling rigs

8 Jul 2015

Pacific Drilling delays delivery of 'Pacific Zonda'

Pacific Drilling Ltd. (“Pacific”) has announced that the company plans to delay the delivery of its newbuild ultra-deepwater drillship, the Pacific Zonda from September 2015 through to Q1 2016. It is believed that the continued decline in contracting opportunities in the global rig market has influenced this decision; especially as in Q1 2015 Pacific announced that it intended to maintain the unit’s delivery schedule, due to its strong construction contract. The decision may have been further impacted by Pacific’s struggle to secure a firm contract for its recently delivered Pacific Meltem drillship, which is currently ready stacked in the USA and has been since December 2014. In the past the rig manager has laid out that the company will not spend money on mobilising a unit to a geographical location where they already have rigs available.

30 Oct 2015

Pacific Drilling Rescinds Pacific Zonda Construction Contract

Pacific Drilling S.A. announced that it has exercised its right to rescind the construction contract for ultra-deepwater drillship Pacific Zonda due to the failure by Samsung Heavy Industries (SHI) to timely deliver a vessel that substantially meets the criteria required for completion of the vessel in accordance with the construction contract and its specifications. Pacific Drilling made advance payments totaling approximately $181.1 million under the contract, and will be seeking a refund of the installment payments.

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