Ocean Rig Lose Offshore Drilling Contract With ENI

Published at 03:53PM - 21/01/16

Ocean Rig lose an offshore drilling contract with Italian oil and gas major ENI, as the global oil downturn continues to bite.

The Greek based offshore drilling firm announced the news Thursday 21st January, saying ENI’s decision was made on the grounds of the industry conditions and not the service given by the firm.

Ocean Rig Lose Offshore Drilling Contract

In a statement Thursday, Ocean Rig said “due to the dramatic fall of the crude oil price and the volatile market context, ENI has reassessed its drilling activities and taken the decision to exercise its right of terminating the contract of the Ocean Rig Olympia.”

The Ocean Rig Olympia was due to start drilling offshore for ENI from January through June 2016.

Ocean Rig Olympia

The Ocean Rig Olympia is a drillship delivered in 2011, and currently the firm’s Flagship.

Olympia is a 6th generation drillship, designed to operate in water depths up to 10,000 feet (3000m) and drill to a depth of 35,000 feet (10,668m).