Ocean Rig

Ocean Rig UDW Inc.

Type	Public
Traded as	NASDAQ: ORIG
Industry	Drilling
Founded	1996
Headquarters	Stavanger, Norway
Key people	George Economou (CEO)
Services	Offshore drilling
Revenue	USD 103 million (2005)
Operating income	USD -175 million (2005)
Net income	USD -204 million (2005)
Parent	DryShips Inc.
Website	ocean-rig.com

Ocean Rig UDW Inc. (NASDAQ: ORIG) is an operator of semi-submersible oil rigs based in Stavanger, Norway. The company also maintains offices in Luanda, Angola and St. John's, Canada. The company has two rigs, Leiv Eirikson and Eirik Raude, and has ordered four additional rigs from South Korea.

The company was established in 1996 as Ocean Rig ASA. Ocean Rig was listed on the Oslo Stock Exchange in 1997–2008. Since 2011 it is listed in NASDAQ. In 2007–2008, 74% of the company is owned by DryShips Inc, controlled by Greek-American shipping tycoon George Economou.

The Leiv Eirikson recently finished operations the Black Sea on contract to Petrobras and TPAO and is now en route to the Arctic on contract to Cairn Energy.^[1] The Eirik Raude is in Ghana on contract to Tullow Oil. Both semi-submersible drilling rigs are based on the proprietary Bingo 9000 design. The rigs have a water depth capacity of 10,000 feet (3,000 m) and variable deck load of 7,000 tonnes.

The four deep water drill ships currently on order are being built at Samsung Heavy Industries in South Korea based upon the Saipem 10K design. The first vessel is scheduled to be delivered to Ocean Rig on the 31st December 2010 with the fourth and final vessel by the 30th September 2011. They have been named the Ocean Rig Corcovado, the Ocean Rig Olympia, the Ocean Rig Poseidon, and the Ocean Rig Mykonos.

External links

• Official website

References

1. ^ Vidal, John (22 April 2011). "Activists occupy oil rig in fight to prevent Arctic drilling". The Guardian. http://www.guardian.co.uk/environment/2011/apr/22/activists-occupy-arctic-oil-rig. Retrieved 22 April 2011.