Ocean Rig has signed a Letter of Intent with a major oil company for use of the Leiv Eiriksson on a six well firm contract, to commence in direct continuation from the completion of its current contract with ExxonMobil. In addition the oil company has a one-year option to use the rig. The firm work will take place offshore Angola and possibly offshore Congo.
The six well program will have an expected duration of eight months, with a corresponding estimated contract value of USD 68 million. The option expires on September 1, 2005. Until such time, Ocean Rig can continue to market the rig for alternative opportunities. The one-year option, if exercised, would have an additional estimated contract value of USD 136 million.