Ocean Rig UDW Inc. has been awarded extensions of the drilling contracts for its two ultra deepwater drillships, the Ocean Rig Corcovado and the Ocean Rig Mykonos, by Petrobras.
The drillships will be used for drilling offshore Brazil. The term of each extension is for 1,095 days with a total combined revenue backlog of over $1.1 billion, excluding reimbursement by Petrobras for contract related equipment upgrades.
The new contracts will start in direct continuation from the end of the current agreements with Petrobras, in Q1 and Q2 of 2015.