DryShips Inc.
DRYS (the "Company" or "DryShips"), an international
provider of marine transportation services for drybulk and petroleum
cargoes, and through its majority owned subsidiary, Ocean Rig UDW
Inc. ("Ocean Rig"), of offshore deepwater drilling services, today
announced that Ocean Rig:
-- Has signed definitive documentation with Total E&P Angola,
following the previously announced Letter of Award, for its ultra
deepwater drillship "Ocean Rig Skyros." The contract is for 5 wells or
a minimum of 275 days for drilling offshore West Africa, with an
estimated backlog of approximately $190 million, and is expected to
commence upon delivery of the drillship from the shipyard, in October
2013.
-- Has received a Letter of Award for its ultra deepwater drillship
"Ocean Rig Skyros," from a major oil company. The Letter of Award is
for a 6 year contract for drilling offshore West Africa, with an
estimated backlog of approximately $1.3 billion. The Letter of Award
is subject to completion of definitive documentation and receipt of
regulatory approvals. The contract is expected to commence in direct
continuation of the previous contract before the first quarter of
2015.
As a result of this LOA, as of today, Ocean Rig's total contracted
backlog (including LOAs) stands at about $6.1 billion, primarily with
investment grade or strong counterparties.
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