Ocean Rig UDW Announces Letter of Intent for the Eirik Raude For $112M

Ocean Rig UDW Inc. ORIG today announced that it has received a Letter of Intent for one of its semi-submersible drilling rigs, "Eirik Raude," from an oil major. The Letter of Intent is for a one-well program, with an estimated duration of up to 6 months, for drilling offshore Ireland, with an estimated backlog of approximately $112 million, including mobilization and demobilization. The rig is scheduled to commence this contract in the first quarter of 2013, in direct continuation from its previous contract in West Africa.