DryShips subsidiary receives 3-yr period employment contract from Petrobras for exploration drilling in Black Sea - Quick Facts
(RTTNews) - DryShips Inc.(DRYS) announced that its wholly-owned subsidiary Ocean Rig ASA has received a Letter of Award from Petrobras for a 3-year period employment contract for exploration drilling in the Black Sea. The 3-year term includes mobilization, disassembly and reassembly of the derrick structure for transit through the Bosporus Strait.
The contract is expected to commence in direct continuation from the current contract with Shell. The contract value is about US$630 million including an estimated 60 days of mobilization, disassembly/reassembly of the derrick structure and an incentive bonus of 8%.
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