Eni Terminates Contract for Ocean Rig Ultra Deepwater Drillship

Ocean Rig

Eni has terminated its contract for the ultra deepwater drillship Ocean Rig Olympia due the oil price drop.

The early termination was announced Thursday by offshore drilling contractor and owner of the drillship, Ocean Rig.

Ocean Rig said that the decision was made “due to the dramatic fall of the crude oil price and the volatile market context”, causing Eni to reassess its drilling activities and exercise its right to terminate the contract early.

The Ocean Rig Olympia was contracted by Eni in May 2015 to drill offshore Angola commencing in the third quarter of 2015 for minimum of 8 months

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