Ocean Rig UDW Receives Letter of Intent for Drilling Rig; Shares Up 1%

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Ocean Rig UDW Inc. ( ORIG ), a global offshore deepwater drilling services company, is up 1% after announcing it has received a letter of intent for one of its semi-submersible drilling rigs from an oil major.

The letter of intent is for a one-well program, 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.

ORIG trades in a 52-week range of $11.70 - $18.73.



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This article appears in: Investing , Commodities

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