Ocean Rig UDW Inc. has announced that one of its subsidiaries has acquired the 6th generation ultra deepwater drillship Cerrado, being sold through an auction, for a purchase price of US$65 million, which will be funded with available cash on hand.
The drillship was built at Samsung Heavy Industries in 2011 to similar design specifications as the company's existing 6th generation drillships built at Samsung, and will be renamed the Ocean Rig Paros upon its delivery to Ocean Rig. Another subsidiary of the company has been acting as the manager of the drillship for its previous owners. The transaction is expected to close upon completion of the judicial auction procedure.
Edited from press release by Angharad Lock
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