Ocean Rig Paros

The Ocean Rig Paros is a sixth generation Ultra Deepwater drillship that was constructed at the Samsung Shipbuilding Yard in Geoje, South Korea in 2011 for its owner, Brazil-based Schahin Petroleum and Gas. The design was S10000E and was the second of three rigs to be constructed for Schahin, following the Vitoria and preceding the Sertao.

At the time it was put into service, the Ocean Rig Paros went by the name of Cerrado, possessing a gross tonnage of 60,316 tons and a deadweight tonnage of 61,619 tons. This drillship is 747 feet long and has a breadth of 38 feet. The Marshall Islands-flagged ship has an operating draught of 47.6 feet, while possessing a rated water depth of 10,000 feet and a drilling depth of 37,402 feet.

In 2014, what was then known as the Cerrado was contracted by Brazilian oil giant Petrobras to drill an exploration well in its Libra oil field. That was located approximately 106 miles off the coast of Rio de Janeiro, with success being achieved within a matter of months.

However, turmoil then followed when Schahin declared bankruptcy in April 2015 after corruption scandals engulfed the company. That began an effort to sell the Cerrado, a process that took just over a year before the ship was simply auctioned off. That was when Ocean Rig, a company based in Cyprus, was able to get the five-year-old ship for $65 million, changing its name in the process.

The price that was paid came as a shock to industry observers. They had expected the ship, which had been built at a cost of $680 million, to sell for anywhere from $200 to $250 million. One of the reasons for the rock-bottom price was the continuing problems within the oil market that had sliced prices in half.