Italian oil firm Eni has terminated its contract for the extremely deepwater drillship Ocean Rig Olympia as a result of collapsing oil costs. 

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

Ocean Rig stated that the choice was made “due to the dramatic fall of the crude oil price and the volatile market context”, inflicting Eni to reassess its drilling actions and train its proper to terminate the contract early.

The Ocean Rig Olympia was contracted by Eni in May 2015 to drill offshore Angola commencing within the third quarter of 2015 for minimal of 8 months, placing the contract expiration to at the least February 2016.

The sixth era extremely deepwater drillship Ocean Rig Olympia was delivered in 2011 by Samsung Heavy Industries Shipyard in South Korea. It is one among 13 extremely deepwater drillships within the Ocean Rigs fleet, together with three drillships that scheduled for supply in 2017, 2018 and 2019.