Pacific Drilling exercises option to construct ultra-deepwater drillship

Offshore staff

LUXEMBOURG – Pacific Drilling S.A. (NYSE: PACD) announced that its wholly-owned subsidiary exercised an option to construct its seventh ultra-deepwater drillship with Samsung Heavy Industries.

The drillship will have a rated water depth of 12,000 ft (3,600 m), be equipped for 40,000 ft (12,190 m) drilling depth, have accommodation for 200 personnel, and be equipped to support dual gradient drilling. The total cost, excluding capitalized interest, will be about $600 million. Delivery is scheduled for May 2014.

Pacific Drilling CEO Chris Beckett said: “We are very pleased to announce the order of our seventh ultra-deepwater drillship. The current strength we see in the market for ultra-deepwater rigs well into 2014 led us to act on this opportunity to order a rig with very favorable delivery timing.”

3/19/2012

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