Petrobras contracts Pacific Drilling's ultra-deepwater drillship for three-year campaign offshore Brazil

Source: Pacific Drilling

Brazilian major Petrobras (NYSE:PBR) has awarded Pacific Drilling a three-year contract offshore Brazil for the Pacific Mistral ultra-deepwater drillship

The contract is expected to commence in the fourth quarter of 2011, and estimated maximum contract revenues, including mobilization and client requested modifications, are expected to be approximately $536 million.

The Pacific Mistral was delivered by Samsung Heavy Industries in June 2011. The rig is equipped for and capable of operating in water depths of up to 12,000 feet and drilling wells 37,500 feet deep.

“We are pleased to announce the beginning of a core, strategic relationship with Petrobras,” said Chris Beckett, CEO of Pacific Drilling. “This contract for the Pacific Mistral underscores our commitment to work with the best operators in the industry and also expands our operating presence in the Atlantic Basin, a region of focus for our activities.”

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor. In addition to three ultra-deepwater drillships delivered to date, Pacific Drilling expects delivery of an additional drillship during the fourth quarter of 2011 and has two drillships on order at Samsung for delivery during 2013.



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