Total Contract Backlog Increases to $3.4 Billion
LUXEMBOURG -- November 15, 2012
Pacific Drilling S.A. (NYSE: PACD) announced today that its ultra-deepwater
drillship the Pacific Khamsin has been awarded a contract by a wholly-owned
indirect subsidiary of Chevron Corporation for operations in West Africa. The
minimum duration of the contract is for an initial two-year term, with
contract commencement expected by end of the third quarter of 2013. The
contract provides for an option, to be exercised at the client’s discretion
prior to shipyard delivery of the drillship, which could result in an
additional year of contract term. Estimated maximum contract revenues related
to the initial two-year term, including mobilization and demobilization, are
expected to be approximately $527 million,bringing Pacific Drilling’s total
contract backlog as of November 15, 2012, to approximately $3.4 billion.
Pacific DrillingCEOChris Beckett stated,“We are proud to announce the
further expansion of our relationship with subsidiaries of Chevron Corporation
to this fourth drillship. This contractexemplifiesour commitment
toproviding quality drilling operations for our clients and allows us to
leverage the operations support infrastructure which we have already developed
in the region.”
PacificKhamsin is scheduled for delivery by Samsung Heavy Industries in Korea
in the second quarter of 2013. The drillship will be capable of operating in
water depths of up to 12,000 feet and drilling wellsup to40,000feet deep.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific
Drilling is a fast growing company that is committed to becoming the
industry’s preferred ultra-deepwater drilling contractor. Pacific Drilling’s
fleet of seven ultra-deepwater drillships will represent one of the youngest
and most technologically advanced fleets in the world. The company currently
operates four recently delivered drillships under customer contract and has
three drillships under construction at Samsung, two of which are under
customer contract. For more information about Pacific Drilling, including our
current Fleet Status, please visit our website at www.pacificdrilling.com.
Statements regarding the estimated delivery of our drillships, estimated
duration of client contracts, contract revenue amounts, backlog and other
statements that are not historical facts in this press release are
forward-looking statements and are subject to certain risks, uncertainties and
assumptions and consequently actual results may differ materially from those
indicated or implied by such forward-looking statements. Forward-looking
statements speak only as of the date they are made, and we undertake no
obligation to publicly update or revise any of them in light of new
information, future events or otherwise.
Pacific Drilling Services, Inc.
Amy Roddy, +1 832 255 0502
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