Pacific Drilling Announces Exercise of Option to Construct Ultra-Deepwater
LUXEMBOURG -- January 22, 2013
Pacific Drilling S.A. (NYSE: PACD) announced today that its wholly-owned
subsidiary exercised an option to construct its eighth ultra-deepwater
drillship with Samsung Heavy Industries.
“We are extremely pleased to announce the order of our eighth ultra-deepwater
drillship,” stated Pacific Drilling CEO Chris Beckett. “The strong market for
deepwater drilling, attractive construction cost, strength of relationships
with our preferred vendors, and robust operating performance of our in-service
rigs support the decision to invest in the further expansion of our fleet.”
The drillship will have a rated water depth of 12,000 feet, be equipped for
40,000 feet drilling depth, have accommodation for 200 personneland be
equipped to support dual gradient drilling. The total cost, excluding
capitalized interest, will be approximately $620 million and delivery is
scheduled for March 16, 2015. Financing for the construction of this rig is
expected to be provided by a combination of cash flows from ongoing operations
and long-term debt.
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 eight ultra-deepwater drillships will represent one of the youngest
and most technologically advanced fleets in the world. The company currently
operates four drillships under customer contract, and has one drillship on
order and 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
Statements regarding the timing, delivery and construction cost of newbuilds
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
Press spacebar to pause and continue. Press esc to stop.