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Pacific Drilling Announces Letter of Intent with Chevron


HOUSTON--(BUSINESS WIRE <> )--Pacific Drilling today announced it has entered into a Letter of Intent with Chevron USA, Inc. for the ultra-deepwater drillship “Pacific Santa Ana” to operate in the Gulf of Mexico.

The “Pacific Santa Ana” drillship will provide Chevron and Pacific Drilling the opportunity to develop and deploy Dual Gradient Drilling technology during its activities in the deep waters of the Gulf of Mexico.

Pacific Santa Ana, under construction in South Korea, represents the height of current drilling technology, with capabilities to operate in up to 12,000 feet water depth and drill to over 35,000 feet well depth.

Pacific Drilling Limited is a privately owned, ultra-deepwater drillship operator, which has an interest in six ultra-deepwater drillships. The first two vessels, which have been delivered and are under contract, are held in a 50% JV. The remaining four are expected to be delivered between September 2010 and July 2011 and will be wholly owned and operated.

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