News Details

Pacific Drilling Provides Operational Updates

11/23/2011

LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (NYSE: PACD, NOTC: PDSA) today provided an update on the status of its ultra-deepwater drillships.

The Pacific Bora commenced its three year contract with a wholly owned Chevron subsidiary on August 26, 2011, and continues to operate in the Agbami Field in Nigeria. The rig has reached performance levels in line with industry expectations.

In addition, following previously announced repairs and upgrades, the Pacific Scirocco is mobilizing from quayside in Port Ngqura, South Africa, to Nigeria, where it is expected to commence a one year contract with Total E&P Nigeria Limited in December 2011. To date, Pacific Drilling has received initial payments from insurance underwriters against a loss of hire insurance claim as a result of the repairs. The company anticipates receipt of further funds that have been agreed and continues to discuss further recoveries with underwriters.

The Pacific Santa Ana will complete upgrades prior to expected delivery in December 2011, before mobilizing to the US Gulf of Mexico for a five year contract with Chevron as the world’s first dual gradient drilling rig.

The Pacific Mistral arrived in Rio De Janeiro, Brazil, on November 21, 2011. The rig will now undergo regulatory approvals and acceptance testing with its client, Petrobras, prior to beginning operations, which are expected to start in December 2011.

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 six ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates three recently delivered drillships, expects delivery of its fourth drillship by end of 2011, and has two additional drillships on order at Samsung to be delivered in 2013. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Source: Pacific Drilling S.A.

Investor Relations
Design by Mentus