News Details

Pacific Drilling Receives a Letter of Award from Total in Nigeria


LUXEMBOURG, May 2, 2011 - Pacific Drilling S.A. (NOTC: PDSA) announced today that their latest generation drillship, the Pacific Scirocco, has received a Letter of Award from Total E&P Nigeria Limited, subject to completion of formalities with relevant government agencies in the near future, to perform exploration and development work in Nigeria.  The minimum duration of the award is for a one-year initial term at a dayrate of $470,000 plus mobilization and client requested upgrades. The agreement further contemplates two one-year options at Total’s discretion.

“We are very pleased to announce a new core relationship with Total, a leading deepwater operator, consistent with our vision to work with the best in the industry,” commented Pacific Drilling CEO Chris Beckett.  “This represents Pacific Drilling’s third commitment from a major oil company, including the two previously announced contracts for the Pacific Santa Ana and the Pacific Bora both contracted to Chevron in the Gulf of Mexico and Nigeria respectively.”

Pacific Drilling’s fourth ultra-deepwater drillship, the Pacific Mistral, is under construction at Samsung Heavy Industries.  The Mistral is on target for on time delivery in May 2011 and is the subject of advanced discussions with various clients.  In March 2011 Pacific Drilling ordered two additional drillships from Samsung Heavy Industries, the Pacific Khamsin and the Pacific Sharav, scheduled for delivery in April and September 2013 respectively.

About Pacific Drilling

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.  Pacific Drilling’s fleet of four of the newest ultra-deepwater drillships is expected to be in operation by the end of 2011, with two additional drillships on order at Samsung for delivery during 2013.

Statements regarding the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations, 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.
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