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 personnel and
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 www.pacificdrilling.com.
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
Source: Pacific Drilling Services, Inc.