Pacific Drilling Inks LOI for Pacific Khamsin. Thinks of Private Placement

Pacific Drilling S.A., an international offshore drilling contractor, has signed a letter of intent with an undisclosed costumer for its under-construction drillship, Pacific Khamsin, the company yesterday reported.

The company’s CEO Chris Becket said: “We have signed a letter of intent with a major oil company for the Pacific Khamsin and will provide more details once a final drilling contract is signed. Our operational track record has enhanced our active client discussions regarding future contracts.”

Pacific Khamsin drillship, currently being constructed at Samsung shipyard in South Korea, is scheduled for deliver in April 2013. The drillship will be capable of operating in 12,000 ft water depth, with a maximum drilling depth of 40,000 ft.

The owner of ultra-deepwater drillships has also revealed it plans to offer $500 million in aggregate principal amount of senior secured notes due 2017 for sale in a private placement. The drilling contractor said in a press release it would use the money raised to fund the remaining construction payments for the Pacific Khamsin drillship. The rest of the funds will be used for general corporate purposes.

The company yesterday reported revenues of $172.0 million and a net loss of $2.0 million for the three months ended September 30, 2012.

[mappress]
Offshore Energy Today Staff, November 8, 2012