Pacific Drilling Orders 7th UDW Drillship from Samsung (South Korea)

Pacific Drilling S.A., announced last week that the company exercised an option to construct its seventh ultra-deepwater drillship with Samsung Heavy Industries.

“We are very pleased to announce the order of our seventh ultra-deepwater drillship,” stated Pacific Drilling CEO Chris Beckett. “The current strength we see in the market for ultra-deepwater rigs well into 2014 led us to act on this opportunity to order a rig with very favorable delivery timing.”

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 $600 million and delivery is scheduled for May 2014. Financing for the construction of this rig is expected to be provided by a combination of the company’s recent bond offering, cash flows from ongoing operations and long-term debt.

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 seven ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four recently delivered drillships, has two additional drillships under construction and has one drillship on order at Samsung.

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Offshore Energy Today Staff, March 22, 2012