Pacific Drilling Receives LoA for Pacific Sharav Drillship

Pacific Drilling S.A., a fast growing company dedicated to becoming the preferred ultra-deepwater drilling contractor, has received a letter of award for the Pacific Sharav drillship, revealed the company’s CEO Chris Becket.

CEO Chris Beckett commented on the increasing demand for ultra-deepwater units: “During the early part of 2012, demand for ultra-deepwater drillships continued to strengthen, as demonstrated by the acceleration in multi-year inquiries and contract awards with increasingly higher dayrates. We expect to see market demand exceed supply well into 2014.”

He added: “In this favorable market context, the Pacific Sharav received a letter of award from a major oil company for a long term commitment. We expect to provide more details on this commitment in the coming weeks. These positive market dynamics supported our decision to order a seventh drillship, scheduled for delivery in May 2014.”

Construction of the Pacific Sharav started in March 2012 at Samsung Heavy Industries in South Korea. Delivery of the rig is expected in September 2013. The vessel, of Samsung 12000 design, will be capable of operating in 12,000 ft water depth and equipped for 40,000 ft drilling depth. The ship will be able to accommodate a crew of 200.

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

During the first quarter of 2012, the company invested $102 million in the construction of the fleet, including the initial payment for its seventh drillship.

“We estimate the remaining capital expenditures for our committed drillships at $1.6 billion,” read the company’s statement.

[mappress]
Offshore Energy Today Staff, May 31, 2012