Pacific Drilling Secures Contract for ‘Pacific Khamsin’ in West Africa

Pacific Drilling S.A. announced today that its ultra-deepwater drillship the Pacific Khamsin has been awarded a contract by a wholly-owned indirect subsidiary of Chevron Corporation for operations in West Africa.

The minimum duration of the contract is for an initial two-year term, with contract commencement expected by end of the third quarter of 2013. The contract provides for an option, to be exercised at the client’s discretion prior to shipyard delivery of the drillship, which could result in an additional year of contract term. Estimated maximum contract revenues related to the initial two-year term, including mobilization and demobilization, are expected to be approximately $527 million, bringing Pacific Drilling’s total contract backlog as of November 15, 2012, to approximately $3.4 billion.

Pacific Drilling CEO Chris Beckett stated, “We are proud to announce the further expansion of our relationship with subsidiaries of Chevron Corporation to this fourth drillship. This contract exemplifies our commitment to providing quality drilling operations for our clients and allows us to leverage the operations support infrastructure which we have already developed in the region.”

Pacific Khamsin is scheduled for delivery by Samsung Heavy Industries in Korea in the second quarter of 2013. The drillship will be capable of operating in water depths of up to 12,000 feet and drilling wells up to 40,000 feet deep.

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Pacific Drilling, November 16, 2012