Pacific Drilling S.A. (NYSE: PACD) (NOTC: PDSA) announced today that its wholly-owned subsidiary 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.
About Pacific DrillingWith 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 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. 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 or otherwise.