Pacific Drilling S.A. (NYSE: PACD) announced today that a subsidiary of Total S.A. has elected to extend the initial contract term for the Pacific Scirocco from one to two years. The contract provides for further options, to be exercised at the client’s discretion, which could result in up to three additional years of contract term with an escalating dayrate. Estimated maximum contract revenues related to the additional one year term are expected to be approximately $173 million, bringing the rig’s total contract backlog as of May 24, 2012, to approximately $307 million.
Chris Beckett, Chief Executive Officer, stated, “ Pacific Scirocco has performed extremely well to date, exceeding historical industry expectations for the start-up of an ultra-deepwater drillship. We are pleased that Total has recognized our performance through this contract extension, which significantly increases our firm backlog.”
The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.
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 one on order at Samsung. Pacific Drilling operates in Nigeria through its subsidiary Pacific International Drilling West Africa Ltd. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com . Statements regarding the estimated duration of client contracts, contract revenue amounts, backlog 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.
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