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Pacific Drilling Provides Operational Update

Stocks in this article: PACD

Pacific Drilling S.A. (NYSE: PACD) today provided an update on the status of its ultra-deepwater drillships.

In reference to the January 29 U.S. Bureau of Safety and Environmental Enforcement safety alert regarding GE connectors and bolts, none of Pacific Drilling’s rigs are covered by the directive to suspend operations. However, Pacific Drilling is proactively inspecting the Vetco ExF H-4 LMRP connector bolts on each of its rigs as operations allow. The company has the necessary spare bolts to address any issues detected during inspection. Currently, all of the company’s rigs are operating normally, and no direct revenue implications are expected as a result of this directive.

About Pacific Drilling

With 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 eight ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four drillships under customer contract, and has one drillship on order and three drillships under construction at Samsung, two of which are under customer contract. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Statements regarding expected downtime 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.



Copyright Business Wire 2010

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