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South Korea: Pacific Drilling Extends Option for its 7th Drillship

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Pacific Drilling S.A.  has reached an agreement with South Korea’s Samsung Heavy Industries to extend until February 17, 2012 an option to construct a seventh ultra-deepwater drillship.

Under the revised terms of the option agreement, the delivery of the drillship will be no later than May 17, 2014. The commercial terms of the option agreement are unchanged.

Pacific Drilling is  a growing offshore drilling company that provides global drilling services to the oil and natural gas industry through the use of ultra-deepwater drillships. Pacific Drilling’s fleet of six 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 and has two additional drillships on order at Samsung.

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South Korea: Rowan Companies Inc, Announces Option to Build GustoMSC Drillship

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Rowan Companies Inc, announced today that it has exercised its option to build a third GustoMSC P10000 design ultra-deepwater drillship with Hyundai Heavy Industries Co., Ltd. (“HHI”) with delivery scheduled for the fourth quarter of 2014.

The cost for this rig, including commissioning, project management and spares, but excluding capitalized interest is estimated to be approximately $600 million, or slightly below the cost of the first two, similarly equipped drillships ordered by the Company. As in the case of those rigs, the cost of the additional owner furnished equipment plus training and ramp-up costs is estimated to be approximately $50 million, and total costs are anticipated to be paid out of cash flow and available funds. The agreement with HHI also includes an option, exercisable in February of 2012, for an additional drillship of the same specification for delivery in the first half of 2015.

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