Drilling contractor Pacific Drilling S.A. has announced that Total S.A. has elected to exercise a one-year option to extend the firm contract term for the Pacific Scirocco to January 2015.
The contract provides for a further option, to be exercised at the client’s discretion by April 7, 2014, which could result in two additional years of contract term at a higher dayrate.
The additional one year term increases the drillship’s backlog by approximately $180 million, bringing the company’s total contract backlog as of April 9, 2013, to approximately $3.4 billion. The additional extension for two years would add a further $364 million backlog if exercised.
The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.
Pacific Drilling S.A. via its wholly-owned subsidiary last week 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.
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Pacific Drilling S.A. has taken delivery of its newest drillship, the Pacific Santa Ana. The drillship features the most advanced drilling technology in the offshore drilling industry, including dual load path capability and dual gradient drilling upgrades.
The “PACIFIC SANTA ANA” is an upgraded Dual Activity Samsung 12000 design dynamically-positioned drillship capable of operating in moderate environments and water depths up to 3,657 m (12,000 ft) using 18¾” BOP and 21” OD FT-DGD drilling riser and equipped for single and/or Dual Gradient Drilling (DGD)
Pacific Drilling CEO, Chris Beckett, stated, “We are very proud to announce the delivery of the Pacific Santa Ana. This drillship incorporates the newest advances in offshore drilling technology and is the first ultra-deepwater rig equipped for dual gradient drilling, an innovation that is expected to provide significant benefits in drilling safety and efficiency. The delivery of the Pacific Santa Ana, the fourth rig in our fleet, completes the first phase of Pacific Drilling’s growth strategy to become the industry’s preferred ultra-deepwater drilling contractor.”
The company currently operates four recently delivered drillships and has two additional drillships on order at Samsung to be delivered in 2013.
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