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Chevron Spends USD 1 Billion on Pacific Sharav Drillship Contract (USA)

Pacific Drilling S.A. announced today that its ultra-deepwater drillship the Pacific Sharav has been awarded a five-year contract by Chevron U.S.A. Inc. for operations in the United States Gulf of Mexico.

Estimated maximum contract revenue, including mobilization and client requested modifications, is expected to be approximately $1,076 million, bringing Pacific Drilling’s total contract backlog as of June 22, 2012, to approximately $3.2 billion.

“We are proud to announce the expansion of our relationship with Chevron to include a third drillship. This contract exemplifies our strategic commitment to building strong customer relationships and allows us to leverage the operations support infrastructure which we have already developed in the region.”

Pacific Drilling CEO Chris Beckett stated, “We are proud to announce the expansion of our relationship with Chevron to include a third drillship. This contract exemplifies our strategic commitment to building strong customer relationships and allows us to leverage the operations support infrastructure which we have already developed in the region.”

Pacific Sharav is scheduled for delivery by Samsung Heavy Industries in Korea in the fourth quarter of 2013, upon completion of construction and client requested modifications. The drillship will be capable of operating in water depths of up to 12,000 feet and drilling wells up to 40,000 feet deep.

Source

Pacific Drilling Receives LoA for Pacific Sharav Drillship

Pacific Drilling Receives LoA for Pacific Sharav Drillship| Offshore Energy Today

Pacific Drilling S.A., a fast growing company dedicated to becoming the preferred ultra-deepwater drilling contractor, has received a letter of award for the Pacific Sharav drillship, revealed the company’s CEO Chris Becket.

CEO Chris Beckett commented on the increasing demand for ultra-deepwater units: “During the early part of 2012, demand for ultra-deepwater drillships continued to strengthen, as demonstrated by the acceleration in multi-year inquiries and contract awards with increasingly higher dayrates. We expect to see market demand exceed supply well into 2014.”

He added: “In this favorable market context, the Pacific Sharav received a letter of award from a major oil company for a long term commitment. We expect to provide more details on this commitment in the coming weeks. These positive market dynamics supported our decision to order a seventh drillship, scheduled for delivery in May 2014.”

Construction of the Pacific Sharav started in March 2012 at Samsung Heavy Industries in South Korea. Delivery of the rig is expected in September 2013. The vessel, of Samsung 12000 design, will be capable of operating in 12,000 ft water depth and equipped for 40,000 ft drilling depth. The ship will be able to accommodate a crew of 200.

Pacific Drilling’s fleet of seven ultra-deepwater drillships will, once completed, 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 under construction and one on order at Samsung.

During the first quarter of 2012, the company invested $102 million in the construction of the fleet, including the initial payment for its seventh drillship.

“We estimate the remaining capital expenditures for our committed drillships at $1.6 billion,” read the company’s statement.

Source: Pacific Drilling Receives LoA for Pacific Sharav Drillship| Offshore Energy Today.

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