Pacific Drilling Announces Exercise of Option to Construct Ultra-Deepwater Drillship

Pacific Drilling S.A. (NYSE: PACD) announced today that its wholly-owned subsidiary exercised an option to construct its eighth ultra-deepwater drillship with Samsung Heavy Industries.

“We are extremely pleased to announce the order of our eighth ultra-deepwater drillship,” stated Pacific Drilling CEO Chris Beckett. “The strong market for deepwater drilling, attractive construction cost, strength of relationships with our preferred vendors, and robust operating performance of our in-service rigs support the decision to invest in the further expansion of our fleet.”

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 $620 million and delivery is scheduled for March 16, 2015. Financing for the construction of this rig is expected to be provided by a combination of cash flows from ongoing operations and long-term debt.

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 the timing, delivery and construction cost of newbuilds 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.

Contacts:

Pacific Drilling Services, Inc.
Amy Roddy, +1 832 255 0502
Investor@pacificdrilling.com
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here