Pride Expands Deepwater Capabilities

Thursday, January 24, 2008
Pride International is continuing the expansion of its deepwater fleet, following a multi-year contract award from a subsidiary of Petroleo Brasileiro S.A. (Petrobras) for the construction and operation of an advanced-capability, ultra-deepwater drillship in support of Petrobras's international exploration and development drilling projects. The ultra-deepwater drillship, to be built at the Samsung Heavy Industries, Co. Ltd. (SHI) shipyard in Geoje, South Korea on a fixed-price basis, is expected to be delivered from the shipyard in the first quarter of 2011, following construction, commissioning and system-integrated testing.

The multi-year drilling contract allows Petrobras to elect, by January 31, 2010, a firm contract term of at least five years and up to seven years in duration. The drilling contract provides for the payment of a fixed daily rate and the payment of a performance bonus of up to 17% of the fixed daily rate if a five year term is selected (or up to 15% if a six or seven year term is selected.) Depending on the firm contract term chosen and excluding revenues for reimbursement of costs associated with the mobilization of the rig to an initial location, estimated contract revenues which could be generated range from $916 million to $1.24 billion and include the operating dayrate, the full amount of the performance bonus and other contractually guaranteed payments of $41 million to $49 million. In addition, a cost escalation provision is provided from the signing date of the contract through the term selected.

Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., stated, "This third addition to our deepwater fleet in less than seven months, along with the supporting contract, is beneficial in a number of ways as we continue to successfully transition the company to a pure offshore focus with an increasing emphasis on ultra-deepwater drilling. These benefits include:

Expanding our strong business relationship with Petrobras, a client with increasing opportunities in deepwater exploration and development drilling around the world.

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

HII Appoints Brenton as Corporate Director

Huntington Ingalls Industries (HII) announced today that Capt. Kevin Brenton (U.S. Navy, Ret.) has joined the company as corporate director of customer affairs for submarine programs.

New Simulation Tool for Collision Reconstruction

BMT ARGOSS and BMT Surveys, subsidiaries of BMT Group Ltd, the international design, engineering and risk management consultancy, announced an innovative new service

Offshore

MOL Merges Group Companies; Upgrades Bridge Simulator

MOL adds DPS and enhances safe operation by integrating expertise through merger Mitsui O.S.K. Lines, Ltd. (MOL) announced the merger of MOL Marine Consulting, Ltd.

Swire Pacific Acquires 3rd L Class PSV

Shipowner and operator, Swire Pacific Offshore Operations (Pte) Ltd (SPO) celebrated the naming and delivery of its third L Class PSV vessel, Pacific Legend in Kyoto,

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1550 sec (6 req/sec)