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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Ferry Drydocking Completed on 2-day Turnaround

Great Lakes Shipyard hauled out the Kelleys Island Ferry Kayla Marie on April 18 for its USCG five-year inspection survey. The yard completed all work, and refloated the vessel two days later,

Crane Upgrade for Jack-up Vessel Sea Installer

Major modification work will bring A2SEA-owned vessel into line with growing demands of offshore wind industry   Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion,

Saga Shipholding’s Optimarin Experience Drives BWT Orders

Ballast water treatment (BWT) specialist Optimarin has signed a contract with Saga Shipholding for the provision of three of its Optimarin Ballast Systems (OBS).

Offshore

Wind-powered Oil Recovery Project Green-lighted

The DNV GL-led WIN WIN Joint Industry Project (JIP), which melds offshore wind with offshore oil and gas, shows that for suitable fields,finds that  wind-powered

Barge Master Wins Innovation Award at OTC

The Barge Master T40 motion compensated knuckle boom crane has been recognized for technological innovation, winning the Spotlight on New Technology Small Business

Keppel Acquires LeTourneau

Keppel Offshore & Marine (Keppel O&M), through its wholly owned subsidiary, Keppel Offshore & Marine USA, Inc., has completed the acquisition of Cameron International

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | 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: 0.0691 sec (14 req/sec)