Five-year Contract for Pacific Drilling Vessel
Pacific Drilling S.A. announce a five-year contract from Chevron USA for its ultra-deepwater drillship 'Pacific Sharav'
Pacific Sharav is scheduled for delivery by Samsung Heavy Industries (010140.KS) 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.
The Chevron will require the drillship to operate in the 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.
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.”