Pride International. to Construct More Deepwater Drillships

Thursday, December 16, 2010

Pride International, Inc. (NYSE: PDE) announced that the company has reached agreement with Samsung Heavy Industries, Ltd. (SHI) for the construction of a fifth ultra-deepwater drillship, further expanding the company's ultra-deepwater fleet size and drilling capabilities.

Consistent with the company's previous four ultra-deepwater drillships ordered since 2007, the new unit will be constructed on a fixed price basis at the SHI shipyard in Geoje, South Korea, with an expected delivery in mid-2013. The rig will be equipped with some of the most technically advanced well construction features available in the offshore drilling industry, addressing a suite of superior capabilities to meet the needs of our clients, including advanced systems for hoisting, blow out preventer handling, drilling and mud controls and station-keeping.

Louis A. Raspino, President and Chief Executive Officer of Pride International, Inc., commented, "The long-term outlook for the deepwater drilling sector is expected to remain fundamentally strong, supported by a continuation of record geologic success, increased expansion by clients into new emerging locations, growing preference by many clients for the industry's most advanced, efficient and safe drilling rigs, a continuing shift toward field development programs, new technologies that improve the recovery rates from deepwater reservoirs and an environment of sustainable crude oil prices that is supported by growth among numerous global economies. Given the long-term visibility afforded by these sector attributes, we are increasingly confident that additional deepwater capacity will be required by our clients as we advance through the next decade."

The new drillship, to be named at a later date, is based on an SHI proprietary hull design measuring 750 feet long and 140 ft wide. The rig is designed for drilling in water depths of up to 12,000 ft, with a total vertical drilling depth of 40,000 ft, and will offer a pay load in excess of 20,000 metric tons and a 1,250 ton hoisting system. The rig's design and capabilities, which includes a dual derrick, allow for numerous well construction and field development activities that can be performed in parallel, producing increased rig efficiencies. Primary to these capabilities are offline tubular stand building features and a 160-ton automated heave compensating construction crane, allowing for the deployment of subsea production equipment without interference with ongoing drilling operations. The rig, which will be initially capable of drilling in water depths of up to 10,000 ft, will be equipped with dynamic positioning in compliance with DPS-3 certification, six-5.5 megawatt thrusters for enhanced station-keeping capacity, expanded drilling fluids capacity, a 15,000 psi subsea well control system and upgraded system handling, and living quarters for up to 200 personnel.

The expected construction cost of the rig, including commissioning and system integrated-testing and project management, is approximately $600m. The company expects to fund the construction of the unit with available cash, cash flow from operations and, if required, borrowings under its available credit facility. Payment terms negotiated with the shipyard are attractive, with a high percentage of the rig's cost due upon delivery. In addition, the agreement with SHI includes an option for a second unit at similar terms and conditions, which could be exercised during the first quarter of 2011.

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Tuco Debuts New Wind Farm Service Boat

Less than a week before the Offshore Energy 2014 Exhibition and Conference in Amsterdam the coming week, Tuco Marine disclosed the newest vessel in the ProZero series of Fast Rescue Boats,

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Offshore

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Ocean Installer Enters Australian O&G Market

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence

Nordic Wins with Noble

Nordic Maritime, a leading offshore service operator, today announced a five year time charter for its DP2 IMR Subsea vessel, Mokul Nordic, which has been awarded by Noble Energy,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Sonar
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: 1.0197 sec (1 req/sec)