Pacific Drilling S.A. (NYSE: PACD) announced today that a subsidiary of
Total S.A. has elected to extend the initial contract term for the Pacific
Scirocco from one to two years. The contract provides for further
options, to be exercised at the client’s discretion, which could result
in up to three additional years of contract term with an escalating
dayrate. Estimated maximum contract revenues related to the additional
one year term are expected to be approximately $173 million, bringing
the rig’s total contract backlog as of May 24, 2012, to approximately
Chris Beckett, Chief Executive Officer, stated, “Pacific Scirocco
has performed extremely well to date, exceeding historical industry
expectations for the start-up of an ultra-deepwater drillship. We are
pleased that Total has recognized our performance through this contract
extension, which significantly increases our firm backlog.”
The Pacific Scirocco is capable of operating in water depths of
up to 12,000 feet and drilling wells 40,000 feet deep.
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 seven ultra-deepwater drillships will represent one
of the youngest and most technologically advanced fleets in the world.
The company currently operates four recently delivered drillships, has
two additional drillships under construction and one on order at
Samsung. Pacific Drilling operates in Nigeria through its subsidiary
Pacific International Drilling West Africa Ltd. For more information
about Pacific Drilling, including our current Fleet Status, please visit
our website at www.pacificdrilling.com.
Statements regarding the estimated duration of client contracts,
contract revenue amounts, backlog 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.
Source: Pacific Drilling Services, Inc.