Pacific Drilling Joint Venture Receives Funding for Construction of Ultra-Deepwater Drillships /

Pacific Drilling Ltd. today announced the closing and funding of a $1,190,000,000 facility by a 50% owned joint venture. The facility was lead by DnB Nor Bank AsA and Fortis Bank SA/NV.

The facility supports the $1,490,000,000 delivered cost of two ultra-deepwater drillships currently being constructed by Samsung Heavy Industries in South Korea. The first rig, with 12,000 feet water depth capability, is expected to be delivered in the second quarter of 2009, and the second rig, which will be capable of operating in up to 10,000 feet of water, in the third quarter of 2009. After commissioning, both vessels will operate under firm 5 year contracts.

Pacific Drilling Limited is a privately owned, ultra-deepwater drillship operator, which has an interest in six ultra-deepwater drillships under construction in Korea against turnkey contracts. The first two vessels are held in a 50% JV and the remaining four will be wholly owned and operated.