Pride International, Inc reports; Contract Award for Deepwater Semisubmersible Rig Pride South Pacificadmin
Pride International, Inc as reported by media has just released news saying that the company announced that its deepwater semisubmersible rig, the Pride South Pacific, has been awarded a two-well, estimated 90-day contract by an international oil and gas exploration and production company for drilling operations offshore West Africa. The contract is expected to commence during early July 2009, following the completion of an existing contract commitment offshore Angola and mobilization to the new location. The contract also provides for two one-well options that if exercised, would extend the firm period of the contract by an estimated 75 days. Revenues that could be generated over the estimated 90-day firm contract period are approximately $58.5 million, excluding revenues for mobilization, demobilization and client reimbursables.
The Pride South Pacific is one of eight deepwater semisubmersibles and drillships in the Pride International fleet. The rig, which completed a significant upgrade in 1998, utilizes a conventional chain and wire mooring system and is capable of operating in water depths of up to 6,500 feet. Pride International, Inc., headquartered in Houston, Texas, is one of the world’s largest offshore drilling contractors, operating a fleet of 54 rigs, including two deepwater drillships, 12 semisubmersible rigs, 28 jackups, five managed deepwater rigs and seven Eastern Hemisphere-based land rigs. The company also has three ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.
Pride International, Inc. Analyst & Media Contact: Jeffrey L. Chastain
Source: Pride International, Inc.