Pacific Drilling takes delivery of third drillship

Pacific Drilling S.A. (NOTC: PDSA) announced today that it has received delivery of its newest drillship, the Pacific Mistral.  The Pacific Mistral is the third of six ultra-deepwater drillships under construction for Pacific Drilling at Korean shipbuilder Samsung Heavy Industries. It can operate in water depths of up to 12,000 feet and drill wells of up to 35,000 feet total depth.  The rig features technologically advanced equipment that allows customers to improve drilling efficiency, including offline handling capabilities.

Pacific Drilling CEO Chris Beckett stated, “We are proud to announce the delivery of the Pacific Mistral.  This constitutes the third on-time, on-budget delivery in Pacific Drilling’s fleet of six premium ultra-deepwater drillships.  The final payment to the shipyard was substantially funded by our Project Facilities Agreement lenders, consisting of two Export Credit Agencies and nine commercial banks based in the United States and Europe.  We are in the advanced stages of negotiations with several major E&P companies and expect to announce a drilling contract for the Pacific Mistral in the near future.”

Pacific Drilling expects delivery of an additional drillship in August 2011 and has two drillships on order at Samsung for delivery during 2013.

June 3, 2011