(US) - Deepwater semisubmersiblePride North America experienced mechanical difficulties with its subsea control system.
Efforts to repair this equipment on location were unsuccessful, and components of the system have been shipped to the original equipment manufacturer for repair or replacement.
Pride International anticipates that repairs to the subsea control system will be completed and the rig will resume normal operations in early April.
Consequently, it is expected that the rig will be idle for a total period of approximately 51 days during 1Q 2006.
Prior to beginning operations under the current contract in early January 2006, the rig underwent mobilization, scheduled shipyard repairs and upgrades, and customer inspection throughout 4Q 2005r.
Following demobilization to the shipyard during 4Q 2005, the company began life enhancement projects on two of its jackups, thePride Tennessee and the Pride Oklahoma.
Pride expects the life enhancement projects, inclusive of transit and shipyard time, to last approximately six months for each rig, with aggregate capital expenditures totaling approximately $65 million.
03/15/06
