Pride places fourth drillship order

Pride International has placed an order for the construction of a fourth advanced-capability, ultra-deepwater drillship.

Offshore staff

HOUSTON -- Pride International has placed an order for the construction of a fourth advanced-capability, ultra-deepwater drillship. The latest drillship, like the company's three previously announced projects, will be constructed at the Samsung Heavy Industries Ltd. (SHI) shipyard in Geoje, South Korea on a fixed-price basis. The expected construction cost of the rig, including commissioning and system integrated-testing and excluding capitalized interest, is approximately $745 million, the company says.

The new drillship, to be named at a later date, is based on an SHI proprietary hull design measuring 750 ft (229 m) long, 140 ft (43 m) wide and offering a pay load in excess of 20,000 metric tons (22,046 tons) . The unit is designed for drilling in water depths of up to 12,000 ft (3,658 m), with a total vertical drilling depth of 40,000 ft (12,192 m), and will have off-line tubular stand building capabilities, as well as feature dynamic positioning in compliance with DPS-3 certification.

The rig, which will be initially equipped for drilling in water depths of up to 10,000 ft (3,048 m), will also have expanded drilling fluids capacity, a 1,000-metricton (1,102-ton) capacity hoisting system and living quarters for up to 200 personnel.

Expected delivery is 4Q 2011, following construction, commissioning, and system-integrated testing.

08/27/2008

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