Pride expands deepwater fleet

Pride International is continuing the expansion of its deepwater fleet, in support of a multi-year contract award from a subsidiary of Petroleo Brasileiro S.A. (Petrobras).

Offshore Staff

HOUSTON -- Pride International is continuing the expansion of its deepwater fleet, in support of a multi-year contract award from a subsidiary of Petroleo Brasileiro S.A. (Petrobras). The ultra deepwater drillship, to be constructed at the Samsung Heavy Industries (SHI) shipyard in Geoje, South Korea, is scheduled for delivery in 1Q 2011.

The new drillship, to be named at a later date, is Pride's third ultra deepwater drillship construction project. The vessel is designed for drilling in water depths of up to 12,000 ft (3,656 m), with a total vertical drilling depth of up to 40,000 ft (12,192 m), and will have off-line tubular stand-building capabilities. The rig will feature dynamic positioning in compliance with DPS-3 certification.

The expected construction cost of the rig, including commissioning and system integrated testing, is $720 million.

01/24/2008

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