Pride gets West Africa drilling contract

Pride International has been awarded a two-well, estimated 90-day contract by an unnamed company for drilling offshore West Africa.

Offshore staff

HOUSTON -- Pride International has been awarded a two-well, estimated 90-day contract by an unnamed company for drilling offshore West Africa. The deepwater semisubmersible Pride South Pacific will perform the work.

The contract is expected to begin in 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, according to the company.

ThePride South Pacific is one of eight deepwater semisubmersibles and drillships in the Pride International fleet. The rig, which completed a significant upgrade in 1998, uses a conventional chain and wire mooring system and is capable of operating in water depths of up to 6,500 ft (1,981 m).

07/22/2008

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