Pacific Drilling Announces Exercise of Option to Extend the Pacific Scirocco for One Year
Pacific Drilling Announces Exercise of Option to Extend the Pacific Scirocco for One Year
LUXEMBOURG--(BUSINESS WIRE)-- Pacific Drilling S.A. (NYS: PACD) announced today that a subsidiary of Total S.A. has elected to exercise a one-year option to extend the firm contract term for the Pacific Scirocco to January 2015. The contract provides for a further option, to be exercised at the client's discretion by April 7, 2014, which could result in two additional years of contract term at a higher dayrate. The additional one year term increases the drillship's backlog by approximately $180 million, bringing the company's total contract backlog as of April 9, 2013, to approximately $3.4 billion. The additional extension for two years would add a further $364 million backlog if exercised.
The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is committed to becoming the industry's preferred ultra-deepwater drilling contractor. Pacific Drilling's fleet of eight ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four drillships under customer contract, and has one drillship on order and three drillships under construction at Samsung, two of which are under customer contract. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.
Statements regarding the duration of client contracts, contract revenue amounts, backlog and other statements that are not historical facts in this press release are forward-looking statements and are subject to certain risks, uncertainties and assumptions and consequently actual results may differ materially from those indicated or implied by such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise.
Pacific Drilling Services, Inc.
Amy Roddy, +1 832-255-0502
Investor@pacificdrilling.com
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