Pacific Drilling Takes Delivery of Ultra-Deepwater Drillship ‘Pacific Mistral’

LUXEMBOURG – Pacific Drilling S.A. (NOTC: PDSA) announced today that it has received delivery of its newest drillship, the Pacific Mistral.  The Pacific Mistral can operate in water depths of up to 12,000 feet and drill wells of up to 35,000 feet total depth.  The rig features technologically advanced equipment that allows customers to improve drilling efficiency, including offline handling capabilities.

Pacific Drilling CEO Chris Beckett stated, “We are proud to announce the delivery of the Pacific Mistral.  This constitutes the third on-time, on-budget delivery in Pacific Drilling’s fleet of six premium ultra-deepwater drillships.  The final payment to the shipyard was substantially funded by our Project Facilities Agreement lenders, consisting of two Export Credit Agencies and nine commercial banks based in the United States and Europe.  We are in the advanced stages of negotiations with several major E&P companies and expect to announce a drilling contract for the Pacific Mistral in the near future.”

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor.  In addition to the three ultra-deepwater drillships delivered to date, Pacific Drilling expects delivery of an additional drillship in August 2011 and has two drillships on order at Samsung for delivery during 2013.

Pacific Mistral was constructed at Samsung Heavy Industries yard in Goeje, South Korea.

Source: Pacific Drilling