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Pride International wins 5-year contract for ultra-deepwater drillship in GOM

Posted on 02 May 2008

Pride describes the rig as one of the most advanced ultra-deepwater drilling and completions units in the offshore industry, capable of drilling in water depths of up to 12,000 feet (equipped for 10,000 feet) and drilling to a total vertical depth of up to 40,000 feet. The rig will offer a variable deck load of 20,000 metric tons, dynamic positioning in compliance with DPS-3 certification, expanded drilling fluids capacity, a 1,000 ton capacity top drive and living quarters for up to 200 personnel. The rig will be modified from the original design to improve on its already extensive off-line operational capabilities. Design modifications include the addition of a 160-metric ton active-heave compensated construction crane that allows the rig to perform subsea construction activities, such as the placement of production trees and manifolds in up to 10,000 feet of water without obstructing the critical path of drilling deepwater wells, and an additional 2,000 feet of marine riser. The unit will not initially be functional as a dual-activity rig, but can be modified to add this functionality in the future. Pride has previously purchased the license for the use of dual-activity from the patent holder. Including the modifications requested by our customer to the rig's technical features, commissioning and system-integrated testing, the company has revised the estimated cost to construct the rig to approximately $725 million, excluding capitalized interest, and expects to fund the construction of the unit with available cash and borrowings.

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