Pride South Pacific contract offshore West Africa extended

Pride International announced on 27 July that its deepwater semisubmersible rig, Pride South Pacific, has been awarded a one-year contract by a subsidiary of Noble Energy for operations offshore West Africa. The contract is expected to commence during the first quarter of 2010, in direct continuation of the rig’s current contract commitment and a scheduled shipyard program to be executed in Cape Town, South Africa.

The Pride South Pacific completed an upgrade
in 1998 and can operate in water depths up to 5,000 ft.

The contract duration could be extended by up to three months on the same terms and conditions following notification by the customer, which would be provided within the initial six months of the contract.

Revenues that could be generated over the firm one-year period are approximately $117.2 million, excluding revenues for mobilization, demobilization and client reimbursables.

The Pride South Pacific is one of eight deepwater semisubmersibles and drillships in the Pride International fleet. The rig, which completed a significant upgrade in 1998, utilizes a conventional chain and wire mooring system. The rig’s current equipment configuration allows for operations in water depths of up to 5,000 ft.