Pride to build fourth ultra-deepwater drillship for late 2011 delivery

The rig will also have expanded drilling fluids capacity, a 1,000-ton capacity hoisting system and living quarters for up to 200 personnel. The expected construction cost of the rig, including commissioning and system integrated-testing and excluding capitalized interest, is approximately $745 million.

Louis A Raspino, Pride president and CEO, stated, “We remain intensely focused on expanding our presence in the ultra-deepwater drilling sector, while increasing our already significant competencies in deepwater operations, engineering and construction and project management. This attractive shipyard delivery provides a unique opportunity to address a growing base of customers with ultra-deepwater rig needs in the early part of the next decade, while we continue to execute our strategic objective of expanding our premium asset base…. We believe demand for ultra-deepwater rig capacity extends well into the next decade, providing excellent prospects for contracting this latest unit.”