Pacific Drilling Provides Operational Updates

Thursday, Nov 24, 2011

Pacific Drilling S.A. (NYSE: PACD, NOTC: PDSA) today provided an update on the status of its ultra-deepwater drillships.

The Pacific Bora commenced its three year contract with a wholly owned Chevron subsidiary on August 26, 2011, and continues to operate in the Agbami Field in Nigeria. The rig has reached performance levels in line with industry expectations.

In addition, following previously announced repairs and upgrades, the Pacific Scirocco is mobilizing from quayside in Port Ngqura, South Africa, to Nigeria, where it is expected to commence a one year contract with Total E&P Nigeria Limited in December 2011. To date, Pacific Drilling has received initial payments from insurance underwriters against a loss of hire insurance claim as a result of the repairs. The company anticipates receipt of further funds that have been agreed and continues to discuss further recoveries with underwriters.

The Pacific Santa Ana will complete upgrades prior to expected delivery in December 2011, before mobilizing to the US Gulf of Mexico for a five year contract with Chevron as the world’s first dual gradient drilling rig.

The Pacific Mistral arrived in Rio De Janeiro, Brazil, on November 21, 2011. The rig will now undergo regulatory approvals and acceptance testing with its client, Petrobras, prior to beginning operations, which are expected to start in December 2011.

Source: Business Wire

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