Pacific Drilling S.A. (NYSE: PACD) (NOTC: PDSA) announced on Monday, that its ultra-deepwater drillship the Pacific Scirocco commenced operations in Nigeria on December 31, 2011. The drillship is contracted for an initial one-year term to a subsidiary of Total S.A. (NYSE: TOT). The contract further provides for options, to be exercised at the client’s discretion, which could result in up to four additional years of contract term.
The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.
With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is committed to becoming the industry’s preferred ultra-deepwater drilling contractor. Pacific Drilling’s fleet of six ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four recently delivered drillships and has two additional drillships on order at Samsung.
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. The Company cautions shareholders and prospective investors that actual results may differ materially from those indicated by the forward-looking statements. More information about the risks and uncertainties relating to the company’s forward-looking statements is found in the company’s SEC filings.
