Pride International to build drillship

Offshore drilling contractor Pride International Inc said it will spend about $745 million to build another ultra-deepwater drillship to expand its presence in deepwater drilling sector. The drillship will be built by Samsung Heavy Industries and is expected to be delivered in the fourth quarter of 2011. “We believe demand for ultra-deepwater rig capacity extends well into the next decade, providing excellent prospects for contracting this latest unit,” Chief Executive Louis Raspino said in a statement.

The new drillship, which is yet to be named, is designed for drilling in water depths of up to 12,000 feet, with a total vertical drilling depth of 40,000 feet. Houston, Texas-based Pride has already four ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.