Pride orders fifth Samsung deepwater drillship

Consistent with the company’s previous four ultra-deepwater drillships ordered since 2007, the new unit will be constructed on a fixed price basis at the SHI shipyard in Geoje, South Korea, with an expected delivery in mid-2013. The rig will be equipped with some of the most technically advanced well construction features available in the offshore drilling industry, addressing a suite of superior capabilities to meet the needs of its clients, including advanced systems for hoisting, blow out preventer handling, drilling and mud controls and station-keeping.

Louis A. Raspino, president and CEO of Pride International, commented, “The placement of an order for the company’s fifth ultra-deepwater drillship since 2007 is highly opportunistic, given the availability of attractive new construction pricing and payment terms. The expansion of our deepwater fleet allows us to more effectively address the increasingly complex well construction needs of our clients, with many featured systems on our new unit superior to those included on most other new build drillships, while building the critical mass that we believe is necessary to effectively compete and achieve success in the deepwater drilling sector.”

The new drillship, to be named at a later date, is based on an SHI proprietary hull design measuring 230m long and 43m wide. The rig is designed for drilling in water depths of up to 12,000 feet, with a total vertical drilling depth of 40,000 feet, and will offer a pay load in excess of 20,000 tonnes and a 1,250 tonne hoisting system. The rig’s design and capabilities, which includes a dual derrick, allow for numerous well construction and field development activities that can be performed in parallel, producing increased rig efficiencies.

Primary to these capabilities are offline tubular stand building features and a 160-tonne automated heave compensating construction crane, allowing for the deployment of subsea production equipment without interference with ongoing drilling operations. The rig, which will be initially capable of drilling in water depths of up to 10,000 feet, will be equipped with dynamic positioning in compliance with DPS-3 certification, six-5.5MW thrusters for enhanced station-keeping capacity, expanded drilling fluids capacity, a 15,000 psi subsea well control system and upgraded system handling, and living quarters for up to 200 personnel.

The expected construction cost of the rig, including commissioning and system integrated-testing and project management, is approximately $600 million.