HOUSTON – Houston-based Pride International Inc. (NYSE: PDE) has dedicated the second of its four new deepwater drillships under construction by Samsung Heavy Industries in South Korea, the Deep Ocean Clarion.
The company's deepwater expansion began with the dedication of the DeepOcean Ascension earlier this year.
Delivery of the rig is expected in September 2010, followed by the mobilization of the rig to the US Gulf of Mexico where it is expected to commence operations in the first quarter of 2011 under a five year contract with BP.
In a shipyard ceremony, Louis A. Raspino, president and CEO of Pride, commented, "These drillships represent the best, most technologically advanced generation of rigs. The Deep Ocean Clarion, built by Samsung with an outstanding safety record, will be strategic to our client's worldwide drilling needs."
All of Pride's new drillships have a significant complement of high specification equipment. The Clarion, fully capable of dual drilling activity, has the ability to drill in water depths of up to 12,000 feet, and has a 165 ton advanced heave compensated crane, advanced dynamic positioning systems, a 6,000-barrel active fluid storage and handling system, and significant storage and deck space.
The Clarion and its three sister ships in the new build construction program are key to Pride's commitment to expand its presence in the deepwater sector. Pride's revenues from its floating rigs are expected to grow to more than 90% when these units are delivered and operating.
The next drillship to be delivered in the four-rig construction program is the Deep Ocean Mendocino, with an expected first quarter 2011 delivery, followed by the Deep Ocean Molokai in the fourth quarter of 2011.
Pride International operates a fleet of 24 rigs, including three deepwater drillships, 12 semisubmersible rigs, seven jackups and two managed deepwater rigs. The company also has three ultra-deepwater drillships under construction. The company's floating rig fleet operates primarily offshore Brazil and West Africa.