Pride International Inc (NYSE: PDE) said has secured a 1-year contract for it its deepwater semisubmersible rig, Pride South Pacific, from a subsidiary of Noble Energy Inc (NYSE: NBL) for operations offshore West Africa, worth approximately US$117.2 million over the contracted period.
The contract is expected to commence during the first quarter of 2010, in direct continuation of the rig's current commitment offshore West Africa and a scheduled shipyard program to be executed in Cape Town, South Africa.
The duration could be extended by up to three months on the same terms and conditions following notification by the customer, which would be provided within the initial six months of the contract.
The Pride South Pacific is one of eight deepwater semisubmersibles and drillships in the Pride International fleet. The rig's current equipment configuration allows for operations in water depths of up to 5,000 feet.
Pride International, headquartered in Houston, Texas, operates a fleet of 44 rigs, including two deepwater drillships, 12 semisubmersible rigs, 27 jackups and three managed deepwater rigs. The company also has four ultra-deepwater drillships under construction with expected deliveries in 2010 and 2011.
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