Pacific Drilling S.A. announced that a subsidiary of Total S.A. has elected to extend the initial contract term for the Pacific Scirocco from one to two years. The contract provides for further options, to be exercised at the client’s discretion, which could result in up to three additional years of contract term with an escalating dayrate. Estimated maximum contract revenues related to the additional one year term are expected to be approximately $173 million, bringing the rig’s total contract backlog as of May 24, 2012, to approximately $307 million.
Chris Beckett, Chief Executive Officer, stated, “Pacific Scirocco has performed extremely well to date, exceeding historical industry expectations for the start-up of an ultra-deepwater drillship. We are pleased that Total has recognized our performance through this contract extension, which significantly increases our firm backlog.” The Pacific Scirocco is capable of operating in water depths of up to 12,000 feet and drilling wells 40,000 feet deep.