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Stock Market & Financial Investment News

News Breaks
January 22, 2013
09:02 EDTPACDPacific Drilling subsidiary to construct ultra-deepwater drillship
Pacific Drilling announced that its wholly-owned subsidiary exercised an option to construct its eighth ultra-deepwater drillship with Samsung Heavy Industries. The drillship will have a rated water depth of 12,000 feet, be equipped for 40,000 feet drilling depth, have accommodation for 200 personnel and be equipped to support dual gradient drilling. The total cost, excluding capitalized interest, will be approximately $620M and delivery is scheduled for March 16, 2015. Financing for the construction of this rig is expected to be provided by a combination of cash flows from ongoing operations and long-term debt.
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October 17, 2014
08:54 EDTPACDChevron adds drillship to deepwater operations in Gulf of Mexico
Chevron Corporation (CVX) announced that the Pacific Sharav, a deepwater drillship built to Chevron's specifications, has arrived in the Gulf of Mexico to work under a five-year contract with Pacific Drilling (PACD). The Pacific Sharav is an upgraded Dual-Load-Path, Samsung-12000-design, dynamically-positioned drillship, specially modified to accept a Dual Gradient Drilling System, and able to operate in moderate environments and water depths up to 12,000 feet. The Pacific Sharav has commenced operations in the Keathley Canyon area.

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