Pacific Drilling narrows focus on ultra-deep rigs

By TAN HWEE HWEE Singapore

 10 May 2012 22:59 GMT

NEW York and Oslo-listed Pacific Drilling is set on developing into a pure ultra-deepwater drilling contractor and is eyeing the possibility of adding another five rigs to its current seven-strong drillship fleet if market conditions remain buoyant beyond 2014.

Pacific Drilling was conceived as recently as 2006 when the cash-rich owners behind Tanker Pacific decided to diversify into offshore drilling by signing up South Korea’s Samsung Heavy Industries to build its first ultra-deepwater drillships.

It is five years since Pacific Drilling’s inception and chief operating officer Bob Macchesney told Upstream that the company remains bullish on the health of the ultra-deepwater drilling market.

“The market will be short on supply of ultra-deepwater drilling floaters at least through 2014,” Macchesney said, citing analyst reports.

“Dayrates have been on a rebound and will stabilise at…

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