Pride returns to Samsung for another drillship

Seoul: New York-listed Pride International says it has reached agreement with Samsung Heavy Industries (SHI) for the construction of a fifth ultra-deepwater drillship.

Like the four other ultra-deepwater drillships that Pride has ordered since 2007, the new unit will be constructed on a fixed price basis at the SHI shipyard in Geoje, South Korea. Delivery is expected in mid-2013.

The expected construction cost of the rig, including commissioning and system integrated-testing and project management, is approximately $600m.

Pride International expects to fund the construction of the unit with available cash, cash flow from operations and, if required, borrowings under its available credit facility.
(Source:www.seatrade-asia.com)