LUXEMBOURG – Pacific Drilling’s ultra-deepwater drillship Pacific Sharav has received a five-year contract from Chevron U.S.A. for operations in the Gulf of Mexico. Estimated maximum contract revenue is $1.076 billion.
Pacific Sharav is scheduled for delivery by Samsung Heavy Industries in Korea in 4Q 2013. The drillship will be capable of operating in water depths of up to 12,000 ft (3,658 m) and drilling wells up to 40,000 ft (12,192 m) deep.
OK "zd" 1.076B / 5 years is $589,589 day rate ... If you look at the PACD web site they have a
rate of 555,000 for this ship. So I guess the $589K includes commencement and bonus. This is a 6th gen ship. If you look at their ship day rates they range from $450K to $660K. Most PACD ships rates are in the range of 450K and 550K and their ships are all NEW.
So if WE get a day rate of 570K to 590K ( bonus/commencement included) & a 5 year contract then investors should be real happy! Don't forget we don't even have a DUAL GRAGULANT DRILLING SHIP !
That was last june. Rates have risen sharply since then and as bragg has been advertising 650 plus depending on location. Noble signed 3yr GOM deal for 618 about 5mos ago. At this point would be escatic if they can at least cover the 5yr loan we took out 7mos before delivery. Were one of the last ships left for 2013 and should be in high demand yet bragg cant get a deal signed. Vtg has never signed a contract post macadondo, things are different now, many teir 1 operators wont do business with us.
I can see Bragg sacrificing the Tungsten with a low rate to sign up multiple units up with the JV. Again, no joy until 2016.