Another newbuild ultra-deepwater drillship will be added to the global fleet with the news that Pacific Drilling has exercised an option to construct its eighth such unit at Samsung Heavy Industries in South Korea, at a cost of US $620m.

The rig contractor’s CEO, Chris Beckett, said: “The strong market for deepwater drilling, attractive construction cost, strength of relationships with our preferred vendors, and robust operating performance of our in-service rigs support the decision to invest in the further expansion of our fleet.”

The drillship will have a rated water depth of 3,658 m (12,000 ft), be equipped to drill wells to a total depth of 12,192 m (40,000 ft), have accommodation for 200 personnel and be equipped to support dual gradient drilling.

The approximate total cost of $620m excludes capitalised interest, with delivery scheduled for 16 March, 2015. Financing for the construction of the rig is expected to be provided by a combination of cash flows from ongoing operations and long-term debt, said Pacific.

The company has so far had four deepwater drillships delivered to date, with a further two on order for deliver later this year.

Offshore