• Categories
  • Archives

Petrobras Goes with US’s Pride into Deepwater

Texas-based Pride International announced yesterday that it has signed contracts to operate its four Amethyst-class deepwater semisubmersibles in Brazil. 

The Pride Rio de Janeiro and the Pride Portland, 5,500 foot water depth, dynamically-positioned semisubmersibles, are operated by the Company and owned by a joint venture of which Pride owns 30%. 


Both rigs received five-year contracts from Petróleo Brasileiro S.A. (Petrobras) for work offshore Brazil with total contract value of approximately US$ 600 million, including mobilization and performance bonus opportunities.


The contracts for the Pride Rio de Janeiro and the Pride Portland include a base dayrate of US$ 141,750 and a 15% performance bonus potential plus mobilization amortization, for a maximum possible dayrate of approximately US$ 164,000. 


In addition, Pride expects to receive approximately US$ 9,000 per rig, per day in fees from the joint venture in connection with the Company’s management of the two rigs.  The Company currently anticipates both rigs to commence contract operations during October 2005 following client acceptance.


Additionally, Pride announced that it has signed extensions of the existing contracts with Petrobras for the Pride Carlos Walter and the Pride Brazil, 5,000 foot water depth, dynamically-positioned semisubmersibles.


These extensions represent potential contract revenues of US$ 230 million, including performance bonus opportunities.  The contracts extend two years through June 2008 at a base dayrate of US$ 137,000 plus a 15% performance bonus potential, for a maximum possible dayrate of approximately US$ 157,000, with the new terms commencing June 2006.


Kevin C. Robert, Vice President – Marketing commented, “We have enjoyed an excellent relationship with Petrobras, and these contracts allow Pride to expand our services in Brazil to six semisubmersibles on a long-term basis.”


Pride International, Inc., headquartered in Houston, Texas, is one of the world’s largest drilling contractors. 


The Company provides onshore and offshore drilling and related services in more than 30 countries, operating a diverse fleet of 289 rigs, including two ultra-deepwater drillships, 12 semisubmersible rigs, 29 jackup rigs, 19 tender-assisted, barge and platform rigs, and 227 land rigs.

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazil’s Lula Warns that Mercosur Needs to Mature Fast to Achieve Integration

President Luiz Inácio Lula da Silva, of Brazil, said today that the larger countries ...

Brazil Accused of Stealing Nuclear Technology

Brazilian authorities argue that it is all rumor and innuendo without any basis in ...

Brazil Opens New Lines of Trade with Mexico and Italy

At a meeting this Monday, June 12, in the Itamaraty Palace, Brazil’s Foreign Relations ...

Agrinote, Brazil’s Latest Tool to Lure Foreign Money

Within the next few weeks, a new tool will be available in Brazil for ...

Brazil Having a Hard Time Quenching World’s Thirst for Coffee

Worldwide demand for coffee is on the rise and grows 2% each year. That ...

Cover of Fernando Morais's book Montenegro

Brazilian Who Invented Embraer Had to Fight Red Tape Before Flying

"If, instead of one, Brazil had had five Montenegros, it would be an infinitely ...

IDB Has US$ 200 Million to Recover Brazil’s Amazon

The president of the Interamerican Development Bank (Banco Interamericano de Desenvolvimento) (BID), LuÀ­s Alberto ...

Brazil Free to Plant All Tobacco It Wants Despite Signing Tobacco Control Pact

Last year Brazil signed the Framework Convention on Tobacco Control and the government has ...

Desert Sun Gets Gold from Reactivated Mine in Brazil

Canada-based gold mining company Desert Sun Mining Corp. poured the first gold from its ...

In Brazil, Supermarkets Refuse to Sell Meat from Amazon-raised Cattle

In Brazil, the Brazilian Association of Supermarkets, the main group representing supermarkets in Brazil ...