Pacific Drilling Announces Extension of Initial Term for the Pacific Scirocco to Two Years
Pacific Drilling S.A. (NYSE: PACD) announced today that a subsidiary of Total S.A. has elected to extend the initial contract term for the Pacific Scirocco from one to two years. The contract provides for further options, to be exercised at the client's discretion, which could result in up to three additional years of contract term with an escalating dayrate.
Estimated maximum contract revenues related to the additional one year term are expected to be approximately $173 million, bringing the rig's total contract backlog as of May 24, 2012, to approximately $307 million.
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