Pacific Drilling S.A. (NYSE:PACD) today announced that it has exercised
its right to rescind the construction contract for ultra-deepwater
drillship Pacific Zonda due to the failure by Samsung Heavy
Industries (SHI) to timely deliver a vessel that substantially meets the
criteria required for completion of the vessel in accordance with the
construction contract and its specifications. Pacific Drilling made
advance payments totaling approximately $181.1 million under the
contract, and will be seeking a refund of the installment payments.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific
Drilling is committed to becoming the industry’s preferred
high-specification, floating-rig drilling contractor. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. For more information about
Pacific Drilling, including our current Fleet Status, please visit our
website at www.pacificdrilling.com.
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Copyright Business Wire 2015
Source: Business Wire
(October 28, 2015 - 10:00 PM EDT)
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