Pride names four new drillships

HOUSTON: Pride International Inc. (NYSE: PDE) has named the four new ultra-deepwater drillships it has under construction.

Pride is naming the drillships after major subsea features that occur in some of the deepest areas of the ocean. Deep Ocean Ascension, formerly PS1, is expected to be delivered in the first quarter of 2010. Deep Ocean Clarion, formerly PS2, is expected for delivery in the third quarter of 2010. Deep Ocean Mendocino, formerly PS3, is expected for delivery in the first quarter of 2011. Deep Ocean Molokai, formerly PS4, is expected for delivery in the fourth quarter of 2011. The drillships, capable of operating in water depths of up to 12,000 feet (3,658 m), are being built at Samsung Heavy Industries shipyard in Geoje, South Korea.

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