Pacific Drilling S.A. 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
See full press release
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