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Pride returns to Samsung for another drillship

Seoul: New York-listed Pride International says it has reached agreement with Samsung Heavy Industries (SHI) for the construction of a fifth ultra-deepwater drillship. ??Like the four other ultra-deepwater drillships that Pride has ordered since 2007, the new unit will be constructed on a fixed price basis at the SHI shipyard in Geoje, South Korea. Delivery is expected in mid-2013. ??The expected construction cost of the rig, including commissioning and system integrated-testing and project management, is approximately $600m. ??Pride International expects to fund the construction of the unit with available cash, cash flow from operations and, if required, borrowings under its available credit facility.  [15/12/10]

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