Pacific Drilling S.A. announced today that its ultra-deepwater drillship the Pacific Mistral has been awarded a three-year contract by Petrobras for operations in Brazil. The contract is expected to commence in the fourth quarter of 2011, and estimated maximum contract revenues, including mobilisation and client requested modifications, are expected to be approximately US$ 536 million.

Pacific Drilling Chief Executive Officer Chris Beckett stated, “We are pleased to announce the beginning of a core, strategic relationship with Petrobras.  This contract for the Pacific Mistral underscores our commitment to work with the best operators in the industry and also expands our operating presence in the Atlantic Basin, a region of focus for our activities.”

The Pacific Mistral was delivered by Samsung Heavy Industries in June 2011. The rig is equipped for and capable of operating in water depths of up to 12,000 ft and drilling wells 37,500 ft deep.