Pacific Drilling 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.
The Pacific Zonda was to be an upgraded dual load path Samsung 12000 design dynamically-positioned, dual gradient-capable drillship meant for moderate environments and water depths up to 3657m (12,000ft) using 18¾-in BOP and 21in OD marine drilling riser.
The drillship was originally meant to be delivered in Q2 2015.
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