PRIDE International has admitted to Chevron that its semi-submersible, Pride Venezuela, has an unacceptable level of corrosion. This has precipitated cancellation of a contract for use of the rig by Chevron off Angola.
The net result is that Pride will take a $140million hit for the termination, plus it faces a hefty bill for moving the rig to a suitable dry dock where repairs can be carried out.
The rig had been moved off its drilling location in March to Luanda Bay, Angola, for planned repairs and a mid-period survey. It was then that an inspection of its hull revealed corrosion sufficient to require heavy repairs that will take several months to carry out.