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Pacific Drilling Announces Third-Quarter 2019 Results

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Pacific Drilling S.A. (NYSE: PACD) (“Pacific Drilling” or the “Company”) today reported results for the third quarter of 2019. Net loss for third-quarter 2019 was $90.8 million or $1.21 per diluted share, compared to net loss of $73.6 million or $0.98 per diluted share in second-quarter 2019.

Pacific Drilling CEO Bernie Wolford commented, “We continue to add meaningful backlog, demonstrating the strength of our marketing team, our reputation for high performance and the quality of our modern fleet. We are pleased to have the Pacific Khamsin committed through the end of the third-quarter 2020.”

Third-Quarter 2019 Operational and Financial Commentary

Third-quarter 2019 contract drilling revenue was $54.3 million, which included $3.1 million in reimbursable revenue. This compared to second-quarter 2019 contract drilling revenue of $76.4 million, which included $3.8 million in reimbursable revenue. The decrease in revenue resulted primarily from the Pacific Sharav completing its legacy Chevron five-year contract in late August 2019 and rolling over to continue working for Chevron at a lower dayrate reflective of the current market. Additionally, the Pacific Bora completed operations with ENI in Nigeria in July 2019.

Operating expenses for third-quarter 2019 were $60.3 million compared to $52.3 million in second-quarter 2019. The increase in operating expenses was primarily due to ramp-up costs as Pacific Khamsin prepares to commence its contract with Equinor in the U.S. Gulf of Mexico. Additionally, operating expenses included reimbursable revenue expenses for third-quarter 2019 of $2.6 million compared to $3.0 million in the second quarter of 2019.

General and administrative expenses for the third quarter of 2019 were $8.9 million, as compared to $10.0 million for the second quarter of 2019.

EBITDA(a) for third-quarter 2019 was $(14.3) million, compared to $14.0 million in second-quarter 2019 as a result of the decreases to revenue and increases to operating expenses described above.

Capital expenditures for the third quarter of 2019 were $9.7 million compared to $3.8 million in the second quarter of 2019. The increase in capital expenditures was primarily due to payments made to purchase a managed pressure drilling system.

Footnotes

(a)

EBITDA and Adjusted EBITDA are non-GAAP financial measures. For a definition of EBITDA and Adjusted EBITDA and a reconciliation to net loss, please refer to the schedule included in this release. Management uses this operational metric to track company results and believes that this measure provides additional information that highlights the impact of our operating efficiency as well as the operating and support costs incurred in achieving the revenue performance.

2019 Guidance

A schedule of Pacific Drilling’s updated 2019 guidance as of November 5, 2019 is available in the “Quarterly and Annual Results” subsection of the “Investor Relations” section of our website, www.pacificdrilling.com.

Conference Call

Pacific Drilling will conduct a conference call at 10 a.m. Central time on Wednesday, November 6, 2019 to discuss third-quarter 2019 results. To access the conference call, participants should contact the Conference Call Operator at +1 800-377-9510 within North America or +1 334-777-6978 outside of North America approximately 10 minutes prior to the scheduled start time and provide confirmation code #5137602. A replay of the call also will be available on the company’s website or by dialing +1 888-203-1112 within North America or +1 719-457-0820 outside of North America and providing confirmation code #5137602.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has principal offices in Luxembourg and Houston. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Forward-Looking Statements

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Our forward-looking statements express our current expectations or forecasts of possible future results or events, including future financial and operational performance and cash balances; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; and the potential impact of our completed Chapter 11 proceedings on our future operations and ability to finance our business.

Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.

Important factors that could cause actual results to differ materially from our expectations include: the global oil and gas market and its impact on demand for our services; the offshore drilling market, including reduced capital expenditures by our clients; changes in worldwide oil and gas supply and demand; rig availability and supply and demand for high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that we receive for our drillships; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes; our small fleet and reliance on a limited number of clients; our ability to execute our business plans; the effects of our completed Chapter 11 proceedings on our future operations; and the other risk factors described in our 2018 Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 12, 2019 and our Reports on Form 6-K. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.

PACIFIC DRILLING S.A. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Operations

(in thousands, except per share information) (unaudited)

 

 

 

Successor

 

 

Predecessor

 

Successor

 

 

Predecessor

 

 

 

Three Months

 

Three Months

 

 

Three Months

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

Ended

 

 

Ended

 

Ended

 

 

Ended

 

 

 

September 30,

 

June 30,

 

 

September 30,

 

September 30,

 

 

September 30,

 

 

 

2019

 

2019

 

 

2018

 

2019

 

 

2018

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contract drilling

 

$

54,315

 

$

76,415

 

 

$

56,673

 

$

196,646

 

 

$

205,306

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

(60,324)

 

 

(52,254)

 

 

 

(44,234)

 

 

(164,874)

 

 

 

(164,556)

 

General and administrative expenses

 

 

(8,855)

 

 

(10,010)

 

 

 

(10,947)

 

 

(30,111)

 

 

 

(41,032)

 

Depreciation and amortization expense

 

 

(47,734)

 

 

(59,330)

 

 

 

(70,125)

 

 

(165,963)

 

 

 

(210,115)

 

 

 

 

(116,913)

 

 

(121,594)

 

 

 

(125,306)

 

 

(360,948)

 

 

 

(415,703)

 

Operating loss

 

 

(62,598)

 

 

(45,179)

 

 

 

(68,633)

 

 

(164,302)

 

 

 

(210,397)

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(24,459)

 

 

(24,406)

 

 

 

(45,446)

 

 

(72,904)

 

 

 

(77,586)

 

Reorganization items

 

 

(24)

 

 

(878)

 

 

 

(30,599)

 

 

(1,905)

 

 

 

(56,108)

 

Interest income

 

 

1,510

 

 

1,665

 

 

 

1,019

 

 

5,147

 

 

 

2,720

 

Equity earnings in unconsolidated subsidiaries

 

 

22

 

 

(263)

 

 

 

 

 

(1,293)

 

 

 

 

Expenses to unconsolidated subsidiaries, net

 

 

(510)

 

 

(437)

 

 

 

 

 

(1,219)

 

 

 

 

Other expense

 

 

(409)

 

 

(220)

 

 

 

(923)

 

 

(720)

 

 

 

(2,254)

 

Loss before income taxes

 

 

(86,468)

 

 

(69,718)

 

 

 

(144,582)

 

 

(237,196)

 

 

 

(343,625)

 

Income tax expense

 

 

(4,315)

 

 

(3,868)

 

 

 

(201)

 

 

(11,152)

 

 

 

(953)

 

Net loss

 

$

(90,783)

 

$

(73,586)

 

 

$

(144,783)

 

$

(248,348)

 

 

$

(344,578)

 

Loss per common share, basic

 

$

(1.21)

 

$

(0.98)

 

 

$

(6.78)

 

$

(3.31)

 

 

$

(16.13)

 

Weighted average shares outstanding, basic

 

 

75,005

 

 

75,001

 

 

 

21,368

 

 

75,012

 

 

 

21,357

 

Loss per common share, diluted

 

$

(1.21)

 

$

(0.98)

 

 

$

(6.78)

 

$

(3.31)

 

 

$

(16.13)

 

Weighted average shares outstanding, diluted

 

 

75,005

 

 

75,001

 

 

 

21,368

 

 

75,012

 

 

 

21,357

 

PACIFIC DRILLING S.A. AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

(in thousands) (unaudited)

 

 

 

September 30,

 

June 30,

 

December 31,

 

 

 

2019

 

2019

 

2018

 

Assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

355,906

 

$

305,488

 

$

367,577

 

Restricted cash

 

 

6,076

 

 

8,500

 

 

21,498

 

Accounts receivable, net

 

 

29,751

 

 

65,403

 

 

40,549

 

Other receivable

 

 

 

 

28,000

 

 

28,000

 

Materials and supplies

 

 

43,986

 

 

42,441

 

 

40,429

 

Prepaid expenses and other current assets

 

 

11,685

 

 

14,916

 

 

9,149

 

Total current assets

 

 

447,404

 

 

464,748

 

 

507,202

 

Property and equipment, net

 

 

1,860,724

 

 

1,878,848

 

 

1,915,172

 

Receivable from unconsolidated subsidiaries

 

 

204,790

 

 

204,790

 

 

204,790

 

Intangible asset

 

 

 

 

20,640

 

 

85,053

 

Investment in unconsolidated subsidiaries

 

 

11,400

 

 

11,234

 

 

11,876

 

Other assets

 

 

22,252

 

 

30,014

 

 

24,120

 

Total assets

 

$

2,546,570

 

$

2,610,274

 

$

2,748,213

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

12,009

 

$

17,835

 

$

14,941

 

Accrued expenses

 

 

20,292

 

 

18,327

 

 

25,744

 

Accrued interest

 

 

31,406

 

 

15,703

 

 

16,576

 

Deferred revenue, current

 

 

5,931

 

 

1,298

 

 

 

Total current liabilities

 

 

69,638

 

 

53,163

 

 

57,261

 

Long-term debt

 

 

1,064,643

 

 

1,056,037

 

 

1,039,335

 

Payable to unconsolidated subsidiaries

 

 

4,194

 

 

3,741

 

 

4,400

 

Other long-term liabilities

 

 

33,143

 

 

33,528

 

 

28,259

 

Total liabilities

 

 

1,171,618

 

 

1,146,469

 

 

1,129,255

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

751

 

 

750

 

 

750

 

Additional paid-in capital

 

 

1,650,685

 

 

1,648,756

 

 

1,645,692

 

Treasury shares, at cost

 

 

(652)

 

 

(652)

 

 

 

Accumulated deficit

 

 

(275,832)

 

 

(185,049)

 

 

(27,484)

 

Total shareholders’ equity

 

 

1,374,952

 

 

1,463,805

 

 

1,618,958

 

Total liabilities and shareholders’ equity

 

$

2,546,570

 

$

2,610,274

 

$

2,748,213

 

PACIFIC DRILLING S. A. AND SUBSIDIARIES

 

Condensed Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

 

 

Successor

 

 

Predecessor

 

 

 

Nine Months

 

 

Nine Months

 

 

 

Ended September 30,

 

 

Ended September 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

Cash flow from operating activities:

 

 

 

 

 

 

 

 

Net loss

 

$

(248,348)

 

 

$

(344,578)

 

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

 

165,963

 

 

 

210,115

 

Amortization of deferred revenue

 

 

(1,513)

 

 

 

(17,322)

 

Amortization of deferred costs

 

 

879

 

 

 

12,237

 

Amortization of debt premium, net

 

 

(330)

 

 

 

 

Interest paid-in-kind

 

 

25,638

 

 

 

456

 

Deferred income taxes

 

 

7,157

 

 

 

(3,069)

 

Share-based compensation expense

 

 

5,076

 

 

 

1,611

 

Reorganization items

 

 

 

 

 

22,270

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

38,798

 

 

 

5,932

 

Materials and supplies

 

 

(3,557)

 

 

 

3,033

 

Prepaid expenses and other assets

 

 

(7,972)

 

 

 

6,292

 

Accounts payable and accrued expenses

 

 

16,729

 

 

 

10,712

 

Deferred revenue

 

 

7,444

 

 

 

(481)

 

Net cash provided by (used in) operating activities

 

 

5,964

 

 

 

(92,792)

 

Cash flow from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(31,108)

 

 

 

(15,080)

 

Net cash used in investing activities

 

 

(31,108)

 

 

 

(15,080)

 

Cash flow from financing activities:

 

 

 

 

 

 

 

 

Payments for shares issued under share-based compensation plan

 

 

(82)

 

 

 

(4)

 

Proceeds from debtor-in-possession financing

 

 

 

 

 

50,000

 

Proceeds from long-term debt

 

 

 

 

 

1,000,000

 

Payments for financing costs

 

 

(1,215)

 

 

 

(27,422)

 

Purchases of treasury shares

 

 

(652)

 

 

 

 

Net cash provided by (used in) financing activities

 

 

(1,949)

 

 

 

1,022,574

 

Net increase (decrease) in cash and cash equivalents

 

 

(27,093)

 

 

 

914,702

 

Cash, cash equivalents and restricted cash, beginning of period

 

 

389,075

 

 

 

317,448

 

Cash, cash equivalents and restricted cash, end of period

 

$

361,982

 

 

$

1,232,150

 

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as earnings before interest expense, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest expense, taxes, depreciation, amortization, equity earnings in unconsolidated subsidiaries, expenses to unconsolidated subsidiaries, net and reorganization items. EBITDA and Adjusted EBITDA do not represent and should not be considered an alternative to net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and our calculation of EBITDA and Adjusted EBITDA may not be comparable to that reported by other companies. EBITDA and Adjusted EBITDA are included herein because they are used by management to measure the Company’s operations. Management believes that EBITDA and Adjusted EBITDA present useful information to investors regarding the Company’s operating performance.

 

PACIFIC DRILLING S.A. AND SUBSIDIARIES

 

Supplementary Data—Reconciliation of Net Loss to Non-GAAP EBITDA and Adjusted EBITDA

(in thousands) (unaudited)

 

 

 

Successor

 

 

Predecessor

 

Successor

 

 

Predecessor

 

 

 

Three Months

 

Three Months

 

 

Three Months

 

Nine Months

 

 

Nine Months

 

 

 

Ended

 

Ended

 

 

Ended

 

Ended

 

 

Ended

 

 

 

September 30,

 

June 30,

 

 

September 30,

 

September 30,

 

 

September 30,

 

 

 

2019

 

2019

 

 

2018

 

2019

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(90,783)

 

$

(73,586)

 

 

$

(144,783)

 

$

(248,348)

 

 

$

(344,578)

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

24,459

 

 

24,406

 

 

 

45,446

 

 

72,904

 

 

 

77,586

 

Depreciation and amortization expense

 

 

47,734

 

 

59,330

 

 

 

70,125

 

 

165,963

 

 

 

210,115

 

Income tax expense

 

 

4,315

 

 

3,868

 

 

 

201

 

 

11,152

 

 

 

953

 

EBITDA

 

$

(14,275)

 

$

14,018

 

 

$

(29,011)

 

$

1,671

 

 

$

(55,924)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity earnings in unconsolidated subsidiaries

 

 

(22)

 

 

263

 

 

 

 

 

1,293

 

 

 

 

Expenses to unconsolidated subsidiaries, net

 

 

510

 

 

437

 

 

 

 

 

1,219

 

 

 

 

Reorganization items

 

 

24

 

 

878

 

 

 

30,599

 

 

1,905

 

 

 

56,108

 

Adjusted EBITDA

 

$

(13,763)

 

$

15,596

 

 

$

1,588

 

$

6,088

 

 

$

184

 

Contact information

Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
Investor@pacificdrilling.com

Media Contact:
Amy Roddy
Pacific Drilling S.A.
+713 334 6662
Media@pacificdrilling.com

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Lightbits Labs, the leader in NVMe™ over TCP (NVMe/TCP) software-defined disaggregated storage, today has advanced its software solution, LightOS, to deliver the first NVMe/TCP clustered storage solution. With more companies moving away from direct attached storage (DAS), and with storage requirements typically growing far faster than compute requirements, both public-cloud providers and private-cloud builders are looking for ways to separate storage and compute so each can scale separately. One of the limiting factors to scaling disaggregated storage, however, is the need for high availability across clusters of storage and compute. Lightbits LightOS delivers the availability, flexibility and efficiency of hyperscale cloud infrastructure to on-premise data centers. LightOS is now the first NVMe/TCP storage solution that protects against data loss and avoids service interruptions at scale. In the presence of server, storage, or network failures, LightOS maximizes operational efficiency

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