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Pacific Drilling Announces Fourth-Quarter and Full-Year 2015 Results

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Pacific Drilling S.A. (NYSE:PACD) today announced a net loss for fourth-quarter 2015 of $13.6 million or $0.06 per diluted share, compared to net income for third-quarter 2015 of $41.0 million or $0.19 per diluted share. Net income for fourth-quarter 2014 was $68.0 million or $0.32 per diluted share.

Net income for full-year 2015 was $126.2 million or $0.60 per diluted share, compared to net income for full-year 2014 of $188.3 million or $0.87 per diluted share.

On Oct. 29, 2015, we exercised our right to rescind the construction contract for the Pacific Zonda due to the shipyard’s failure to timely deliver the vessel in accordance with the specifications of the construction contract, and in connection with the rescission, the 2014 revolving credit facility was terminated on Oct. 30, 2015. Our fourth-quarter and full-year 2015 net income included a non-recurring loss of $40.2 million from the construction contract rescission and a $6.0 million write-off of deferred financing charges from termination of the 2014 revolving credit facility. A reconciliation of net income excluding charges(d) to reported net income is included in an accompanying schedule to this release.

CEO Chris Beckett said, “Pacific Drilling delivered another financially robust quarter capping a year with a strong revenue efficiency, and the most cost efficient operations since the company began operating, delivering record adjusted EBITDA for the year. In the face of a very challenging market environment, the Pacific team has demonstrated tremendous dedication and professionalism enabling us to achieve our cost cutting goals, generate additional liquidity, and achieve new performance records.”

Mr. Beckett continued, “Going forward, our efforts will continue to be focused on providing our clients with the highest quality service and safe and efficient operations, in combination with innovative technical and creative commercial solutions, which will continue to be differentiating factors for us. With the shipyard’s failure to deliver our final drillship by the required date, we have completed our current newbuild program and have no further new construction expenditures. Pacific Drilling has the newest and highest-quality fleet in the industry and is well positioned for an extended downturn.”

Fourth-Quarter and Full-Year 2015 Operational and Financial Commentary

Contract drilling revenue for fourth-quarter 2015 was $267.6 million, which included $20.4 million of deferred revenue amortization, compared to contract drilling revenue of $260.2 million for third-quarter 2015, which included $21.7 million of deferred revenue amortization. Revenue benefited from an overall improved revenue efficiency performance during the quarter, offset by the Pacific Khamsin completing its drilling operations on Dec. 17, 2015. Contract drilling revenue for the year ended Dec. 31, 2015, was $1,085.1 million, including $86.3 million of deferred revenue amortization, as compared to contract drilling revenue of $1,085.8 million, including $109.2 million of deferred revenue amortization, for the year ended Dec. 31, 2014.

Operating expenses for fourth-quarter 2015 were $104.9 million as compared to $98.3 million for third-quarter 2015. Operating expenses for fourth-quarter 2015 included $5.8 million in amortization of deferred costs, $7.0 million in reimbursable expenses, and $7.6 million in shore-based and other support costs. Direct rig-related daily operating expenses for operating rigs, excluding reimbursable costs and non-recurring personnel charges related to our Nigerian operations, averaged $150,300 in fourth-quarter 2015, as compared to $154,800 for third-quarter 2015. Operating expenses for full-year 2015 were $431.3 million as compared to our initial 2015 guidance of $500-$525 million and $459.6 million for full-year 2014. The decrease in operating expenses was primarily the result of fleet-wide cost savings measures. In 2015, operating expenses included $26.0 million in amortization of deferred costs, $27.3 million in reimbursable expenses, and $32.5 million in shore-based and other support costs.

General and administrative expenses for fourth-quarter 2015 were $12.6 million as compared to $13.2 million for third-quarter 2015. General and administrative expenses for full-year 2015 were $55.5 million as compared to our initial 2015 guidance of $63-$66 million and $57.7 million for the prior year. The decrease in general and administrative expenses was primarily related to Company-wide cost savings measures.

Adjusted EBITDA for fourth-quarter 2015 was $149.8 million, compared to EBITDA of $148.2 million in the prior quarter. Adjusted EBITDA for the year ended Dec. 31, 2015, was $595.1 million, compared to adjusted EBITDA of $563.3 million for the year ended Dec. 31, 2014. Adjusted EBITDA margin for full-year 2015 was 54.8 percent, as compared to adjusted EBITDA margin of 51.9 percent for full-year 2014. A reconciliation of EBITDA and adjusted EBITDA to net income is included in the accompanying schedules to this release.

Interest expense for fourth-quarter 2015 was $50.1 million, as compared to $36.4 million for third-quarter 2015, primarily due to a reduction in capitalized interest resulting from placing the Pacific Meltem into service in late August 2015. Interest expense for full-year 2015 was $156.4 million.

Liquidity and Capital Expenditures

For full-year 2015, cash flow from operations was $422.1 million. Cash balances totaled $116.0 million as of Dec. 31, 2015, and total outstanding debt was $2.89 billion. As of Dec. 31, 2015, we had approximately $566.0 million of available liquidity, including $450.0 million of undrawn capacity under our 2013 revolving credit facility.

CFO Paul Reese commented, “2015 was a year of significant cost savings, which, coupled with the fourth quarter amendments of our credit facilities, generated substantial additional liquidity. In the fourth quarter, we exceeded our goals bringing daily rig related operating expenses to $150,000 and daily idle costs below $40,000. With no further new-build construction capex and no debt maturities until Dec. 2017, the cash that is generated from our existing backlog should reduce our net debt balance significantly. This positions us well during these challenging times in our industry.”

Investor Toolkit

Updated schedules of expected amortization of deferred revenue, depreciation and interest expense for our existing financing are available in the “Quarterly and Annual Results” subsection of the “Investor Relations” section of our website, www.pacificdrilling.com.

Footnotes

(a) EBITDA and adjusted EBITDA are non-GAAP financial measures. For a definition of EBITDA and adjusted EBITDA and a reconciliation to net income, please refer to the schedules included in this release.

(b) EBITDA margin is defined as EBITDA divided by contract drilling revenue. Adjusted EBITDA margin is defined as adjusted EBITDA divided by contract drilling revenue. 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.

(c) Revenue efficiency is defined as actual contractual dayrate revenue (excluding mobilization fees, upgrade reimbursements and other revenue sources) divided by the maximum amount of contractual dayrate revenue that could have been earned during such period.

(d) Net income excluding charges is a non-GAAP financial measure. For a definition of net income excluding charges and a reconciliation to net income, please refer to the schedules included in this release.

Conference Call

Pacific Drilling will conduct a conference call at 9 a.m. Central time on Tuesday, March 1, to discuss fourth-quarter and full-year 2015 results. To participate, please dial +1 913-312-0823 or 1-888-204-4368 and refer to confirmation code 1396374 five to 10 minutes prior to the scheduled start time. The call also will be webcast on www.pacificdrilling.com and can be accessed by a link posted in the “Events & Presentations” subsection of the “Investor Relations” section.

An audio replay of the call may be accessed after noon Central time on Tuesday, March 1, 2016, by dialing +1 719-457-0820 or 1-888-203-1112, and using access code 1396374. A replay of the call also will be available on the company’s website.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, floating-rig drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. 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, and oral statements made regarding the subjects of this press release, including the conference call announced herein, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “our ability to,” “plan,” “potential,” “project,” “should,” “will,” “would,” or other similar words, which are generally not historical in nature. Our forward-looking statements express our current expectations or forecasts of possible future results or events, including future client contract opportunities, availability of vessels, revenues and operating results and revenue efficiency. Although we believe that these forward-looking statements are reasonable as and when made, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements involve significant risks and uncertainties (many of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from projections include: future levels of offshore drilling activity; our ability to secure new and maintain existing drilling contracts, including possible cancellation or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; changes in worldwide rig supply and demand, competition and technology; actual contract commencement dates; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes; and our ability to repay debt and adequacy of and access to sources of liquidity. For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F and Current Reports on Form 6-K. These documents are available through our website at www.pacificdrilling.com or through the SEC’s Electronic Data and Analysis Retrieval System at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. 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.

 
PACIFIC DRILLING S.A. AND SUBSIDIARIES
 

Condensed Consolidated Statements of Operations

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

 
  Three Months Ended   Years Ended December 31,

December 31,

2015

 

September 30,

2015

 

December 31,

2014

2015   2014   2013
 
Revenues
Contract drilling $ 267,600 $ 260,176 $ 319,737 $ 1,085,063 $ 1,085,794 $ 745,574
 
Costs and expenses
Operating expenses (104,870 ) (98,334 ) (123,836 ) (431,261 ) (459,617 ) (337,277 )
General and administrative expenses (12,609 ) (13,208 ) (14,889 ) (55,511 ) (57,662 ) (48,614 )
Depreciation expense (67,679 ) (61,472 ) (56,547 ) (243,457 ) (199,337 ) (149,465 )
(185,158 ) (173,014 ) (195,272 ) (730,229 ) (716,616 ) (535,356 )
Loss from construction contract rescission (40,155 )     (40,155 )    
Operating income 42,287 87,162 124,465 314,679 369,178 210,218
Other expense
Costs on interest rate swap termination (38,184 )
Interest expense (50,064 ) (36,361 ) (39,874 ) (156,361 ) (130,130 ) (94,027 )
Total interest expense (50,064 ) (36,361 ) (39,874 ) (156,361 ) (130,130 ) (132,211 )
Costs on extinguishment of debt (28,428 )
Other expense (364 ) (459 ) (1,902 ) (3,217 ) (5,171 ) (1,554 )
Income (loss) before income taxes (8,141 ) 50,342 82,689 155,101 233,877 48,025
Income tax expense (5,451 ) (9,344 ) (14,645 ) (28,871 ) (45,620 ) (22,523 )
Net income (loss) $ (13,592 ) $ 40,998   $ 68,044   $ 126,230   $ 188,257   $ 25,502  
Earnings (loss) per common share, basic $ (0.06 ) $ 0.19   $ 0.32   $ 0.60   $ 0.87   $ 0.12  
Weighted average number of common shares, basic 210,771   210,650   217,132   211,454   217,223   216,964  
Earnings (loss) per common share, diluted $ (0.06 ) $ 0.19   $ 0.32   $ 0.60   $ 0.87   $ 0.12  
Weighted average number of common shares, diluted 210,771   210,661   217,197   211,557   217,376   217,421  

 
PACIFIC DRILLING S.A. AND SUBSIDIARIES
 

Condensed Consolidated Balance Sheets

(in thousands, except par value) (unaudited)

 
  December 31,   September 30,   December 31,
2015 2015 2014
Assets:
Cash and cash equivalents $ 116,033 $ 151,065 $ 167,794
Accounts receivable 168,050 146,444 231,027
Materials and supplies 98,243 101,982 95,660
Deferred financing costs, current 14,636 14,710 14,665
Deferred costs, current 10,582 12,640 25,199
Prepaid expenses and other current assets 12,467   21,349   17,056  
Total current assets 420,011   448,190   551,401  
Property and equipment, net 5,143,556 5,408,315 5,431,823
Deferred financing costs 29,583 35,324 45,978
Long-term receivable 202,575
Other assets 36,753   29,107   48,099  
Total assets $ 5,832,478   $ 5,920,936   $ 6,077,301  
Liabilities and shareholders’ equity:
Accounts payable $ 44,167 $ 37,773 $ 40,577
Accrued expenses 44,221 44,123 45,963
Long-term debt, current 89,583 89,583 369,000
Accrued interest 16,442 36,174 24,534
Derivative liabilities, current 7,483 9,315 8,648
Deferred revenue, current 49,227   58,598   84,104  
Total current liabilities 251,123   275,566   572,826  
Long-term debt, net of current maturities 2,795,845 2,848,439 2,781,242
Deferred revenue 60,639 72,226 108,812
Other long-term liabilities 32,816   29,620   35,549  
Total long-term liabilities 2,889,300   2,950,285   2,925,603  
Commitments and contingencies
Shareholders’ equity:
Common shares, $0.01 par value per share, 5,000,000 shares authorized, 232,770 shares issued and 211,207 and 215,784 shares outstanding as of December 31, 2015 and December 31, 2014, respectively 2,185 2,179 2,175
Additional paid-in capital 2,381,420 2,377,411 2,369,432
Treasury shares, at cost (30,000 ) (30,000 ) (8,240 )
Accumulated other comprehensive loss (23,490 ) (30,037 ) (20,205 )
Retained earnings 361,940   375,532   235,710  
Total shareholders’ equity 2,692,055   2,695,085   2,578,872  
Total liabilities and shareholders’ equity $ 5,832,478   $ 5,920,936   $ 6,077,301  

 
PACIFIC DRILLING S. A. AND SUBSIDIARIES
 

Condensed Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 
  Three Months Ended   Years Ended December 31,

December 31,

2015

 

September 30,

2015

 

December 31,

2014

  2015   2014   2013
 
Cash flow from operating activities:
Net income (loss) $ (13,592 ) $ 40,998 $ 68,044 $ 126,230 $ 188,257 $ 25,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense 67,679 61,472 56,547 243,457 199,337 149,465
Amortization of deferred revenue (20,449 ) (21,655 ) (25,884 ) (86,276 ) (109,208 ) (72,515 )
Amortization of deferred costs 5,832 5,836 11,531 25,951 51,173 39,479
Amortization of deferred financing costs 3,307 2,772 2,951 11,278 10,416 10,106
Amortization of debt discount 313 250 235 1,015 817 445
Write-off of unamortized deferred financing costs 5,965 5,965 27,644
Costs on interest rate swap termination 38,184
Loss from construction contract rescission 38,084 38,084
Deferred income taxes 8,534 2,799 15,281 9,840 18,661 (3,119 )
Share-based compensation expense 4,095 2,615 2,952 12,534 10,484 9,315
Changes in operating assets and liabilities:
Accounts receivable (21,606 ) 43,052 (46,736 ) 62,977 (24,949 ) (53,779 )
Materials and supplies 3,739 444 (3,564 ) (2,583 ) (29,951 ) (16,083 )
Prepaid expenses and other assets (11,071 ) 3,018 (16,123 ) (10,840 ) (56,493 ) (30,840 )
Accounts payable and accrued expenses (10,654 ) 10,869 (964 ) (18,712 ) 20,865 12,301
Deferred revenue (509 ) 1,447   8,267   3,226   117,001   94,482  
Net cash provided by operating activities 59,667   153,917   72,537   422,146   396,410   230,587  
Cash flow from investing activities:
Capital expenditures (38,134 ) (41,208 ) (386,519 ) (181,458 ) (1,136,205 ) (876,142 )
Decrease in restricted cash     172,184  
Net cash used in investing activities (38,134 ) (41,208 ) (386,519 ) (181,458 ) (1,136,205 ) (703,958 )
Cash flow from financing activities:
Net proceeds (payments) from shares issued under share-based compensation plan (80 ) (37 ) (79 ) (536 ) 95
Proceeds from long-term debt 50,000 400,000 315,000 760,000 1,656,250
Payments on long-term debt (102,915 ) (66,875 ) (36,208 ) (581,083 ) (41,833 ) (1,480,000 )
Payments for costs on interest rate swap termination (41,993 )
Payments for financing costs (3,570 ) (7,069 ) (4,070 ) (7,569 ) (62,684 )
Purchases of treasury shares (7,227 ) (21,760 ) (7,227 )  
Net cash provided by (used in) financing activities (56,565 ) (66,912 ) 349,417   (292,449 ) 703,466   71,573  
Increase (decrease) in cash and cash equivalents (35,032 ) 45,797 35,435 (51,761 ) (36,329 ) (401,798 )
Cash and cash equivalents, beginning of period 151,065   105,268   132,359   167,794   204,123   605,921  
Cash and cash equivalents, end of period $ 116,033   $ 151,065   $ 167,794   $ 116,033   $ 167,794   $ 204,123  

EBITDA and Adjusted EBITDA Reconciliation

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, costs from debt refinancing, loss from construction contract rescission, taxes, depreciation and amortization. EBITDA and adjusted EBITDA do not represent and should not be considered alternatives to net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with generally accepted accounting principles in the United States of America (“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 and are intended to exclude charges or credits of a non-routine nature that would detract from an understanding of our operations. Management believes that EBITDA and adjusted EBITDA present useful information to investors regarding the company’s operating performance during the periods presented below.

 
PACIFIC DRILLING S.A. AND SUBSIDIARIES
 

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

(in thousands) (unaudited)

 
  Three Months Ended   Years Ended December 31,

December 31,

2015

 

September 30,

2015

 

December 31,

2014

2015   2014   2013
Net income (loss) $ (13,592 ) $ 40,998 $ 68,044 $ 126,230 $ 188,257 $ 25,502
 
Add:
Costs on interest rate swap termination 38,184
Write-off of unamortized deferred financing costs 5,965 27,644
Interest expense 44,099   36,361   39,874   156,361   130,130   66,383
Interest expense 50,064 36,361 39,874 156,361 130,130 132,211
Depreciation expense 67,679 61,472 56,547 243,457 199,337 149,465
Income taxes 5,451   9,344   14,645   28,871   45,620   22,523
EBITDA $ 109,602 $ 148,175 $ 179,110 $ 554,919 $ 563,344 $ 329,701
 
Add:
Costs on extinguishment of debt 28,428
Loss from construction contract rescission 40,155       40,155    
Adjusted EBITDA $ 149,757   $ 148,175   $ 179,110   $ 595,074   $ 563,344   $ 358,129

Net Income Excluding Charges Reconciliation

During the fourth quarter of 2015, the company recorded a $40.2 million loss provision as a result of the construction contract rescission and a $6.0 million write-off of unamortized deferred financing costs related to our termination of the 2014 revolving credit facility. During the second quarter of 2013, the company closed a refinancing transaction which resulted in non-recurring costs primarily related to swap termination fees and the write-off of unamortized deferred financing costs. Management believes that net income excluding charges related to our loss from construction contract rescission and refinancings provides useful and comparable information to investors regarding the company’s operating performance. Specifically, the excluded charges are of a non-routine nature and management believes they detract from an understanding of our operating performance and comparisons with other periods. Net income excluding charges does not represent and should not be considered an alternative to or substitute for net income, operating income, cash flow from operations or any other measure of financial performance presented in accordance with GAAP, and our calculation of net income excluding charges may not be comparable to that reported by other companies.

 
PACIFIC DRILLING S.A. AND SUBSIDIARIES
 

Supplementary Data—Reconciliation of Net Income (Loss) and Earnings (Loss) per Share to Non-GAAP Net

Income Excluding Charges and Earnings per Share Excluding Charges

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

 
  Three Months Ended   Years Ended December 31,

December 31,

2015

 

September 30,

2015

 

December 31,

2014

2015   2014   2013
Net income (loss) $ (13,592 ) $ 40,998 $ 68,044 $ 126,230 $ 188,257 $ 25,502
Add:
Loss from construction contract rescission 40,155 40,155
Costs on interest rate swap termination 38,184
Costs on extinguishment of debt 5,965       5,965     28,428
Net income excluding charges $ 32,528   $ 40,998   $ 68,044   $ 172,350   $ 188,257   $ 92,114
 
Earnings (loss) per common share, basic and diluted $ (0.06 ) $ 0.19 $ 0.32 $ 0.60 $ 0.87 $ 0.12
Add:
Loss from construction contract rescission 0.19 0.19
Costs on interest rate swap termination 0.18
Costs on extinguishment of debt 0.03       0.03     0.13
Earnings excluding charges per common share, basic and diluted $ 0.16   $ 0.19   $ 0.32   $ 0.82   $ 0.87   $ 0.43

Contact information

Pacific Drilling SA
Johannes (John) P. Boots, +352 26 84 57 81
Investor@pacificdrilling.com

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