Pacific Drilling Successfully Emerges from Chapter 11 Proceedings
Pacific Drilling S.A. (OTC: PACDQ) (the “Company”) announced that effective today the Company and certain of its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing restructuring transactions pursuant to their chapter 11 plan of reorganization (the “Plan”).
In connection with emergence from bankruptcy, the Company raised $1.5 billion in gross proceeds in new capital, consisting of $1.0 billion of new secured notes and $500 million of equity.
Pursuant to the Plan, the Company equitized approximately $1.85 billion in pre-petition debt associated with the Company’s Term Loan B, 2017 Notes and 2020 Notes, and paid in full approximately $1.2 billion of debt related to its pre-petition senior secured credit facility, revolving credit facility and the post-petition debtor-in-possession financing. Customer, employee and ordinary trade claims were unimpaired.
The Plan has strengthened the Company’s balance sheet by significantly reducing its leverage and enhancing its liquidity, with approximately $400 million in cash upon emergence and no debt maturities until late 2023, positioning the Company to take advantage of its dedicated, high-specification deepwater drillship fleet in anticipation of an improving market for offshore drilling services.
Following a reverse stock split and the issuances of common shares in connection with the Plan, the Company has approximately 75.0 million shares outstanding. The Company’s shares prior to the Company’s emergence from the Chapter 11 proceedings have been diluted such that they represent in the aggregate less than 0.003% of the Company’s outstanding shares.
Any questions regarding distributions pursuant to the Plan should be directed to the Company’s claims agent, Prime Clerk, at the numbers provided below.
The Company was principally advised by Togut, Segal & Segal LLP and Jones Walker LLP.
In accordance with the Plan, a newly constituted Board of Directors of the Company was appointed, consisting of W. Matt Ralls (Chairman), Bernie G. Wolford Jr. and David Weinstein as Class A Directors and Daniel Han, Donald Platner and Kiran Ramineni as Class B Directors.
In addition, the Company announced today that Bernie G. Wolford Jr. has been appointed Chief Executive Officer of the Company, effective immediately. Mr. Wolford succeeds Paul T. Reese, who served as Chief Executive Officer of the Company since August 2017.
Prior to joining the Company, Mr. Wolford served as Senior Vice President – Operations of Noble Corporation (“Noble”) since February 2012 and Vice President – Operational Excellence from March 2010 to February 2012. Mr. Wolford began his career in the offshore drilling industry with Transworld Drilling Company in 1981, which was subsequently acquired by Noble.
“On behalf of the Board and the entire Company, I want to thank Paul for his service and contributions to the Company, especially during the reorganization. We wish him the very best in his future endeavors," said W. Matt Ralls, Chairman of the Company’s Board of Directors.
Additional information regarding the Company’s new capital structure and restructuring details can be found at the Company’s restructuring website at www.pacificdrilling.com/restructuring, in the Company’s filings with the Securities and Exchange Commission at www.pacificdrilling.com/investor-relations/sec-filings, and via the Company’s restructuring information line at +1 866-396-3566 (Toll Free) or +1 646-795-6175 (International Number).
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, deepwater drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has its 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.
Disclosure Regarding Forward-Looking Statements
Certain statements and information contained herein 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 the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “predict,” “project,” “potential,” “projected,” “should,” “will,” “would,” or other similar words, which are generally not 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 our future financial and operational performance and cash balances; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; contract dayrates; business strategies and plans and objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; and the potential impact of our 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; costs related to stacking of rigs; 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; our substantial level of indebtedness; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; 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 2017 Annual Report on Form 20-F 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.
Johannes (John) P. Boots
Pacific Drilling S.A.
+713 334 6662
Amy L. Roddy
Pacific Drilling S.A.
+713 334 6662
Om Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Følg saker fra Business Wire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Business Wire
The Current RPA Approach is Broken, It’s Time for a People1st Approach13.12.2018 09:42 | Pressemelding
Businesses are still struggling to understand where and how to start Robotic Process Automation (RPA). This was also a key finding of the first-of-a-kind global research by Softomotive into RPA for Growth Companies conducted by KS&R. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181213005261/en/ The Softomotive People1st Approach puts People before Robots. (Photo: Business Wire) “Despite uncertainty about which are the best processes to start automating, conventional wisdom is still typically to start with a big bang approach with high upfront investments associated with software, hardware and consulting, which carries more project risk, is more rigid and is less innovative, “said Marios Stavropoulos, CEO and co-founder of Softomotive, “In whichever currency you work in, it simply does not add up any longer. This has led some of our customers to say that there must be a better way to RPA rather than doing the same old thing
Adnuntius Enriches Geotargeting Capabilities With Digital Element’s IP Intelligence Solution13.12.2018 09:02 | Pressemelding
Digital Element, the global IP geolocation data and services provider, has today announced that specialist online advertising and marketing platform, Adnuntius, has chosen its NetAcuity PulseTM technology to improve targeting capabilities for its global publishing and marketing clients. Adnuntius provides a holistic solution for data utilisation, programmatic buying and selling, and effective ad serving to clients internationally. By deploying Digital Element’s NetAcuity Pulse IP intelligence, Adnuntius will achieve the highest level of geotargeting available for its clients, right down to a hyper-local postcode level. The identification of connection type and speed, mobile carrier and internet service provider also helps Adnuntius’ clients to effectively build highly accurate targeting profiles. “We enable publishers and marketers to reach the right audience with the right ad in the right context,” commented Stian Remaad, CEO and Co-Founder Adnuntius. “When a user goes to a webpage us
Entersekt Gains Early Certification for E-Commerce Authentication Solution13.12.2018 08:00 | Pressemelding
Entersekt, an innovator in mobile-first fintech solutions, today announced that it has gained EMVCo certification for its 3-D Secure 2 access control server. EMVCo is a payments industry consortium managing global specifications for secure card-based e-commerce transactions. Entersekt has offered a 3-D Secure access control server (ACS) for many years. Its mobile-optimized solution was among the first to be accredited by Visa, Mastercard, and American Express. It has proved popular among consumers in Europe and South Africa, who continue to enjoy the password-free, one-touch experience it makes possible. “Several years ago, Entersekt was the first company in Africa to earn accreditation for its ACS from all three of the big card networks,” recalled Entersekt’s SVP products Niel Bester of an early milestone in the company’s history. “This time around, with 3-D Secure 2, I’m pleased to see we are not only the first in Africa but fifteenth in the world. Congratulations, team, this yet aga
Traxens Trials Internet-of–Things (IoT) Network in a Port Environment for the First Time at MSC Terminal Valencia13.12.2018 08:00 | Pressemelding
Traxens, a company providing high-value data and services for the supply chain industry, today announces that it is collaborating with MSC Mediterranean Shipping Company, a global leader in transportation and logistics, on a pilot IoT project in the Port of Valencia, Spain, aimed at improving the operational efficiency of the port. Specifically, Traxens co-operates on this project with MSC Terminal Valencia and the Port Authority at the Port of Valencia, and Fundacion Valenciaport (FVP). The trial started in September 2018. As part of the pilot project, MSC Spain trucks have been equipped with Traxens’ dedicated IoT devices, allowing for near real-time tracking of movement of vehicles. This can help port authorities to predict and manage potential congestions, as well as to anticipate truck arrivals at the gates. Overall operational efficiency is therefore expected to significantly improve due to easy monitoring of on-site road activity, improved fleet management as well as pre- and po
Energy Observer Vessel Fitted with Oceanwings® Wingsails, the Solution Devised by VPLP and CNIM to Decarbonize Maritime Transport13.12.2018 07:52 | Pressemelding
Energy Observer , the first hydrogen-powered vessel aiming to achieve energy self-sufficiency, with zero greenhouse gas and fine particle emissions, has been equipped with Oceanwings ® wingsails. This hybrid propulsion system consisting of a composite mast 12m high and two sails of 32m², will reduce the craft's energy spending. Designed by VPLP Design, Oceanwings ® wingsails are jointly developed and manufactured in CNIM's industrial facilities in La Seyne-sur-Mer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181212005969/en/ (Photo: Business Wire) Installation of Oceanwings® on board Energy Observer is a first step towards reducing the environmental impact of global shipping. Inspired by the rigid sails of the America's Cup, this technology allows energy savings of between 18 and 42% depending on the vessel. A significant figure when it is recalled that 90% of all world trade transits by sea. Some 50,000 ships are therefo
c-LEcta: Successful Transformation into a Product Company in 2018 with a Promising Outlook for 201913.12.2018 07:00 | Pressemelding
c-LEcta, a globally active biotechnology company with technology leadership in enzyme engineering and bioprocess development for regulated markets such as the food and pharmaceutical industries, continued its successful development towards becoming a product company in fiscal year 2018. Successful products marketed by c-LEcta itself such as DENARASE ® contributed to this development. The company also actively advanced the expansion of its corporate structures to support its current growth course and successfully exploit future market potentials. For c-LEcta, the end of fiscal year 2018 has been marked by successful transformation. The company is going through a development process from a project company into a product company to better exploit existing market potentials in the food and pharmaceutical industries, and to continue its strong growth. Project business activities as a service business in contract research were completely discontinued last year on strategic grounds. This step