|Over a week ago|
Pacific Drilling commences solicitation of votes for chapter 11 plan » 09:1311/1111/11/20
Pacific Drilling announced that it is commencing solicitation of votes on its proposed prearranged chapter 11 plan of reorganization. On November 10, the United States Bankruptcy Court for the Southern District of Texas-Houston Division entered an order, among other things, conditionally approving the disclosure statement for the first amended joint plan of reorganization of Pacific Drilling and its debtor affiliates pursuant to Chapter 11 of the bankruptcy code and scheduling a combined hearing on December 21 to consider final approval of the disclosure statement and confirmation of the first amended joint plan of reorganization of Pacific Drilling S.A. and its debtor affiliates pursuant to Chapter 11 of the Bankruptcy Code. The voting deadline is December 14. The plan is subject to Bankruptcy Court approval and, thus, final terms of any restructuring transaction may differ. The Bankruptcy Court has scheduled a hearing for December 21 to consider approval of the disclosure statement on a final basis and whether to confirm the plan pursuant to 11 U.S.C. Section 1129. If the plan is confirmed, the company estimates that the effective date of the plan will be on or before December 31. With approximately $120M of cash and cash equivalents as of October 30 and seven drillships, Pacific Drilling intends to continue its operations as usual, deliver services for existing and prospective clients and, subject to court approval, pay all obligations incurred during the Chapter 11 proceedings in full. The company expects to emerge by year-end with access to new capital in the form of an undrawn $80M exit facility and with over $100M of cash and cash equivalents on hand.
Pacific Drilling announces NYSE trading suspension, notice of delisting » 11:0611/0311/03/20
Pacific Drilling S.A.…
Pacific Drilling S.A. announced that it has received notice from the New York Stock Exchange that as a result of the filing of its voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, the NYSE has commenced proceedings to delist Pacific Drilling's common shares from the NYSE. The NYSE also indefinitely suspended trading of Pacific Drilling's common shares effective November 2, 2020. The NYSE will apply to the SEC to delist the company's common shares upon completion of all applicable procedures. In reaching its determination, the NYSE noted the uncertainty as to the ultimate effect of the bankruptcy process on the value of the company's common shares. The NYSE also noted that holders of the common shares will receive no recovery under the prearranged Plan of Reorganization. Pacific Drilling does not intend to appeal the determination and, therefore, it is expected that the common shares will be delisted.
Pacific Drilling SA trading halted, news pending 19:3010/3010/30/20
|Over a month ago|
Pacific Drilling announces denial of permission to appeal Zonda decision » 09:0610/2010/20/20
Pacific Drilling announced that the High Court in London has denied the application of the company's subsidiaries Pacific Drilling VIII and Pacific Drilling Services for leave to appeal the previously-disclosed award that was issued in arbitration proceedings between PDVIII and PDSI and Samsung Heavy Industries related to the contract for the construction and sale of the Pacific Zonda. As previously disclosed, PDVIII and PDSI filed a separate plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, and that plan was confirmed on January 30, 2019. The Company expects that PDVIII and PDSI will proceed to be liquidated in accordance with the terms of their Chapter 11 plan.
|Over a quarter ago|
Pacific Drilling reports Q2 EPS ($1.16), consensus ($1.02) » 17:0708/0608/06/20
Reports Q2 revenue…
Reports Q2 revenue $38.91M, consensus $39.33M. Pacific Drilling CEO Bernie Wolford commented, "In the second quarter, our crews and leadership continued to exemplify our commitment to safe and efficient operations, including adopting measures to manage risks associated with COVID-19 transmission, delivering exceptional results for our clients, efficiently preserving the value of our assets and significantly reducing overhead costs."
Pacific Drilling confirms 'big win' in Gulf of Mexico, says Evercore ISI » 08:4507/3007/30/20
Evercore ISI analyst…
Evercore ISI analyst James West noted that Pacific Drilling confirmed in its fleet status report that the company has been awarded a 10 well contract from Murphy Oil in the U.S. Gulf of Mexico, which he believes is for the King's Quay project and calls a "big win." While stating that the $180K per day rate is below his estimate, West said the contract could keep the rig busy until the middle of 2023 and is notably the company's third term floater contract confirmed this month. West keeps an Underperform rating and $1 price target on Pacific Drilling shares.
Pacific Drilling discloses contract for ten firm wells in fleet status report » 08:4007/3007/30/20
Pacific Drilling disclosed in a regulatory filing that the company posted to its website its updated Fleet Status Report dated July 29. For the Pacific Khamsin a "previous third firm well with Equinor was cancelled for a termination fee," the report states. For the Pacific Sharav, the company reported a contract for ten firm wells with an estimated duration of approximately 450 days. "The contract provides for five option wells at a market based rate. Previous contract with Murphy Mexico for two firm wells was cancelled for a termination fee," the report states. For the Pacific Meltem, the rig is "mobilizing to Las Palmas," the report states. In pre-market trading, Pacific Drilling shares are up 3c, or 6%, to 48c.
Pacific Drilling withdraws 2020 guidance » 16:3305/0705/07/20
"Given the uncertainty caused by recent market conditions, the Company is withdrawing its full year 2020 financial guidance that was provided with its March 11, 2020 Fourth-Quarter and Full-Year 2019 Results Announcement," the company said. "We expect Full-Year 2020 results to reflect substantial reductions from our previous guidance as a result of initiated cost reduction measures, including reducing operating expenses and general and administrative expenses via layoffs and non-labor spend cuts and decreasing capex."
Pacific Drilling reports Q1 EPS (81c), consensus (85c) » 16:3205/0705/07/20
Reports Q1 revenue…
Reports Q1 revenue $89.43M, consensus $81M. Pacific Drilling CEO Bernie Wolford commented, "The first quarter of this year started strong with improving market fundamentals and solid demand growth for high-specification drillships, reflected in increased utilization and rising dayrates. Pacific Khamsin worked through the quarter in the U.S. Gulf of Mexico on a contract that is expected to keep the rig busy operating with Equinor and Total into the fourth quarter of this year. Pacific Bora and Pacific Sharav both completed their projects for Eni and Chevron respectively, just after the end of the quarter. And, Pacific Santa Ana worked under contract for Petronas in Mauritania until March 29 when the client provided us with a notice of suspension due to force majeure. We have subsequently agreed to a reduced standby rate, which we believe is likely to continue through the end of this year."
Pacific Drilling receives Notice of Noncompliance from New York Stock Exchange » 15:2804/1204/12/20
On April 7, 2020, Pacific…
On April 7, 2020, Pacific Drilling received notice from the New York Stock Exchange stating that the company does not currently satisfy the minimum share price standard for continued listing of the company's common shares. Specifically, on April 6, 2020, the 30-trading-day average closing price per share of the company's common shares was below $1.00, the minimum average share price required for continued listing on the NYSE under Section 802.01C of the NYSE Listed Company Manual. Under NYSE rules, the company has six months following receipt of the notification to regain compliance with this continued listing standard and avoid delisting. As required by NYSE rules, the company will notify the NYSE that it intends to cure the share price deficiency and is considering all available options to return to compliance. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If at the expiration of the cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.